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Market News

  • 12

    Jan
    2018

    Key indices settle at record highs

    The stock market closed the volatile trading session with small gains on positive global cues. The barometer index, the S&P BSE Sensex advanced 88.90 points or 0.26% to settle at 34,592.39. The Nifty 50 index rose 30.05 points or 0.28% to settle at 10,681.25. Both the Sensex, and the Nifty, hit record high on intraday as well as on closing basis.

    The Sensex and Nifty had hit record highs in early trade on the back of positive trading sentiment in Asian stocks fueled by strong lead from Wall Street. Also, expectations of recovery in domestic earnings in Q3 FY18 aided sentiment. Indices hovered with modest gains till mid-morning trade. Suddenly selling pressure emerged in afternoon trade after Supreme Court judges said that the working of Supreme Court was not in order. Indices bounced back to positive terrain to close the session with small gains.

    Justice J Chelameswar, the second senior most judge in the Supreme Court, today, 12 January 2018, said the administration of the apex court is sometimes not in order and many less than desirable things have taken place. In an unprecedented move, Justice Chelameswar and three other senior judges today held a press conference on various issues relating to the apex court judiciary. Besides Justice Chelameswar, the other judges were Justices Ranjan Gogoi, M B Lokur and Kurian Joseph. Unless this institution is preserved, democracy will not survive in this country, Justice Chelameswar reportedly said.

    The Sensex advanced 88.90 points or 0.26% to settle at 34,592.39, its record closing high. The index advanced 134.93 points, or 0.39%, at the day`s high of 34,638.42. The index lost 161.33 points, or 0.46%, at the day`s low of 34,342.16.

    The Nifty rose 30.05 points or 0.28% to settle at 10,681.25, its record closing high. The index advanced 39.20 points, or 0.36%, at the day`s high of 10,690.40. The index lost 54.10 points, or 0.5%, at the day`s low of 10,597.10.

    Among the secondary indices, the S&P BSE Mid-Cap index declined 0.17%. The S&P BSE Small-Cap index rose 0.05%. Both these indices underperformed the Sensex.

    The breadth, indicating the overall health of the market, was negative. On the BSE, 1,561 shares declined and 1,354 shares advanced. A total of 155 shares were unchanged.

    The total turnover on BSE amounted to Rs 5387.75 crore, higher than turnover of Rs 5253.96 crore registered during the previous trading session.

    Among the sectoral indices on BSE, the S&P BSE Bankex index (up 0.5%), the BSE Capital Goods index (up 0.48%) and the BSE Metal index (up 0.45%) outperformed the Sensex. The BSE FMCG index (down 0.52%), the BSE Healthcare index (down 0.34%) and the BSE Realty index (down 1.46%) underperformed the Sensex.

    Bank stocks were mixed. Among public sector banks, Indian Bank (up 1.16%), Punjab National Bank (up 0.9%) and Central Bank of India (up 0.27%) edged higher. IDBI Bank (down 1.21%), Bank of Baroda (down 0.18%) and Bank of India (down 1.72%) edged lower.

    State Bank of India (SBI) dropped 0.07% at Rs 301.80. The bank said that the proposal will be submitted to executive committee of central board (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier. The announcement was made after market hours yesterday, 11 January 2018.

    Among private sector banks, ICICI Bank (up 2.63%) and IndusInd Bank (up 0.41%) edged higher. Yes Bank (down 0.57%), Axis Bank (down 0.45%), Kotak Mahindra Bank (down 0.02%) and HDFC Bank (down 0.01%) edged lower.

    Realty stocks slumped. D B Realty (down 4.81%), Oberoi Realty (down 3.11%), Prestige Estates Projects (down 1.79%), Sobha (down 1.98%), Unitech (down 1.53%), HDIL (down 1.24%), DLF (down 1.4%) and Godrej Properties (down 1.36%) declined.

    Indiabulls Real Estate was down 0.57%. The company through its wholly-owned subsidiary, Yashita Buildcon, has on 11 January 2018, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of about 2.5 lakh sq ft in Gurugram. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of the building is expected to be received, the company said. The announcement was made after market hours yesterday, 11 January 2018.

    TCS dropped 0.56% at Rs 2,772.90. The company`s consolidated net profit rose 1.31% to Rs 6545 crore on 1.18% growth in net sales to Rs 30904 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours yesterday, 11 January 2018.

    Separately, TCS today, 12 January 2018, announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018, the company said. The announcement was made before market hours today, 12 January 2018.

    Separately, TCS said it has been selected by Modell`s Sporting Goods, one of America`s oldest retailers of sporting goods, to deploy TCS OmniStore Unified Store Commerce Suite to transform their stores and deliver a true omni-channel experience for customers. The announcement was made during market hours today, 12 January 2018.

    Infosys advanced 0.26% at Rs 1,078.40. The company`s consolidated net profit rose 37.65% to Rs 5129 crore on 1.65% growth in total income to Rs 18756 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours today, 12 January 2018. The result is as per Indian Accounting Standards (Ind-AS).

    Shree Cement lost 3.36% at Rs 18,856.50, with the stock declining on profit booking after declaring good Q3 result. The result was announced after market hours yesterday, 11 January 2018.

    Shares of Shree Cement had witnessed a pre-result rally in anticipation of good Q3 result. The stock had gained 8.04% in five trading sessions to settle at Rs 19,511.95 yesterday, 11 January 2018, from its close of Rs 18,059.15 on 4 January 2018.

    Shree Cement`s net profit rose 41.6% to Rs 333.33 crore on 23.1% growth in net sales to Rs 2296.23 crore iQ3 December 2017 over Q3 December 2016.

    On the macro front, the government is scheduled to announce industrial production data for November 2017 today, 12 January 2018. India`s industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.

    The government will also announce today, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.

    Overseas, European stocks edged higher amid earnings. Most Asian stocks closed higher after strong lead from Wall Street. China reported trade data for December with exports up 10.9% and imports rising 4.5%, resulting in a trade surplus at $54.69 billion. China reported a 7.9% jump in exports and 15.9% rise in imports both in dollar terms for 2017, the country`s General Administration of Customs said today, 12 January 2018. China`s overall trade surplus for 2017 was $422.5 billion.

    US stocks surged to close the session at record highs yesterday, 11 January 2018 as investors bet economic growth would pick up steam.

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