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MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC.

Image SI Reporter New Delhi
Markets, Stocks, Shares

A share broker monitors market fluctuation

Benchmark indices ended higher on Monday lifted by consumer stocks such as index heavyweight ITC, after the Goods and Services Tax (GST) Council cut tax rates on scores of items while keeping the cess on cigarettes unchanged during its weekend meeting.

The S&P BSE Sensex ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.

Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The Nifty PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.

GST RATE CUT IMPACT

Shares of paint, consumer durables and footwear companies have rallied by up to 10 per cent on the BSE, after the GST Council on Saturday reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.

Among items on which GST was reduced include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol.

RESULTS CALENDAR
 
Among key results, Asian Paints, Bharti Infratel, Hero MotoCorp, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, ITC, HCL Technologies and Reliance Industries are likely to announce their June 2018 quarter earnings later this week.

GLOBAL MARKETS

Asian shares dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent on Monday. Japan's Nikkei stumbled 1.3 per cent while South Korea's Kospi index slipped 0.8 per cent.

OIL PRICES

Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.

Brent crude dropped 10 cents, or 0.1 per cent, to $72.97 a barrel. US West Texas Intermediate (WTI) futures declined 8 cents, or 0.1 per cent, to $68.18 a barrel.

(with wire inputs)

Read More
10:54 AM

MARKET COMMENT Jayant Manglik, President, Religare Broking

Nifty settled with decent gains today and inched closer to its record high. The news of GST Council reduced on list of over 100 items and simplification of return filing brings in some cheer. Selective index majors from FMCG, auto, realty and metal fuelled the rally which further supported by rebound in banking pack. Besides, some relief was also witnessed on broader front.
 
Both Nifty and Bank Nifty have reached closer to their immediate and crucial hurdle of 11100 and 27100 respectively and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the key indices, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk
10:15 AM

Nifty FMCG index ends 2.46% higher. Top gainers:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
GODREJ CONSUMER 1344.75 1287.05 57.70 4.48
ITC 284.15 274.00 10.15 3.70
GODREJ INDS. 605.00 591.85 13.15 2.22
HIND. UNILEVER 1690.90 1655.85 35.05 2.12
TATA GLOBAL 243.00 238.60 4.40 1.84

10:11 AM

Nifty sectoral gainers of the day

10:09 AM

BSE Sensex: ITC, Vedanta, Maruti Suzuki, Adani Ports among top gainers of the day

10:02 AM

Market at close

The S&P BSE Sensex ended at 36,719, up 222 points while the broader Nifty50 index settled at 11,085, up 75 points.
9:41 AM

Tobacco / Cigarette-related stocks surge

COMPANY NAME LATEST HIGH LOW CHG
()
CHG(%) VALUE
( CR)
VOLUME
ITC 283.80 286.50 276.00 10.35 3.78 37.09 1307010
GODFREY PHILLIPS 756.40 759.70 695.30 58.70 8.41 2.97 39290
VST INDS. 2817.00 2992.85 2616.15 319.10 12.77 5.89 20925
INDIAN WOOD PROD 705.00 705.00 695.00 5.00 0.71 0.05 646
NTC INDS. 32.50 32.50 30.50 0.65 2.04 0.00 216
GOLDEN TOBACCO 43.40 43.40 43.40 -2.25 -4.93 0.00 209

9:37 AM

LKP Securities on Bandhan Bank

Despite micro-loans being unsecured in nature, bank has maintained sound asset quality with the gross NPAs and net NPAs at 1.3% & 0.6% respectively (Q1FY19).

Strong NPA position is largely driven by its group-based lending model, focus on income generating loans, strong systems to track loan utilization, monitoring credit & ensuring collection, extensive risk management practices (such as lending progressively higher amounts only to members who have built up a track record of good repayment) which taken together have led to low rates of default. Going forward, with the strong growth in the assets we assume marginal increase in NPAs – gross NPAs to surge to 2.3% in FY20E from 1.3% in FY18
9:36 AM

Wall Street braces for tariff fallout as S&P 500 companies report

Tariffs are starting to bite big manufacturers and Wall Street could get another bout of caution and uncertainty from major industrial companies when a swath of reports comes in over the next week. READ MORE
9:35 AM

Motilal Oswal on Havell's India (HAVL)

We believe HAVL has built a strong business franchise, given its (a) successful development of brand, distribution and product portfolio, (b) demonstrated track record of accelerating growth via new launches, (c) healthy dividend payout and (d) robust return ratios. Maintain Buy and target price of Rs 645, with exit multiple of 38x Mar’20E EPS (10% premium to five-year average).
9:20 AM

RIL-ONGC dispute: Krishna-Godavari basin order likely in next 10 days

An international arbitration tribunal is likely to come out with its final award in the next 10 days on the dispute relating to production of migrated gas by Reliance Industries (RIL). RIL is in an arbitration dispute with the government over a penalty for allegedly drawing gas from ONGC's block in the Krishna-Godavari (K-G) basin. READ MORE

9:04 AM

Gold prices steady as U.S. dollar softens on Trump interest rate comments

Gold prices were steady on Monday near their highest since July 17 as the dollar eased to its lowest in nearly two weeks after US President Donald Trump criticised the Federal Reserve's interest rate tightening policy.
 
Spot gold was at $1,231.87 an ounce, up 0.03 per cent. The yellow metal gained 0.7 per cent in the previous session. READ MORE
Gold

8:48 AM

PSU banks rebound from day's low post Vijaya Bank's Q1 results

Shares of public sector undertaking (PSU) banks have moved by up to 6% on the National Stock Exchange (NSE) after Vijay Bank said its assets quality improved in June 2018 (Q1FY19) quarter.
 
State Bank of India (SBI), Bank of Baroda, Vijaya Bank, Bank of India, Canara Bank, Union Bank of India, Oriental Bank of Commerce, Punjab National Bank (PNB), Indian Bank, Syndicate Bank and Allahabad Bank were up more than 1% on the NSE. READ MORE

8:30 AM

Market Check

 
S&P BSE Sensex 36,600.50 Up 0.29%
 
Nifty 50 11,052.95 Up 0.39%
 
S&P BSE 200 4,712.49 Up 0.43%
 
Nifty 500 9,332.10 Up 0.50%
 
S&P BSE Mid-Cap 15,317.76 Up 0.80%
 
S&P BSE Small-Cap 15,807.54 Up 0.55%

8:15 AM

Top gainers in BSE 500:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
PC JEWELLER 96.10 81.90 14.20 17.34
BAJAJ ELECTRICAL 620.85 543.60 77.25 14.21
VST INDS. 2850.00 2497.90 352.10 14.10
UPL 621.50 550.25 71.25 12.95
L&T FIN.HOLDINGS 169.00 155.30 13.70 8.82

7:54 AM

Havells: Good beginning to FY19 should excite investors

Havells has started the financial year on a strong note clocking 40 per cent revenue growth during the June quarter. This was primarily led by its electrical consumer durables (ECD) segment while the Lloyd's air-conditioners (AC) business also surprised positively and other segments too supported. READ MORE

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First Published: Jul 23 2018 | 8:15 AM IST