Markets Live: Sensex ends at record high of 38,337; RIL m-cap crosses Rs 8 lakh crore

Closing bell

The Sensex and Nifty continued their winning streak for the fourth straight session on hectic buying in L&T, RIL and NTPC stocks despite escalating trade war tensions.

The 30-share Sensex scaled an all-time (intraday) high of 38,487.63. However, it succumbed to profit-booking and fell to an intraday low of 38,227.36. The S&P BSE index finally ended at 38,336.76 points, up 51.01 points, or 0.13 per cent.

The gauge bettered its previous record closing of 38,285.75 reached on August 21. It has gained 622.19 points in the previous three sessions.

The Nifty50 ended up 11.85 points or 0.10 per cent at 11,582.75 -- surpassing its previous record closing of 11,570.90 hit on August 21.

L&T was the biggest gainer among the Sensex components, rising 2.30 per cent, after the board approved a proposal to buy back six crore shares amounting to Rs 9,000 crore.

Reliance Industries (RIL) today became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. RIL shares rose 1.86 per cent to hit a record high of Rs 1,269.70.

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Meanwhile, foreign portfolio investors bought shares worth a net of Rs 254.25 crore and domestic institutional investors bought equities worth Rs 197.87 crore on Tuesday, provisional data showed

Shares of Reliance Industries ended 1.8 per cent higher, while Larsen & Toubro Ltd gained over 2 per cent on Rs 9,000-crore share buyback plan.

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Among losers, HDFC Bank declined 0.8 per cent.

Spot gold falls to $1,188

Spot gold was down 0.6 per cent at $1,188.16 an ounce at 0823 GMT. Prices hit their highest since August 13 at $1,201.51 on Wednesday, but failed to hold the psychological $1,200 level after recovering from 1-1/2-year lows touched last week. Read more

Nestle, Dabur hit all-time highs

Shares of Nestle India Ltd and Dabur India Ltd today hit fresh highs by climbing 6.2 per cent and 6.4 per cent, respectively. Shares of Dabur were up 32.9 per cent this year as of last close, while Nestle was up 38.3 per cent. Read more

L&T jumps nearly 3%

Shares of Larsen & Toubro Ltd jumped as much as 2.8 per cent to Rs 1,359, highest since June 14, as the company has approved share buyback worth up to Rs 9,000 crore ($1.28 billion). Read more

Jet Airways slides nearly 3%

Shares of Jet Airways (India) Ltd fell as much as 2.8 per cent to Rs 284.20, their lowest in over a week. Jet Airways may retest a support at Rs 265.15, the 161.8 per cent Fibonacci projection level of the down trend from February 14 high to April 2 low (wave 1). Read more

Divi Labs fundamentals remain strong

Shares of Divi's Laboratories Ltd climbed as much as 4.6 per cent to Rs 1,305, their highest since October 2016. HSBC has upgraded the stock to 'buy', and raised the target price to Rs 1,395. Read more

Dr Reddy's Labs climbs 4.5%

Shares of Dr Reddy's Labs climbed as much as 4.5 per cent to Rs 2,520, their highest since January 25. The stock posted its biggest intraday percentage gain in nearly one month, and was the top boost on Nifty Pharma index and top percentage gainer on NSE index. Read more

RIL hits Rs 8 lakh cr m-cap

Reliance Industries today became the first Indian company to cross Rs 8 lakh crore market capitalisation. RIL shares rose 1.72 per cent to hit a record high of Rs 1,268 per scrip in the afternoon trade on BSE. Click here to read more

The Sensex was trading higher by 76.08 points or 0.2 per cent at 38,361.83 and the Nifty up 15.85 points or 0.14 per cent at 11,586.75 on heavy buying in capital goods, IT, FMCG and healthcare stocks. However, metal, banking, PSU and oil & gas stocks succumbed to selling pressure.

Top five Sensex gainers were L&T, Reliance, NTPC, Adani Ports and PowerGrid, while the major losers were Tata Motors, Vedanta, Tata Steel, Kotak Bank and Bajaj Auto.

Investors remained cautious and refrained from making big bets amid escalating trade war tensions. US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due to go into effect on Thursday.

World stocks came under pressure as new tariffs took effect in the US-China trade war and markets speculated about US President Donald Trump's position following legal rulings against two former advisers.

The MSCI world equity index, which tracks shares in 47 countries, was 0.1 per cent lower by 0822 GMT, while a rise across defensive sectors helped Europe's STOXX 600 eke out a 0.1 per cent gain.

