Mumbai: The BSE Sensex climbed to fresh highs on Friday, heading for a fourth consecutive week of gains tracking upbeat Asian markets, with automakers such as TVS Motor riding high on robust monthly sales data. Asian markets rose to their best levels in more than two years as positive data on US manufacturing and employment and buoyant European factory growth boosted investor optimism. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.6%. However, broader gains were capped due to caution ahead of the Reserve Bank of India’s (RBI) policy meeting next week. The RBI is expected to keep rates on hold on 7 June, though it could soften its hawkish tone after data showed easing inflation.
“The positive sentiment in global markets could rub off on the Indian indices this morning after a session of consolidation on Thursday,” IIFL Wealth Management said in a note. “After disappointing GDP numbers, the next trigger for the market will be RBI’s interest rate stance next week.” The broader NSE Nifty was up 0.36% as of 11.54am, having hit a high of 9,673.50 earlier in the session, while the benchmark BSE Sensex was up 0.4%, after hitting a new life-high of 31,332.56. Both indexes have been on a record-setting spree in recent weeks.
■ 12.21pm: BSE Sensex trades higher by 129 points, or 0.42%, to 31,267, while the Nifty 50 rises 37 points, or 0.39%, to 9,653.
■ 11.45am: BSE Sensex trades higher by 115 points, or 0.37%, to 31,252, while the Nifty 50 rises 32 points, or 0.33%, to 9,648. BSE telecom index rises 1.63%. Bharti Airtel shares rise 3.10%, Tata Teleservices shares rise 2.88%, and ITI shares rises 2.8%.
■ 11.05am: BSE Sensex trades higher by 112 points, or 0.36%, to 31,250, while the Nifty 50 rises 27 points, or 0.29%, to 9,644.
■ 10.40am: GMR Infrastructure Ltd rose 5% to Rs 15.55 after its gross debt comes down to Rs 19856 crore from Rs 37480 crore according to its BSE announcement.
■ 10.20am: BSE Sensex trades higher by 101 points, or 0.32%, to 31,239, while the Nifty 50 rises 28 points, or 0.29%, to 9,644.
■ 10.15am: Bharti Airtel Ltd rose 3.2% to Rs378.85 after the company said it received approvals from the Securities & Exchange Board of India (SEBI), BSE and the National Stock Exchange (NSE) of India for its proposed merger with Telenor India.
■ 10.00am: Metal stocks trade lower. Tata Steel Ltd shares fall 1.3%, Hindalco Industries Ltd shares fall 1.2%, Vedanta Ltd shares 0.9%, National Aluminum Co Ltd shares 0.7%, Hindustan Zinc shares 0.5%.
■ 9.30am: BSE Sensex trades higher by 132 points, or 0.42%, to 31,269, while the Nifty 50 rises 41 points, or 0.43%, to 9,657.
■ 9.28am: Cadila Healthcare Ltd shares rise 3.6% to Rs487.90 after the company said in a notice to BSE that its Moraiya plant gets first product approval post food and drug regulator audit.
■ 9.27am: Hero MotoCorp Ltd shares rise 1.6% to Rs3,794.50 after the company said it sold 633884 units of two wheelers in May, up 8.7% from 583117 units a year ago.
■ 9.25am: Bajaj Auto Ltd fell 2% to Rs2,787.90 after the company said its reported 10% drop in total vehicle sales in May to 3,13,756 units from 3,47,655 units a year ago. Exports fell 3% to 1,39,709 units while local sales fell 15% from a year ago to 1,74,047 units.
■ 9.20am: TVS Motor Company Ltd rose 5% to Rs560 after the company reported 16% increase in its sales in May to 282007 units from 243783 units a year ago. Total two wheeler sales increased 15.6% while domestic two wheeler grew 16.3%.
■ 9.18am: Adani group stocks trading higher. Adani Transmission Ltd rose 5%, Adani Enterprises Ltd rose 2%, Adani Power rose 1.3%, Adani Ports rose 2%.
■ 9.15am: The rupee opened at 64.36 a dollar. At 9.15am, the rupee was trading at 64.37, up 0.17% from its Thursday’s close of 64.48.
■ 9.10am: The 10-year bond yield was trading at 6.623% compared to its previous close of 6.625%. Bond yields and prices move in opposite directions.
■ 9.00am: Asian currencies were trading mixed. South Korean won was up 0.16%, Malaysian ringgit 0.15%, Philippines peso 0.05% and Taiwan dollar 0.04%. However, China offshore spot was down 0.58%, Japanese yen 0.23%, Thai baht 0.23% and China renminbi 0.08%.
With inputs from Reuters