MARKET WRAP: Indices end flat ahead of July F&O expiry; SBI up over 1%
Among sectoral indices, the Nifty PSU Bank index ended 1% higher led by a rise in Canara Bank, Indian Bank and State Bank of India.
 "SMEs, banks, foreign exchange, markets, forex, small and medium price industries,")
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)
The benchmark indices ended flat on Wednesday.
The S&P BSE Sensex ended at 36,858, up 33 points. The index hit a fresh record intra-day of 36,947.18 earlier today. The broader Nifty50 index settled at 11,132, down 2 points. It touched an intra-day high of 11,157.15.
Among sectoral indices, the Nifty PSU Bank index ended 1% higher led by a rise in Canara Bank, Indian Bank and State Bank of India.
The S&P BSE Sensex ended at 36,858, up 33 points. The index hit a fresh record intra-day of 36,947.18 earlier today. The broader Nifty50 index settled at 11,132, down 2 points. It touched an intra-day high of 11,157.15.
Among sectoral indices, the Nifty PSU Bank index ended 1% higher led by a rise in Canara Bank, Indian Bank and State Bank of India.
RUPEE
GLOBAL MARKETS
The rupee recovered from its initial sluggishness to trade higher by 8 paise to 68.86 against the US dollar in late morning deals, following bouts of dollar selling from banks and exporters.
GLOBAL MARKETS
Asian stocks rose modestly on Wednesday, supported by upbeat Wall Street earnings and hopes China's government spending would boost growth but trade tensions remained in focus ahead of a meeting between the US and European Commission presidents.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent. The Shanghai Composite Index was little changed after brushing a one-month high. Hong Kong's Hang Seng climbed 0.8 per cent. South Korea's KOSPI lost 0.4 per cent and Japan's Nikkei rose 0.4 per cent.
OIL PRICES
(with Reuters inputs)
OIL PRICES
Oil prices edged higher for a second day on Wednesday after data showed US crude inventories fell more than expected last week, easing worries about oversupply that have dragged on markets in recent sessions.
Brent crude was up 57 cents (0.8 per cent) at $74.01 a barrel. The global benchmark settled 38 cents higher on Tuesday. US West Texas Intermediate rose 27 cents (0.4 per cent) to $68.79, having risen nearly 1 per cent in the previous session.
(with Reuters inputs)
3:51 PM
Nifty PSU Bank ends 1.38% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| CANARA BANK | 258.95 | 252.80 | 6.15 | 2.43 |
| INDIAN BANK | 331.90 | 325.05 | 6.85 | 2.11 |
| ST BK OF INDIA | 271.85 | 266.85 | 5.00 | 1.87 |
| UNION BANK (I) | 81.85 | 81.25 | 0.60 | 0.74 |
| BANK OF INDIA | 88.00 | 87.85 | 0.15 | 0.17 |
3:47 PM
Nifty sectoral gainers and losers of the day
3:45 PM
BSE Sensex: SBI, Tata Steel, Vedanta among top gainers
3:31 PM
Market at close
The S&P BSE Sensex ended at 36,858, up 33 points while the broader Nifty50 index settled at 11,132, down 2 points.
3:15 PM
Info Edge (India) rallies 10% post Q1 results; stock hits new high
Info Edge (India) has moved higher to its record high of Rs 1,492, rising 10% and extending its 8% rally on the BSE in the past two days, after the company reported a standalone net profit of Rs 630 million in June quarter (Q1FY19). The profit included Rs 160 million relating to the diminution in the carrying value of Canvera. The company posted profit of Rs 642 million in year ago quarter. READ MORE
3:06 PM
INDEX WATCH
> More on BSE Indices
| INDEX | LATEST | PREVIOUS | CHANGE | CHANGE(%) |
| BSE SENSEX | 36889.88 | 36825.10 | 64.78 | 0.18 |
| BSE 500 | 15013.35 | 14994.47 | 18.88 | 0.13 |
| BSE MID-CAP | 15663.27 | 15664.48 | -1.21 | -0.01 |
| BSE SMALL-CAP | 16268.65 | 16218.54 | 50.11 | 0.31 |
| S&P BSE LARGECAP | 4319.25 | 4313.92 | 5.33 | 0.12 |
2:53 PM
IPO WATCH HDFC AMC IPO opens for subscription today. Should you invest?
