MARKET WRAP: Sensex ends 114 points higher; Pharma, IT stocks lead up move
Among sectoral indices, the Nifty Pharma index settled 2.1% higher led by a rise in shares of Aurobindo Pharma and Cipla.
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A share broker monitors market fluctuation
The markets ended higher on Tuesday despite weakness in their Asian peers.
The S&P BSE Sensex ended at 35,379, up 114 points while the broader Nifty50 index settled at 10,700, up 43 points.
Among sectoral indices, the Nifty Pharma index settled 2.1% higher led by a rise in shares of Aurobindo Pharma and Cipla. The Nifty IT index too, ended over 1% higher led by a rise in KPIT Technologies and Tata Elxsi.
On the BSE, Sun Pharmaceutical Industries and Maruti Suzuki India were the top gainers in the BSE Sensex, gaining 1.79% and 1.72% respectively.
GLOBAL MARKETS
Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity markets in Asia, which sank to nine-month lows amid heightened anxiety a bitter trade dispute between the United States and major economies could derail global growth.
Asia Pacific MSCI index ex-Japan tumbled as much as 1.4 per cent to its lowest since September 29, before cutting some of the losses to be down 0.5 per cent. Japan's Nikkei average also recovered from a 0.9 per cent fall and was last off 0.1 per cent to a near three-month closing low.
The S&P BSE Sensex ended at 35,379, up 114 points while the broader Nifty50 index settled at 10,700, up 43 points.
Among sectoral indices, the Nifty Pharma index settled 2.1% higher led by a rise in shares of Aurobindo Pharma and Cipla. The Nifty IT index too, ended over 1% higher led by a rise in KPIT Technologies and Tata Elxsi.
On the BSE, Sun Pharmaceutical Industries and Maruti Suzuki India were the top gainers in the BSE Sensex, gaining 1.79% and 1.72% respectively.
GLOBAL MARKETS
Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity markets in Asia, which sank to nine-month lows amid heightened anxiety a bitter trade dispute between the United States and major economies could derail global growth.
Asia Pacific MSCI index ex-Japan tumbled as much as 1.4 per cent to its lowest since September 29, before cutting some of the losses to be down 0.5 per cent. Japan's Nikkei average also recovered from a 0.9 per cent fall and was last off 0.1 per cent to a near three-month closing low.
In China, the Hong Kong's Hang Seng index dived as much as 3.3 per cent to its lowest level in ten months, while the Shanghai Composite Index shed as much as 1.9 per cent to hit a fresh 28 month low. The Hong Kong market remained choppy and was last down 1.9 per cent, while the Shanghai bourse edged up 0.05 per cent.
(With Reuters inputs)
3:45 PM![]()
Nifty Pharma index ends 2.10% higher. Top losers:
| COMPANY | LATEST | PREV CLOSE |
GAIN( ) | GAIN(%) |
| KPIT TECH. | 279.00 | 273.30 | 5.70 | 2.09 |
| TATA ELXSI | 1366.50 | 1343.75 | 22.75 | 1.69 |
| INFOSYS | 1353.75 | 1334.70 | 19.05 | 1.43 |
| MINDTREE | 1004.55 | 991.15 | 13.40 | 1.35 |
| HCL TECHNOLOGIES | 937.50 | 926.10 | 11.40 | 1.23 |
3:40 PM
Nifty sectoral performers of the day
3:36 PM
BSE Sensex: Sun Pharma, Maruti Suzuki among top gainers of the day, Vedanta top loser
3:33 PM
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Market at close
The S&P BSE Sensex ended at 35,379, up 114 points while the broader Nifty50 index settled at 10,700, up 43 points.
3:19 PM
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Pharma exports see double digit growth after a gap of three years
After a gap of three years Indian pharmaceutical exports are seeing a double digit growth in value terms starting this financial year, driven by a surge in exports across all the major destinations in the world, according to Pharmaceutical Export Promotion Council (Pharmexcil). READ MORE
3:12 PM
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Gold maintains downtrend on weak global cues, muted demand
Gold prices went down by Rs 40 to Rs 31,360 per ten grams driven by a weak trend overseas amid fall in demand from local jewellers. Silver followed suit and shed Rs 50 to Rs 40,300 per kg due to reduced offtake by industrial units and coin makers. READ MORE
2:54 PM
Global brokerage and research house, Nomura, expects the general elections to be held as per schedule in 2019. The government, it says, is likely to focus on rural and agricultural economy in the run-up to the event and highlights five stocks that are likely to gain in this backdrop. READ MORE![]()
Dabur, M&M among 5 stocks to gain from govt's rural focus, says Nomura
Global brokerage and research house, Nomura, expects the general elections to be held as per schedule in 2019. The government, it says, is likely to focus on rural and agricultural economy in the run-up to the event and highlights five stocks that are likely to gain in this backdrop. READ MORE
2:40 PM
After Sebi orders it to make open offer for NDTV shares, VCPL to appeal
Vishvapradhan Commercial Pvt Ltd (VCPL) has decided to appeal against the Securities and Exchange Board of India's (Sebi's) order issued last Tuesday directing the company to make an open offer within 45 days to acquire shares of NDTV Ltd.
