Markets end at record highs; Nifty closes above 9,900 for first time ever

All that buzzed in today's trading session

SI Reporter | New Delhi July 17, 2017 Last Updated at 15:57 IST

The market settled Monday's trade at record highs thanks to strong gains in IT counters such as Infosys and Wipro. Index heavyweight Reliance Industries, crossing the Rs 5 lakh crore market capitalisation for the first time ever, added to the gains, while ITC, dropping over 4% on speculations of an expected hike in cess by GST Council, hogged the limelight.

In intraday trade, the S&P BSE Sensex and Nifty50 logged their fresh lifetime highs of 32,131 and 9,928, respectively.

Meanwhile, Asian markets set a fresh two-year high, boosted by stronger-than-expected economic growth in China and bets that lacklustre US data will keep the Federal Reserve cautious about the pace of further policy tightening.

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3:56 PM

Anand James, Chief Market Strategist, Geojit Financial Services

Start of Parliament's monsoon session and anticipation of any updates on the banking sector pushed Nifty within striking distance of 10,000. Investors look less daunted by psychological mark as earnings season has encouraged a stock specific approach. Centre's stand on the cross-border tensions with China and the updates on the monsoon may also mould the risk appetite of the investors in the coming sessions.

3:52 PM Top gainers and loser on Sensex

3:47 PM Nifty IT index gained over 1%. Wipro (up 3%), HCL Tech (up 2%) and Infosys (up 1%) contributed most.

3:44 PM Nifty Realty index (up 1.4%) was the leading sectoral gainer, led by a sharp spurt in Unitech which surged 15% to Rs 8. Delta Corp, Godrej Properties and Indiabulls Real Estate gained between 1% and 3%.

3:40 PM ITC extended losses at fag end of the trade to settle over 4% lower at Rs 323.

3:38 PM The market breadth, indicating the overall health of the market, turned slightly negative. On BSE, 1,382 shares fell and 1,294 shares rose. A total of 179 shares were unchanged.

3:37 PM Broader indices BSE Midcap and BSE Smallcap remained little changed at close.

3:36 PM The S&P BSE Sensex closed at 32,074, up 54 points, while the broader Nifty50 settled at 9,915, up 29 points.

3:21 PM

HDFC Securities' pick of the week

We recommend Greaves Cotton a BUY at CMP of Rs 160 and add on decline of Rs 145 for the targets of Rs 185 and Rs 208 for the time-frame of over the next 4 quarters.

3:12 PM European markets were trading mmixed as investors reacted to robust economic growth data in China and monitored the second round of formal Brexit talks in Brussels. The pan-European Stoxx 600 moved up 0.2%, Britain's FTSE 100 was also up 0.3%, but France's CAC 40 and Germany's DAX were down 0.2% and 0.4%, respectively.

3:06 PM In the broader market, BSE Midcap was up 0.1%, while BSE Smallcap continued trading flat.

3:03 PM

MARKET CHECK

At 3:00 pm, the Sensex was trading at 32,100, up 80 points, while Nifty was ruling at 9,920, up 34.60 points.

2:42 PM All sectoral indices but Nifty FMCG (down 1%) and Nifty PSU Bank (down 0.4%) are trading in green.

1:55 PM Jubilant Foodworks surged over 4% to Rs 1,215 after the company reported over 25% jump in its standalone net profit in the June quarter of FY18.

Jubilant Food

1:33 PM Market Check: At 1:30 pm, S&P BSE Sensex was trading at 32,075, up 55 points while the broader NIfty50 index was ruling at 9,909, up 22 points.

In broader markets, both BSEmidcap nad BSE small cap indices were very little changed.

12:35 PM Reliance Industries hit its fresh 52-week high on Monday, crossing the Rs 5 lakh crore market-capitalisation to become the most valued company on the bourses. Click here for full report

12:20 PM Nifty IT was the top sectoral gainer, lifted by index heavyweights Wipro (up 3.1%) and Infosys (up 1.3%)

nifty it

12:16 PM Markets pare some morning gains: At 12:16 pm, the S&P BSE Sensex was trading at 32,070, up 40 points while the broader Nifty50 was ruling at 9,907, up 20 points.

In broader markets, BSE Midcap index was trading in red, soen 0.2% while BSE Smallcap index was little changed

12:02 PM GVK Power & Infrastructure jumped 6.88%, extending Friday's gains after the company completed the sale of residual 10% stake in Bangalore International Airport. The stock has rallied over 10% post the stake sale.

11:37 AM

GST Council Meet: Cigarettes firms slip on cess hike speculations; ITC down 3%

Click here to read full report

11:15 AM Nifty Bank gains for fourth straight session, ICICI Bank top gainer, up 1.4%

11:10 AM All sectoral indices except Nifty FMCG (down 1.5%) were trading in green. Niftyy IT and Nifty Metals were the top sectoral gainers on the index.

10:50 AM Commodity outlook by NIrmal Bang

GOLD: Gold prices are expected to trade sideways to positive. One can buy with a stop loss below Rs 27,830 for the target at Rs 28,250-28,300.

CRUDE OIL: Crude oil prices are expected to test Rs 3070-3100. One can buy on dips with a stop loss below Rs 2920.

10:38 AM Top gainers and losers on BSE Sensex

10:36 AM At 10:35 am, the S&P BSE Sensex was trading at 32,119, up 98 points while the broader Nifty50 index was ruling at 9,916, up 29 points

In broader markets, BSE Midcap was littled changed while BSE Smallcap indices gained 0.2%

10:31 AM Sensex, Nifty hits new high: Sensex gains as much as 108 points to hit new high of 32,128, surpassing previous milestone of 32,109 hit on July 14 while Nifty50 rises as much as 32 points to hit new high of 9,918, surpassing previous milestome of 9,913 hit on July 14

Image via Shutterstock

9:50 AM Indraprastha Gas hits fresh 52-week high, up over 3% after Haryana government permited the company to lay, build and operate City Gas Distribution (CGD) network in Gurugram.

