Tuesday, 7 August 2018

Sensex, Nifty give up gains after opening at record high metals rally


Metal remains the top gainer, while banks, pharma and energy names are in the red.
Market Update: After beginning the day at record highs, shares have given up all of their gains and trading around the flat line. The Nifty has given up 11,400-mark as well. A drag in financials, which were the biggest gainers on Monday, has hit the market on Tuesday morning. 
The Sensex is up 9.05 points or 0.02% at 37700.94, while the Nifty is up 2.80 points or 0.02% at 11389.90. The market breadth is positive as 1,078 shares advanced, against a decline of 625 shares, while 94 shares are unchanged.
Among sectoral indices, metal remains the top gainer, while banks, pharma and energy names have lost the most. The Midcap index too has lost some sheen and is up just round 0.10 percent. Among stocks, shares of Adani Power have fallen 10 percent intraday after the firm’s net loss widened to Rs 825 crore in the June quarter. Metal stocks are up in trade, with gains from Vedanta and Hindalco aiding the rally. 
Adani Power tanks: Shares of Adani Power fell 10 percent on Tuesday morning as investors turned cautious of its financials on the back of poor Q1 results. 
The stock touched an intraday high of Rs 31.35 and an intraday low of Rs 29.70.
The company widened its net loss for the June quarter to Rs 825.2 crore against Rs 452.8 crore that the company reported during the same quarter of last year.
The company’s revenues came in lower at Rs 3,829.7 crore against Rs 5,543.4 crore
Market Opens: Equity benchmarks have begun the day on a record high note, with the Nifty trading comfortably above 11,400. The Sensex has risen over 100 points. 
The Sensex is up 115.50 points or 0.31% at 37807.39, while the Nifty is up 32.00 points or 0.28% at 11419.10. The market breadth is positive as 464 shares advanced, againt a decline of 119 shares, while 60 shares are unchanged.
All sectoral indices are trading in the green, with maximum gain seen in auto names. IT, metals and pharma space is also trading higher. In the broader markets, the Nifty Midcap index is up over one third of a percent. 
Infosys, M&M, Hindalco and GAIL are the top gainers, while Adani Ports and ICICI Bank have lost the most.  
Rupee opens: The Indian rupee opened marginally lower at 68.91 per dollar on Tuesday versus previous close 68.88.
The dollar-rupee August contract on the NSE was at 69.04 in the previous session. August contract open interest increased almost 6.09% in the previous day, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.
Market at pre-open: Pre-opening trends indicate that the Sensex and Nifty are likely to have a higher start, with the Nifty trading well above 11,400-mark. 
At 09:04 hrs IST, the Sensex is up 80.63 points or 0.21% at 37772.52, and the Nifty up 49.90 points or 0.44% at 11437.00.

No comments:

Post a Comment

25 stocks fell 10-30% in just 4 trading sessions

In the S&P BSE Mid-cap index, three stocks slipped 10-30% which include names like L&T Finance Holdings, Piramal Enterprises, and ...