HDFC Asset Management jumps 3.5%

Shares of HDFC Asset Management jumped on strong June-quarter results. The stock jumped as much as 3.5 per cent to Rs 1,825, its highest since August 7. Read more

Nifty 50 August Futures (11,572)

The contract is range-bound between 11,570 and 11,585. A strong rally above 11,585 can take the contract higher to 11,600 and 11,620 levels. Traders can buy on a rally above 11,585 levels, with a fixed stop-loss. Click here to read more

Shares of Mahanagar Gas Ltd slumped as much as 7.4 per cent to Rs 835.55, lowest in a month as BG Asia Pacific, a unit of Shell India, will sell part of its shares in Mahanagar Gas in block trades to raise up to Rs 1,170 crore ($166.93 million). Read more

LVB shares climb over 4%

Shares of Lakshmi Vilas Bank Ltd rose as much as 4.1 per cent to Rs 102.25 as the private sector lender is in talks to sell up to 51 per cent stake to strategic investors. Read more

Strides Pharma jumps 4.3%

Shares of Strides Pharma Science Ltd jumped as much as 4.3 per cent to Rs 488, their highest since May 18 as Strides Pharma Global Singapore has got approval from US FDA for two key abbreviated new drug applications. Read more

Bank stocks plunge

State-run banks were the top drag. The Nifty PSU Bank index fell as much as 2.6 per cent. Bank of India was down 3.2 per cent, while State Bank of India, Oriental Bank of Commerce and Canara Bank dropped more than 2 per cent each.

Shares of oil marketing companies fell, with Indian Oil Corp and Hindustan Petroleum Corp Ltd losing 3 per cent each.

Nifty Pharma index was trading 1.3 per cent higher. Divi's Laboratories was the top percentage gainer, after HSBC Global Research upgraded stock to 'buy' and raised the price target to Rs 1,395.

Domestic shares were trading flat after briefly hitting fresh highs as domestic investors exercised caution and refrained from making big bets amid escalating trade war tensions and as oil prices jumped 3 per cent.

The Sensex was trading higher by 48.22 points or 0.13 per cent at 38,333.97 and the Nifty up 2.1 points or 0.02 per cent at 11,573.

Asian shares slipped as a deadline loomed for fresh US tariffs on China with speculation that US President Donald Trump's political position could be threatened by the legal woes of two former advisers.

Oil prices further dampened the sentiment, with Brent crude futures hitting a three-week high after US government data showed a larger-than-expected draw in inventories and as Washington's sanctions on Iran signalled tightening supplies.

“Higher crude prices are affecting lenders and oil marketing companies. The jump today (in oil prices) has been massive ... Pharma stocks are the only positive in the markets today,” said AK Prabhakar, head of research at IDBI Capital, adding that trade war tensions also weighed on the sentiment.

Mirae Asset Hybrid Equity

Mirae Asset Hybrid Equity, formerly known as Mirae Asset Prudence, is a relatively new fund with just a three-year track record. Nonetheless, it has been a top-quartile fund delivering 12 per cent annual returns over the past three years. Click here to read more

Reliance Small Cap

Investors with a horizon of seven-plus years can buy units of the fund through the SIP route — the scheme stopped lump sums from March. In any case, it would be better if a mid- or small-cap fund is bought on a periodic basis, rather than as a lump sum, given the inherent volatility of stocks in the space. Click here to read more

Reliance Power unit wins $56-mn arbitration award

BL27_01_POWER

Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Prestige Capital Holdings (a Seychelles-based company) and Kokos Jiang. The company said the arbitration related to a contractual dispute in the context of the company’s coal mines in Indonesia. Click here to read more

The Sensex was trading up 45.2 points or 0.12 per cent at 38,330.95 and the Nifty up 1.8 points or 0.02 per cent at 11,572.70.

Top five Sensex gainers were L&T, NTPC, Sun Pharma, TCS and Maruti, while the major losers were Tata Motors, Vedanta, State Bank of India, Kotak Bank and Bajaj Auto.

L&T board approves Rs 9,000 cr buyback

L&T's board of directors has approved a proposal to buy back up to 6 crore equity shares amounting to 4.29 per cent of the total paid-up equity share capital, at a maximum price of Rs 1,500 per piece. The total buyback will be for an aggregate amount of Rs 9,000 crore. Click here to read more

Colgate-Palmolive picks up stake in Bombay Shaving

Colgate-Palmolive has picked up a minority stake in Bombay Shaving Company, the premium online men’s grooming brand, for an undisclosed amount. This is part of a series A funding from a clutch of investors, including Colgate-Palmolive Asia Pacific Ltd, and existing investors Fireside Ventures. Read more

RCom gets Rs 2,000 cr from assets sale

Reliance Communications has received Rs 2,000 crore following the closure of its sales of media convergence nodes and related infrastructure assets to Reliance Jio Infocomm. Click here to read more

Sensex gainers, losers

Top 5 Nifty gainers, losers

BSE sectoral indices

Among BSE sectoral indices, metal, PSU, banking and auto succumbed to selling pressure, while healthcare, IT, FMCG and realty found investors' support.

