MARKET WRAP: Sensex ends at record high of 36,985; hits 37k in intraday

Nifty, too, hits a record 11,185.85 in intraday trade before settling at 11,167 levels. SBI ralies over 6%.

11:52 AM

COMMENT Hemang Jani, head advisory at Sharekhan on markets hitting new high

NIFTY and Sensex are at all time high levels, but one is not sensing the exuberance or excitement across participants as the rally has been primarily led by heavyweights such as TCS, Reliance Industries, Kotak Bank and the HDFC twins which have given spectacular returns over the last one year, where as the mid cap index and stocks are still significantly lower than their highs.

We feel that from here on earnings will play a major role in determining further upside. Factors such as global trade wars and upcoming general elections in India will keep investors cautious in the short term. However the longer term picture for Indian equities looks positive and we continue to prefer sectors such as private banking, consumer discretionary, Information technology and Pharma. With the rupee hovering close to 69 mark we feel certain IT and pharma companies will benefit from these tailwinds

11:46 AM

Sebi mulls UPI-based payments for IPOs to reduce listing period to 3 days

Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday proposed Unified Payments Interface (UPI)-based payments for retail investors investing in initial public offerings (IPO). The move will help cut down the time taken between closing of an IPO and listing of the security from current six days to just three days, Sebi said. It will also do away with physical movement of application forms.

 

UPI is an instant payment system developed by the National Payments Corporation of India (NPCI), an entity regulated by the Reserve Bank of India (RBI). READ MORE

11:31 AM

Nifty PSU Bank index rally over 4%; SBI, Canara Bank, BOB up more than 4%

Shares of public sector banks have rallied by up to 5% on the National Stock Exchange (NSE), after Canara Bank reported a net profit of Rs 2.81 billion in June quarter (Q1FY19) on the back of higher net interest income (NII). Analysts on average had expected the state-owned bank to post a loss during the quarter. READ MORE

11:15 AM

Sebi pulls up mutual fund industry over dividend distribution practice

The Securities and Exchange Board of India (Sebi) on Wednesday pulled up the mutual fund industry over the practice of distributing dividends without the consent of trustees. According to sources, the market watchdog took a serious view of this breach during a meeting with independent trustees, who sit on the boards of asset management companies (AMCs). READ MORE

11:01 AM

Hero to focus on scooter, premium bikes segments to boost growth

Hero MotoCorp reported a lower-than-estimated June quarter performance on lower realisations and higher material costs, which impacted both revenue growth and margins. The firm registered a 10.5 per cent year-on-year growth in revenues, led by volume growth of 13.6 per cent. READ MORE

10:45 AM

Private financials, IT, FMCG, Reliance lead Nifty 50 to record high

Shares of private lenders which include non-banking financial companies (NBFC), information technology (IT), fast moving consumer goods (FMCG) and Reliance Industries (RIL) have helped the Nifty 50 index to hit a record high of 11,172.20 on Thursday in early morning trade. The benchmark index surpassed its previous high of 11,171.55 recorded on January 29, 2018. READ MORE

10:31 AM

Is LIC bailing out debt-laden IL&FS?

In what could end up as one of the biggest bailouts in the financial sector, without portraying it as such, Life Insurance Corporation of India (LIC) is stepping in to ‘take charge of’ Infrastructure Leasing & Financial Services (IL&FS), an unlisted infrastructure behemoth with scores of complex subsidiaries, some of which are listed and a giant load of debt, the full details of which are not easily available in the public domain. READ MORE

10:15 AM

With 36% growth in Q1 profit, L&T takes a strong start to fiscal year 2019

Larsen & Toubro (L&T) put out a robust performance in the first quarter, reporting good order flow growth and stable financial performance. Order flows of Rs 361.42 billion during the quarter, marking a growth of 37 per cent, indicates better days for the firm ahead. READ MORE

10:01 AM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	36976.37	36858.23	118.14	0.32
	15052.57	14996.19	56.38	0.38
	15732.17	15644.91	87.26	0.56
	16304.45	16255.43	49.02	0.30
	4330.30	4314.39	15.91	0.37

9:44 AM

Ambuja Cements gains 6% on strong June quarter results

Shares of Ambuja Cements were trading higher by 6% at Rs 222 per share on the BSE at 09:30 am, after the company reported a better-than-expected a 27% year on year growth in standalone net profit at Rs 4.99 billion in June quarter (Q2CY18), on account of higher cement sales and lower expenses. It had profit of Rs 3.92 billion in year ago quarter. READ MORE

9:36 AM

Nifty Sectoral trend

9:25 AM

BSE Sensex gainers and losers

9:18 AM

Market at open

 

At 9:17 AM, the S&P BSE Sensex was trading at 36,974, up 117 points while the broader Nifty50 was ruling at 11,158, up 26 points.

9:01 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,924.14	+65.91	+0.18
S&P BSE SENSEX 50	11,672.06	+20.91	+0.18
S&P BSE SENSEX Next 50	32,638.90	+102.89	+0.32
S&P BSE 100	11,394.61	+20.64	+0.18
S&P BSE Bharat 22 Index	3,437.24	+27.08	+0.79

(Source: BSE)

8:53 AM

Same-store sales fire up Jubilant FoodWorks' Q1 numbers; revenue up 26%

Led by robust same store sales (SSS) growth, Jubilant FoodWorks reported a better than expected performance in the June quarter, with a 26 per cent rise in sales over the same period a year before to Rs 8.6 billion. Profit rose over threefold to Rs 746.8 million. The consensus estimate had pegged sales and profit at Rs 8.2 billion and Rs 663.4 million. READ MORE