9:45 AM Alkem Laboratories gains 2.1% after USFDA cleared its Bioequivalence facility located at Taloja post inspection

9:41 AM China GDP

Growth in China's economy this year has beaten expectations as exports recover and property construction remains strong. The economy grew 6.9% in the second quarter from a year earlier, the same rate as the first quarter, the National Bureau of Statistics said on Monday

China's economy grew faster than expected in the second quarter as industrial output and consumption picked up and investment remained strong, though analysts expect slower growth over the rest of the year as policymakers seek to reduce financial risk.

9:37 AM Shares of Wipro rose over 3% in the early trade on Monday after the third largest IT services firm Wipro on Friday said its board will consider a proposal for buyback of equity shares on July 20.

9:25 AM Karnataka Bank fell 2% even after the lender reported a 10% growth in net profit in April-June quarter compared to the same period last fiscal year.

9:24 AM Geojit Financial Service says: 10k is near, and Nifty is yet to show much giddiness. It is not necessary that a psychological level should turn the trend, but some deal of volatility needs to be priced in. Favoured view expects the trend to continue aiming 10,300, but a pull back below 9,740 could change all that.

9:20 AM Wipro, ONGC, Reliance Industries, ICICI Bank, Infosys and Cipla contributed the most on BSE Sensex while ITS, Axis Bank and Dr Reddy's shed the most

9:18 AM INTERVIEW OF THE DAY: Our Sensex target for March 2018 is 32,200: Citi India's Abhinav Khanna CLICK HERE TO READ MORE

9:16 AM ICICI SECURITIES ON FMCG COMPANIES: Post GST rollout, most companies have tweaked their MRPs and restructured trade margins, hence we believe trade disruption will continue even in July FY18, but restocking will resume by end of Q2FY18. We believe consumer companies with strong focus on direct distribution will continue to fare better than those dependent on indirect distribution

9:16 AM

At 9:17 am, the S&P BSE Sensex was trading at 32,071, up 51 points while the broader Nigty50 index was ruling at 9,903, up 17 points.

In broader markets, the BSE Midcap and BSE smallcap indices were up 0.3% and 0.4% respectively.

Image via Shutterstock

9:15 AM Benchmark indices opened marginally higher with Nifty50 above 9,900 tracking positive Asian peers after Wall Street ended at record high on Friday.

Sentiment was also lifted as investors awaitied the start of the Monsoon session of Parliament for more reforms after a successfull roll-out of GST.

9:13 AM KOTAK SECURITIES ON CYIENT: Positives are more or less priced in and the stock is fairly valued at ~11.9x FY19E EPS. We maintain REDUCE with revised target price of Rs 521 (Rs 526 earlier)

9:10 AM STOCK RECOMMENDATION: Given structural volume growth visibility (though now deferred beyond FY18), operating leverage benefits and MCX’s entrenched leadership, we assign 36x earnings multiple giving us a fair value of INR1,310 for the stock. Maintain ‘BUY’ -- Edelweiss on MCX

9:09 AM Chart check: We continue to maintain our medium term target of 9950 and then 10150 if Nifty manages to hold above 9900 level. On the lower side 9850 and 9820 are crucial support levels: Anand Rathi Research

9:07 AM 17 companies will report their results for the quarter ended June on Monday which include names like ACC, Hindustan Media Ventures, Jubilant FoodWorks, Prakash Industries, Sharda Motors Industries, Linde India Ltd among others.

9:05 AM Markets trade flat in pre-open trade: Sensex was trading at 32,033, up 12 points while the broader Nifty50 index was ruling at 9,907, up 20 points

9:02 AM Top technical calls from Prabhudas Lilladher:

BUY ACC for an upside target of Rs 1,850 keeping a stop loss of Rs 1,680.

BUY SBI for an upside target of Rs 310 keeping a stop loss of Rs 280.

Click here for full report

markets, shares, stocks, investor, BSE, Nifty, Sensex

Photo: Shutterstock

8:59 AM 9,600-10,000 levels are strong support and resistance on Nifty: Devang Shah Click here for more

8:53 AM Oil prices rose 1% boosted as US crude producers added only two rigs in the latest week and on signs of increased Chinese demand, but trading was volatile as global supply remained strong

A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain

8:47 AM

Wall Street closed higher on Friday, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.

The Dow Jones Industrial Average was up 84.65 points, or 0.39 percent, to 21,637.74, the S&P 500 gained 11.44 points, or 0.47 percent, to 2,459.27, and the Nasdaq Composite added 38.03 points, or 0.61 percent, to 6,312.47.

8:46 AM

Asian stocks mostly rose on Monday, spurred by record high closes for the Dow and S&P 500 on bets that the Federal Reserve's policy will remain accommodative following lacklustre US data, which sent the dollar reeling to a 10-month low.

Chinese stocks fell over 2% in early trade but recouped some of the losses after data showed the economy grew at a slightly faster than expected pace of 6.9% in the second quarter thanks to robust industrial output and retail sales.

The CSI 300 was 0.7% lower, and the Shanghai Composite was down 1.1%.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.2% on Monday. Japanese markets were closed for a holiday.

Australian shares were 0.3% lower, while South Korea's KOSPI jumped 0.3%.

8:42 AM At 8:43 am, the Nifty50 futures on the Singapore Stock Exchange were trading 39 points higher at 9,943 indicating a positive opening for the domestic market