Tuesday, 28 August 2018

Sensex gives up some gains after record opening | Nifty holds 11,700 banks fall

Equities have erased some of their gains on the back of selling in banks. The Bank Nifty is down one-third of a percent. Weakness in midcaps, too, has weighed on the indices.


Market Update: After opening at fresh record highs, equities have erased some of their gains on the back of selling in banks. The Bank Nifty is down one-third of a percent. Weakness in midcaps, too, has weighed on the indices. 

The Nifty is now trading just above 11,700-mark. Other sectoral gainers include pharmaceuticals, IT and energy names. Among stocks, shares of Jet Airways rose 3 percent, even as the airline reported a loss of Rs 1,300 crore for the June quarter. 
Meanwhile, RIL has hit another milestone, touching Rs 1,300 apiece. 
The Sensex is up 80.75 points or 0.21% at 38774.86, while the Nifty is up 24.00 points or 0.21% at 11716.00. The market breadth is narrow as 913 shares advanced, against a decline of 909 shares, while 108 shares were unchanged.

Jet Airways up 3%: Shares of Jet Airways rose nearly 3 percent in the opening trade on Tuesday despite the company reported weak numbers in the quarter ended June 2018.
The company has reported net loss at Rs 1,323 crore in Q1FY19 against profit of Rs 53.5 crore in the same quarter last fiscal.
Revenue was up 6.4% at Rs 6,010.5 crore against Rs 5648.9 crore. Q1 EBITDA loss was at Rs 1,018.4 crore versus EBITDA of Rs 88.1 crore.
The company to focus on looking at raising funds, also to focus on cost cutting measures, raise revenues through monetisation.

Buzzing: Shares of Jet Airways rose nearly 3 percent in the opening trade on Tuesday despite the company reported weak numbers in the quarter ended June 2018.
The company has reported net loss at Rs 1,323 crore in Q1FY19 against profit of Rs 53.5 crore in the same quarter last fiscal.
Revenue was up 6.4% at Rs 6,010.5 crore against Rs 5648.9 crore. Q1 EBITDA loss was at Rs 1,018.4 crore versus EBITDA of Rs 88.1 crore.
Market Opens: It’s another record high start for the market on Tuesday morning, with the Nifty hitting 11,700 for the first time, while the Sensex rose over 150 points to hit another record high in the opening trade. 
The Sensex is up 182.75 points or 0.47% at 38876.86, while the Nifty is up 56.30 points or 0.48% at 11748.30. The market breadth is positive as 602 shares advanced, against a decline of 216 shares, while 47 shares were unchanged. 
Among top gainers are Kotak Mahindra Bank, M&M, HDFC, Lupin and Page Industries, while Yes Bank, HPCL, Titan and BPCL have lost the most. 

Rupee Opens: The Indian rupee opened higher by 14 paise at 70.02 per dollar on Tuesday versus previous close 70.16.
Rupee consolidated in abroad range for the tenth consecutive sessions despite weakness in the dollar against its major crosses. Yesterday, the dollar was weighed down after US and Mexico agreed overhaul the NAFTA, putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact, said Motilal Oswal.
US president threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbors and warned he expected concessions on Canada’s dairy protections.
Today, USD-INR pair is expected to quote in the range of 69.80 and 70.20, it added.

Market at pre-open: Pre-opening rates indicate positive opening for the market with Nifty trading around 11,750 and Sensex was up nearly 150 points.
At 09:02 hrs IST, the Sensex is up 146.59 points or 0.38% at 38840.70, and the Nifty up 56.60 points or 0.48% at 11748.60.
HDFC Bank, RCF, Chambal Fertilisers, Balrampur Chini, Power Grid, are among the major gainers on Indices, while Jet Airways down nearly 10 percent in pre-opening trade.

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OPENING BELL SENSEX UP 85.05 @ 38692.06 NIFTY UP 16.15 @ 11612.85 BANKNIFTY DOWN 5.55 @ 29780.55 USD/INR 69.072 ...