The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. HDFC AMC aims to raise Rs 27.87 billion at the lower end of this price band and Rs 28 billion at the higher end READ MORE
2:50 PM
EARNINGS ALERT Bhel Q1 net up 93% to Rs 1.55 bn, chairman stresses prudent strategies
Power equipment maker BHEL on Wednesday posted about 93 per cent jump in standalone net profit to Rs 1.55 billion in the first quarter of the current financial year on higher revenues. Its net profit was Rs 808.2 million in the April-June quarter of last financial year, 2017-18, the company said in BSE filing READ MORE
2:49 PM
Reliance Securities on Alkem Labs
We expect ALKEM’s domestic formulations biz (71% of sales) to clock 14% CAGR through FY18-20E driven by increasing focus on Chronic/OTC segments and new launches in the key therapeutic segments. The company generates over 85% of its total EBITDA margin from domestic business.
We expect EBITDA to clock 24% CAGR (EBITDA margin expansion by 320bps to 19%) through FY18-20E driven by better product-mix and improved field force productivity and positive operating leverage. We expect stock to command premium over its peers owing to healthy return ratios (RoCE at 20% and RoE at 18.0% by FY20E) and higher exposure to India business. Recommend BUY with a target price of Rs 2,360
We expect EBITDA to clock 24% CAGR (EBITDA margin expansion by 320bps to 19%) through FY18-20E driven by better product-mix and improved field force productivity and positive operating leverage. We expect stock to command premium over its peers owing to healthy return ratios (RoCE at 20% and RoE at 18.0% by FY20E) and higher exposure to India business. Recommend BUY with a target price of Rs 2,360
2:30 PM
Gold prices inched higher on Wednesday as the dollar held steady ahead of a meeting between the U.S. and European Commission presidents to discuss trade-related issues.
Gold prices edge up ahead of US-EU trade talks
Gold prices inched higher on Wednesday as the dollar held steady ahead of a meeting between the U.S. and European Commission presidents to discuss trade-related issues.
Spot gold was up 0.2 per cent at $1,226.19 an ounce. US gold futures for August delivery were 0.1 per cent higher at $1,226.20 an ounce. READ MORE
Gold
2:15 PM
Infosys, Indiabulls Ventures, Relaxo Footwears hit new high
Shares of Infosys, Indiabulls Ventures, Relaxo Footwears, Bajaj Finserv, NIIT Technologies and VIP Industries were among 11 stocks from the S&P BSE500 index hitting their respective new highs on the BSE on Wednesday. READ MORE
2:01 PM
Market Check
| S&P BSE Sensex | 36,898.97 | 0.20% | |
| Nifty 50 | 11,148.65 | 0.13% | |
| S&P BSE 200 | 4,776.90 | 0.18% | |
| Nifty 500 | 9,470.20 | 0.21% | |
| S&P BSE Mid-Cap | 15,714.61 | 0.32% | |
| S&P BSE Small-Cap | 16,310.19 | 0.57% | |
1:47 PM
Vodafone reported a slowdown in first-quarter organic service revenue on Wednesday, with tough trading in Italy and Spain taking the shine off the final set of results delivered by outgoing boss Vittorio Colao.
Vodafone reports slowdown in quarterly growth
Vodafone reported a slowdown in first-quarter organic service revenue on Wednesday, with tough trading in Italy and Spain taking the shine off the final set of results delivered by outgoing boss Vittorio Colao.
For the quarter, organic service revenue grew by 0.3 percent under its new IAS 18 accounting basis, slightly ahead of consensus forecasts at 0.2 percent. Using the old IFRS 15 system, it grew by 1.1 percent, down on the 1.6 percent growth it recorded last year. READ MORE
Vodafone
1:31 PM
Redeeming investments partially is more tax-efficient than dividend option
Priyesh Patel approached his mutual fund distributor to change the dividend option in a balanced fund to the growth option. Patel, who has been investing in the fund for about four years, was advised to stay put. The distributor’s reason: Changing from dividend to growth option will amount to the redemption of old units, which will attract tax. READ MORE
12:59 PM
Ahead of LIC deal, Moody's places IDBI Bank's long-term ratings for upgrade
Rating agency Moody's has placed IDBI Bank's long-term ratings under review for upgrade following LIC's intent to acquire a 51 per cent controlling stake in the ailing public-sector lender.
The review would focus on the exact amount of fresh capital that Life Insurance Corporation of India (LIC) plans to infuse and its impact on the capital adequacy of IDBI. READ MORE
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First Published: Jul 25 2018 | 8:15 AM IST
