Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Catch all that happened in the market here

9:00 AM

We expect markets to consolidate gains in Sept quarter, says Manulife Asset Management in this exclusive interview. READ IT HERE

8:59 AM

IMF kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China. The global gross domestic product would be 3.5% in 2017 and 3.6% in 2018, it said. 

8:58 AM

The day ahead will see major index companies including Ambuja Cements, Bharti Infratel, HDFC Bank, Indiabulls Housing Finance, Zee Entertainment reporting their first quarter earnings. 
 

Companies including Delta Corp, GIC housing Finance, Hudco, I G Petrochemicals, Indiabulls Real Estate, IRB Infrastructure Developers, Just Dial, L&T Infotech, M&M Financial, Zee Learn, Excel Crop Care, Flexituff International, Gulf Oil, Info Edge, JM Financial, Navkar Corp, NELCO, Patel Engineering, Petron Engineering Construction, Swaraj Engines, Tata Communications, Texmaco Infrastructure, Texmaco Rail, Vinyl Chemicals, Wendt India among others announce their results and stock specific action could be seen in these counters.

8:58 AM

The International Monetary Fund (IMF) in its updated World Economic Outlook says it sees India's growth at 7.2% in 2017. 

8:56 AM

IIFL on Sterlite Technologies

 

We had recommended a BUY on Sterlite Technologies Ltd in our Q1 FY18 result update dated July 20, 2017 for a price target of Rs.202. The target was achieved in Friday’s trading session with the stock delivering 17% return since last result update. The stock has been a stellar performer with the share price multiplying by >3.5x from our initiating coverage report released during March 2016.

 

We continue to remain bullish on the company’s growth prospects on account of robust industry outlook, its market leadership position, and ongoing capacity expansion in optic fiber segment. Rising share of services segment and addition of smart city projects would further support growth. However with the sharp run-up in price, the stock is now trading at premium valuations. We downgrade the stock to Accumulate with a revised target of Rs.234

8:56 AM

IIFL on RIL

 

Reliance Industries (RIL) reported an exemplary operational performance in Q1 FY18 in both of its core segments of refining and petrochemicals. GRMs at US$11.9/bbl was highest since Q2 FY09 and petrochemical segment EBIT margins of 16.5% was highest since Q2 FY10. With a backdrop of such strong performance along with scale up of new projects in the core businesses and tremendous value creation potential of its telecom business, we maintain our BUY rating with an upward revision in estimates and target. The announcement of 1:1 bonus issue will incrementally add to shareholder value

8:55 AM

Weekly roundup

Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week

8:53 AM

Wall Street update

 

US stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. The Dow Jones Industrial Average fell 31.71 points, or 0.15% to 21,580.07, the S&P 500 lost 0.91 points, or 0.04% to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04% to 6,387.75.

8:52 AM

Asian markets

Asian stocks slipped on Monday as demand for riskier assets ebbed after recent strong gains. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, Japan's Nikkei dropped 0.8%on a stronger yen. Australian shares retreated 0.2% and South Korea's KOSPI was flat. China's Shanghai Composite and Hong Kong's Hang Seng were trading higher and added 0.2% and 0.4%, respectively.

8:44 AM

At 8:40 am, SGX Nifty was trading at 9,931, up 19 points or 0.19%. Traded in Singapore, the SGX Nifty is an early indicator of movement of Indian Nifty index.