Monday, 30 July 2018

Sensex gives up most gains, Nifty above 11,250; SBI up 3%

The 50-share index is trading around 11,300-mark. Shares of Bank of Baroda and RIL are likely to be in focus as investors react to Q1 trends.

Market Update: Equity benchmarks have given up all of their gains, dragged by a selling in midcaps, IT as well as pharmaceuticals space. The Nifty continues to trade above 11,250-mark. 
The Sensex is down 14.84 points or 0.04% at 37322.01, and the Nifty down 8.90 points or 0.08% at 11269.50. The market breadth, however, is positive as 1,208 shares advanced, 748 shares declined, while 118 shares are unchanged.
Shares of State Bank of India, HPCL and ONGC have gained the most on both indices, while Kotak Mahindra Bank and Wipro were the top losers.  
New Listing: Women's apparel maker TCNS Clothing started off the first session on a tepid note, opening flat at around issue price of Rs 716 and then slipped in to red with a percent loss.
The 1,125-crore initial public offer had received good response from institutional investors, subscribing 5.25 times during July 18-20.
The offer received bids for 5,79,79,780 equity shares against the total issue size of 1,09,99,828 shares (excluding anchor portion of 47,14,210 shares).
Market Update: Benchmarks are marginally off their high points, but have continued to be in the green. The Nifty is hovering around 11,300.
The Sensex is up 70.51 points or 0.19% at 37407.36, and the Nifty up 15.90 points or 0.14% at 11294.30. The market breadth is positive as 1,284 shares advanced, against a decline of 575 shares, while 107 shares were unchanged.
Buzzing stock: Shares of Bank of Baroda soared almost 8 percent on Monday morning as investors cheered its strong results for the June quarter.
The stock touched an intraday high of Rs 150.00 and an intraday low of Rs 144.75.
The public sector bank reported a 160 percent jump in net profit to Rs 528.3 crore for the quarter ended June, beating analyst estimates. In the same quarter last year, profit was Rs 203.4 crore.
The profit was driven by healthy net interest income (NII), stable loan growth and lower provisions.
Buzzing Stock: Share price of Gati added nearly 18 percent in the early trade on Monday on the possible stake sold to the TVS Logistics.
India’s largest logistic services provider, TVS Logistics is in talks with Gati to buy a controlling stake for about Rs 1,500 crore, reported The Economic Times.
TVS, in which Canada’s CDPQ owns a significant minority stake, is negotiating to buy the entire promoter holding of around 23%, it added.
ICICI Bank surges 3%: Shares of ICICI Bank gained 3 percent on Monday morning as investors reacted to its June quarter performance, where provisions saw a major jump. 
The stock touched an intraday high of Rs 303.30 and an intraday low of Rs 298.00.
The lender had reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.
Market Opens: Equity benchmarks have clocked fresh record highs on Monday morning, with the Nifty hitting 11,300 for the first time, while the Sensex is also well above 37,400-mark. 
The Sensex is up 92.84 points or 0.25% at 37429.69, and the Nifty up 21.10 points or 0.19% at 11299.50. The market breadth is positive as 434 shares advanced, against a decline of 123 shares declined, while 55 shares were unchanged.
Banks are the big gainers of this morning, with PSU banks seeing a big surge, led by Bank of Baroda. ICICI Bank is trading strong post its June quarter results as well. The midcap index is up around quarter of a percent. Meanwhile, the Bank Nifty has also hit a fresh record high. 
Rupee opens: The Indian rupee opened lower by 5 paise at 68.70 per dollar on Monday versus Friday's closing 68.65.
On Friday, rupee rose for the third consecutive session against the US dollar ahead of important major central bank policy meetings scheduled this week. RBI’s monetary policy statement will be released this week and expectation is that the central bank would hold rates unchanged but any hawkish comments could extend gains for the rupee, said Motilal Oswal.
On Friday, data released by RBI showed India’s FX reserves rose marginally by USD 67.7million to USD 405.14billion for the week ended July,20.
Market at pre-open: Pre-opening trends indicate that the Sensex and Nifty are likely to have a good start, with the Nifty trading well above 11,250-mark. 
At 09:01 hrs IST, the Sensex is up 138.45 points or 0.37% at 37475.30, and the Nifty down 5.90 points or 0.05% at 11272.50.
Shares of Bank of Baroda and Reliance Industries are higher in pre-opening trade after their June quarter numbers. 

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