Key benchmark indices logged modest gains in volatile session of trade. The barometer index, the S&P BSE Sensex, rose 126.41 points or 0.34% to settle at 36,984.64. The Nifty 50 index rose 35.30 points or 0.32% to settle at 11,167.30. Better-than-expected June 2018 quarterly results from index pivotals boosted sentiment on the domestic bourses.
The Sensex settled a tad below the psychological 37,000 mark after scaling a record high above that level in late trade. The Nifty also scaled fresh record high in late trade. Domestic stocks nudged higher in early trade buoyed by better-than-expected June 2018 quarterly results from index pivotals. Stocks maintained gains in morning trade. Key benchmark indices trimmed gains in early afternoon trade. Key indices were trading in a narrow range near day's high in afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key indices regained positive zone soon after reversing intraday gains. Stocks extended gains and hit intraday high in late trade.
Trading was volatile during the day as traders rolled over positions in the F&O segment from the near month July 2018 series to August 2018 series. The July 2018 F&O contracts expired today, 26 July 2018.
The Sensex rose 126.41 points or 0.34% to settle at 36,984.64, its record closing high. The index rose 203.39 points, or 0.55% at the day's high of 37,061.62. The index fell 5.70 points, or 0.02% at the day's low of 36,852.53.
The Nifty 50 index rose 35.30 points or 0.32% to settle at 11,167.30, its record closing high. The index rose 53.85 points, or 0.48% at the day's high of 11,185.85. The index fell 6.3 points, or 0.06% at the day's low of 11,125.70.
The S&P BSE Mid-Cap index rose 0.76%, outperforming the Sensex. The S&P BSE Small-Cap index rose 0.31%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,352 shares rose and 1,220 shares fell. A total of 139 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE IT index (down 0.68%), the S&P BSE Metal index (down 0.68%), the S&P BSE Teck index (down 0.56%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.46%), the S&P BSE Capital Goods index (down 0.43%), the S&P BSE Consumer Durables index (down 0.41%), the S&P BSE Auto index (down 0.3%), the S&P BSE Energy index (down 0.18%), the S&P BSE Industrials index (up 0.08%), the S&P BSE Oil & Gas index (up 0.18%) and the S&P BSE FMCG index (up 0.23%), outperformed the Sensex. The S&P BSE Healthcare index (up 0.40%), the S&P BSE Basic Materials index (up 0.69%), the S&P BSE Realty index (up 0.73%), the S&P BSE Telecom index (up 0.98%), the S&P BSE Finance index (up 1.29%), the S&P BSE Bankex (up 1.43%), the S&P BSE Power index (up 1.44%) and the S&P BSE Utilities index (up 1.66%), underperformed the Sensex.
Dr.Reddy's Laboratories rose 2.19% to Rs 2,134.65. The company's consolidated net profit surged to Rs 456.10 crore in Q1 June 2018 from Rs 59.10 crore in Q1 June 2017. Revenue during the quarter rose 12.2% to Rs 3720.70 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 26 July 2018.
Separately, Dr. Reddy's Laboratories announced before trading hours today, 26 July 2018, that it has launched Hervycta (Trastuzumab ), a biosimilar of Roche's Herceptin in India, indicated for the treatment of HER2-positive cancers (early breast cancer, metastatic breast cancer and metastatic gastric cancer). Dr. Reddy's Hervycta is available in strengths of 150mg and 440mg multiple dose vials.
Bharti Airtel rose rose 1.63% ahead of its April-June 2018 earnings today, 26 July 2018.
Maruti Suzuki India fell 3.70%. The company's net profit rose 26.91% to Rs 1975.30 crore on 27.31% increase in net sales to Rs 21810.70 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 26 July 2018.
The operating profit was Rs 2631.30 crore, a growth of 59.7% over the same period previous year on account of higher sales volume, favourable product mix and cost reduction efforts, partially offset by adverse commodity prices and forex rates.
While the operating profit increased by 59.7%, the net profit increased by 26.9% on account of lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year.
Yes Bank lost 3.61%. The bank's net profit rose 30.5% to Rs 1260.40 crore on 42.96% increase in total income to Rs 8272.18 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 26 July 2018.
Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, Yes Bank said it has delivered sustained performance across balance sheet growth, profitability and asset quality. Further, the growth has been well segmented across Corporate, IBU, SME and Retail Business.
Larsen & Toubro (L&T) shed 1.06%. On a consolidated basis, net profit of L&T rose 43.15% to Rs 1472 crore on 18.78% rise in net sales to Rs 28283.45 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 25 July 2018.
Hero MotoCorp rose 0.83%. Net profit of Hero MotoCorp fell 0.53% to Rs 909.17 crore on 10.39% rise in net sales to Rs 8809.82 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 25 July 2018.
Tata Power rose 4.50% after consolidated net profit rose 379.09% to Rs 1670.91 crore on 14% rise in net sales to Rs 7313.41 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 26 July 2018.
Ambuja Cements jumped 6.83% after net profit rose 27.3% to Rs 499.27 crore on 5.7% rise in net sales to Rs 3016.92 crore in Q2 June 2018 over Q2 June 2017. The result was announced after market hours yesterday, 25 July 2018.
Net profit includes dividend of Rs 141 crore from ACC. Operating EBITDA (earnings before interest, taxes, depreciation and amortization) fell 4.45% to Rs 622 crore in Q2 June 2018 over Q2 June 2017. Better top line, improvements in productivity and efficiency parameters helped largely mitigate the rising cost pressures particularly from power and fuel in Q2 quarter.
On a consolidated basis, net profit of Ambuja Cements fell 4.70% to Rs 684.46 crore on 7.81% rise in net sales to Rs 6835.12 crore in Q2 June 2018 over Q2 June 2017.
In its outlook, Ambuja Cement said improved rural demand on account of government interventions such as the increase in the Minimum Support Price for Kharif crops, job creation and spending on rural and labour intensive infrastructure and expectations of a normal monsoon, combined with government's focus on infrastructure development (roads, ports, irrigation and metro projects), affordable housing and housing for all programme is expected to create buoyancy in the construction sector which will have a positive impact on cement demand. However, the company expects that increase in fuel prices and input material costs will continue in the near term.
Overseas, most European shares were trading higher as concerns over rising trade tensions between the US and Europe showed signs of easing.
Asian stocks ended mixed as investor relief at US President Donald Trump and the European Commission chief's plan to ease trade tensions was offset by disappointing US earnings. US equities advanced Wednesday, after US President Donald Trump reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war.
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