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BSE Sensex sprang back from early losses to close at new lifetime high

The broad-based NSE Nifty also continued its record-smashing streak for the fourth day by gaining 36.95 points or 0.33 percent to settle at a fresh all-time high of 11,356.50.


PTI 31 Jul 2018, 12:00 PM India

Market benchmark BSE Sensex sprang back from early losses to close at a new lifetime high of 37,606.58 today on late buying in RIL, HUL, Infosys, and Hero MotoCorp, continuing its record run for the seventh straight day.

The broad-based NSE Nifty also continued its record-smashing streak for the fourth day by gaining 36.95 points or 0.33 percent to settle at a fresh all-time high of 11,356.50.

The 30-share Sensex closed at 37,606.58 points, up by 112.18 points, or 0.30 percent, breaking its previous closing record of 37,494.40 hit yesterday.

Stock markets traded in the negative for the most part of the session due to profit booking amid mixed trends in Asian markets after overnight losses on Wall Street.

Investors were cautious ahead of the RBI policy outcome, scheduled tomorrow, and preferred to book profits at record levels, brokers said.

Banking stocks bore the brunt as SBI, ICICI Bank and Axis Bank dropped up to 3.23 percent.

However, a recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet, brokers said.

Vinod Nair, Head of Research, Geojit Financial Services Ltd said, "Caution ahead of tomorrow’s RBI & US FED policy led the indices to start on a weak note. However, strength in earnings supported the market to reverse from day’s low and ended up with again."

Reliance Industries was the top gainer by climbing 3.14 percent to close at record Rs 1,185.85 on BSE. RIL also regained its status as the country's most valued firm by market capitalization, replacing Tata Group's TCS from the top slot.

Heromotocorp rose by 2.77 percent followed by HUL that rose 2.52 percent.

Adani Ports rose by 2.41 percent, Tata Steel by 1.85 per cent. Bharti Airtel 1.53 per cent. IndusInd Bank by 1.44 per cent. and Maruti Suzuki 1.34 per cent.

Wipro gained 1.24 per cent. Asian Paints, 1.21 per cent. Bajaj Auto 1.19 per cent. Infosys 0.88 per cent. ONGC 0.85 per cent. Sun Pharma 0.61 per cent. L&T 0.52 per cent. Kotak Bank 0.33 per cent. HDFC Bank 0.17 per cent and M&M 0.13 per cent.

Shares of IT services firm Tech Mahindra ended higher 3.93 percent to emerge as top gainer among Nifty stocks after the company today reported 12.4 percent rise in consolidated net profit for the first quarter ended June 2018.

In contrast, Axis Bank falls the most 3,23 percent after the private lender reported a 46 percent drop in net profit for April-June quarter.

ICICI Bank fell more than 1 percent after it said that provisions are expected to remain elevated in FY2019.

HDFC fell 1.64 percent, SBI by 1.33 percent, ITC by 1.30 percent, Tata Motors 1.18 percent and Vedanta 1.11 percent on profit booking, restricting the rise in key indices.

Bank of India reported over 8 percent rise in net profit to Rs 95.11 crore in the first quarter ended June 30, 2018-19. Share ended lower by 8.75 percent to close at 94.35.

On the BSE sectoral index chart, energy jumped the most by surging 1.89 per cent. followed by realty 1.10 per cent. consumer durables 1.01 per cent. capital goods 0.95 per cent. IT 0.81 per cent. FMCG 0.72 per cent. Teck 0.67 per cent. healthcare 0.59 per cent. oil & gas 0.48 per cent. metal 0.48 per cent. auto 0.45 per cent and power 0.06 per cent.

While finance, PSU, and banking ended in the negative zone, falling up to 0.53 percent.

The broader markets turned positive with the mid-cap index rising 0.33 percent and small-cap index by 0.26 percent.

Globally, most Asian shares bounced back from early lows. Growth in China's services industry in July moderated for the first time in five months.

Nikkei was up 0.04 percent and Shanghai Composite index ended higher by 0.26 percent, while Hong Kong's Hang Seng was down 0.52 percent.

European shares struggled for direction in early trading though earnings updates from oil major BP, big banking stocks and a host of smaller UK companies kept things interesting beneath the surface.

In Europe, Frankfurt's DAX rose 0.18 per and France's Paris CAC was up 0.20 percent. London's FTSE too up 0.54 percent in their late morning trade.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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