The reason for the Sebi order was that VCPL has indirectly acquired control of over 52 per cent of the media company without making an open offer. Sources close to Vishvapradhan confirmed that the company has decided to appeal against the decision in the Securities Appellate Tribunal -- a statutory body that has been set up to hear appeals against Sebi orders. READ MORE
NEWS IMPACT
2:25 PM
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Major crackdown on shell firms? BSE to delist 222 companies from Wednesday
Leading stock exchange BSE will delist as many as 222 companies from Wednesday as trading in their shares has remained suspended for over six months. The move comes at a time when authorities are clamping down on shell companies -- listed as well as unlisted -- for being allegedly used as conduits for illicit fund flows. READ MORE
2:15 PM![]()
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,393.30 | +128.89 | +0.37 |
| S&P BSE SENSEX 50 | 11,213.00 | +40.46 | +0.36 |
| S&P BSE SENSEX Next 50 | 31,888.00 | +178.88 | +0.56 |
| S&P BSE 100 | 10,975.60 | +42.81 | +0.39 |
| S&P BSE Bharat 22 Index | 3,301.74 | +12.72 | +0.39 |
(Source: BSE)
2:00 PM
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Graphite India hits new high; HEG nears record high
Shares of graphite electrodes (GE) manufacturers continued their upward movement with Graphite India hitting a new high of Rs 925 per share, up 5%, surpassing their previous high of Rs 908 per share recorded on January 4, 2018. Shares of HEG too were up 5% at Rs 3,650 per share, trading close to their record high of Rs 3,695 per share touched on May 17, 2018 on the BSE in intra-day trade. READ MORE
1:45 PM![]()
UBS on rupee
In the short term, we expect the INR to remain in the 68-72 range against the USD on rising external risks but RBI will intervene to control volatility. Towards year-end, even as we believe there is depreciation pressure on the INR, it should be more than offset by a weak USD.
Our FX strategy team expects a weaker USD despite a US fiscal impulse and higher yields. We retain our forecasts of USD/INR at 66 by end-FY19 and 66.5 by end- FY20. If external stress continues to rise and/or the USD strengthens, we believe policymakers could consider raising USD deposits as a last resort to stabilise the INR
In the short term, we expect the INR to remain in the 68-72 range against the USD on rising external risks but RBI will intervene to control volatility. Towards year-end, even as we believe there is depreciation pressure on the INR, it should be more than offset by a weak USD.
Our FX strategy team expects a weaker USD despite a US fiscal impulse and higher yields. We retain our forecasts of USD/INR at 66 by end-FY19 and 66.5 by end- FY20. If external stress continues to rise and/or the USD strengthens, we believe policymakers could consider raising USD deposits as a last resort to stabilise the INR
1:37 PM![]()
Emkay Global on power sector
Coal inventory position has improved slightly with 16 plants facing sub-critical level of coal inventory (vs 28 in April’18). The onset of monsoon has soften the demand which has led to slight correction in the spot power prices (-20.2% MoM to Rs3.7/unit in June’18). However, generation across Hydro project continue to remain below par due to low water levels at key reservoirs (from low snow fall) on yoy basis. This is putting further pressure on the thermal segment.
The situation could deteriorate if water levels fails to rise at reservoirs, as thermal plants may face coal supply issues during peak monsoon period. This may lead to a rise in spot power prices. Furthermore, with RBI unlikely to soften its stand on its stringent guidelines for bad loans across the power segment, nearly 40-50GW of stressed asset is facing the risk of going into NCLT. We continue to like cash rich companies like NTPC, PGCIL and CESC which operate on regulated RoE and risk averse business model.
Coal inventory position has improved slightly with 16 plants facing sub-critical level of coal inventory (vs 28 in April’18). The onset of monsoon has soften the demand which has led to slight correction in the spot power prices (-20.2% MoM to Rs3.7/unit in June’18). However, generation across Hydro project continue to remain below par due to low water levels at key reservoirs (from low snow fall) on yoy basis. This is putting further pressure on the thermal segment.
The situation could deteriorate if water levels fails to rise at reservoirs, as thermal plants may face coal supply issues during peak monsoon period. This may lead to a rise in spot power prices. Furthermore, with RBI unlikely to soften its stand on its stringent guidelines for bad loans across the power segment, nearly 40-50GW of stressed asset is facing the risk of going into NCLT. We continue to like cash rich companies like NTPC, PGCIL and CESC which operate on regulated RoE and risk averse business model.
power
1:29 PM![]()
Top Nifty50 gainers
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| COMPANY | LATEST | PREV CLOSE |
GAIN() | GAIN(%) | VOLUME |
| CIPLA | 632.10 | 617.00 | 15.10 | 2.45 | 3417481 |
| O N G C | 159.15 | 155.50 | 3.65 | 2.35 | 8785905 |
| GAIL (INDIA) | 346.90 | 341.10 | 5.80 | 1.70 | 2519239 |
| LUPIN | 903.60 | 889.45 | 14.15 | 1.59 | 1516844 |
| MARUTI SUZUKI | 8959.95 | 8821.05 | 138.90 | 1.57 | 183245 |
Click here for more
1:16 PM
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Kiri Industries zooms 20% post favorable Singapore Court verdict
Shares of Kiri Industries (KIL) are locked in upper circuit of 20% at Rs 576 per share on the BSE on back of heavy volumes after the company said that the Singapore court has dismissed all the claims and counterclaims against promoters Pravin Kiri, Manish Kiri, Amitava Mukherjee (KIL's nominated director on DyStar board) and Kiri International Mauritius Pvt Ltd (KIPL). READ MORE
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First Published: Jul 03 2018 | 8:15 AM IST