NSE sectoral indices

Benchmark indices were trading flat as fears of another round of US tariffs on China and rate hike prospects by the Federal Reserve weighed on investor sentiment.

The Sensex was down 13.33 points or 0.03 per cent at 38,272.42 and the Nifty down 9.1 points or 0.08 per cent at 11,561.80.

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due to go into effect on Thursday.

Minutes of the Federal Reserve's latest policy meeting suggested the US central bank is on course to further raise interest rates. The Fed has raised rates twice this year and is widely expected to tighten policy again next month after leaving rates unchanged at their last meeting.

eClerx Services: Weak numbers

eClerx Services, has fallen by over 12 per cent in the last month. After the company’s June quarter results were announced, the stock started correcting, as the numbers were disappointing. During the first quarter of FY19, eClerx’s revenues from operations fell 3 per cent Q-o-Q, while net profit declined 7 per cent.  Click here to read more

WTI crude edges up to $67.90 per barrel

US oil edged up due to a decline in US commercial crude inventories, while international crude markets were weaker due to the trade dispute between the United States and China. WTI crude futures were at $67.90 per barrel at 0118 GMT, up 4 cents from their last settlement. Click here to read more

Forex market

The US dollar broadly rose against the euro and other currencies after minutes of the Federal Reserve's latest policy meeting suggested the US central bank is on course to further raise interest rates. The dollar index, which weighs the greenback against a basket of six other currencies, was 0.16 per cent higher at 95.296. Read more

Domestic shares fell their record highs as fears of another round of US tariffs on China and rate hike prospects by the Federal Reserve weighed on investor sentiment.

The Sensex was trading up 0.34 point or 0.00 per cent at 38,286.09 and the Nifty down 7.3 points or 0.06 per cent at 11,563.60. The S&P BSE index touched intraday high of 38,487.63 and the Nifty50 scaled fresh peak of 11,620.70.

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due to go into effect on Thursday.

Minutes of the Federal Reserve's latest policy meeting suggested the US central bank is on course to further raise interest rates. The Fed has raised rates twice this year and is widely expected to tighten policy again next month after leaving rates unchanged at their last meeting.

Rupee likely to appreciate

The rupee, which has seen a severe battering of late, is expected to appreciate thanks to the relief rally seen in most Asian emerging markets as well as positive capital inflows. The rupee has been on a downtrend amid global uncertainties and concerns over inflation. But it has seen some appreciation in the last few days. Click here to read more

Relief for FPIs

Giving relief to foreign portfolio investors, the Securities and Exchange Board of India has extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. Click here to read more

AGS files IPO papers

AGS Transact Technologies has filed initial papers with SEBI to raise about ₹1,000 crore through an initial public offering. The IPO comprises a fresh issue of up to ₹400 crore and an offer-for-sale of up to ₹600 crore by the promoters. Read more

Nifty likely to touch 12,400-12,500

Rajeev Ratan Srivastava

Reliance Securities, the broking arm of Reliance Capital, sees the Nifty scaling up to 12,400-12,500 by end-March 2019. The house view on the Sensex is that this benchmark will go up to about 41,000 levels. Click here to read more

Senco Gold files IPO papers

Suvankar Sen, ED, Senco Gold

Kolkata-based jewellery retailer Senco Gold has filed draft papers with the Securities and Exchange Board of India to raise an estimated ₹600 crore through an initial public offering. Read more

Asian markets

Asian shares started cautiously as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent. Japan's Nikkei and South Korea's Kospi index each climbed 0.2 per cent. Click here to read more

The 30-share BSE index Sensex opened higher by 98.11 points at 38,383.86 against the previous close of 38,285.75 and the 50-share NSE index Nifty up 27.9 points at 11,598.80 against Tuesday's close of 11,570.90.

The S&P BSE index touched intraday high of 38,487.63 and the Nifty50 scaled fresh peak of 11,620.70.

Asian shares started cautiously as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers.

Today's stock pick

Aerial view of the Ambuja cement plant, Kolkata.(file photo)

Investors with a short-term perspective can buy the stock of Ambuja Cements at current levels. The stock has been in a short-term uptrend since recording a 52-week low at ₹189 on July 17. Read more

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2094 • HDFC Bank

₹1384 • Infosys

₹312 • ITC

₹169 • ONGC

₹1246 • Reliance Ind.

₹306 • SBI

₹2013 • TCS

11586 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

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