Markets Live: Sensex ends at new high of 37,606; Nifty closes at 11,356

Closing bell

The Sensex jumped 112.18 points or 0.3 per cent to end a new high of 37,606.58 and the Nifty too closed at a fresh record high of 11,356.50, up 36.95 points or 0.33 per cent.

The 30-share index extended its record run for the seventh day in a row and the 50-share index extended its record breaking run for the fourth day.

Heavy buying in realty, consumer durables, capital goods and IT stocks boosted the domestic sentiment.

 

Top five Sensex gainers were Reliance, Hero MotoCorp, HUL, Adani Ports and Tata Steel, while the major losers were Axis Bank, HDFC, State Bank of India, ITC and Tata Motors.

 

Strengthening of rupee, unabated buying by domestic institutional investors and encouraging earnings by blue-chips contributed to the uptrend.

Traders were keeping an eye on the outcome of monetary policy review tomorrow. Easing inflation and the economic growth momentum suggest that the Reserve Bank of India will keep the repo rate unchanged at 6.25 per cent.

The US Federal Reserve’s Federal Open Market Committee will begin its own monetary policy meeting today, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting.

As per provisional data, on a net basis, foreign portfolio investors had sold shares worth Rs 234.04 crore, while domestic institutional investors bought shares worth Rs 48.58 crore yesterday.

 

Global markets

 

Reassurance by the Bank of Japan that it will keep its super-easy monetary policies in place for an extended period pushed the yen and global bond yields lower, though mounting concerns about the tech sector kept world stocks under pressure. Click here to read more

Bullion prices

 

Gold prices went down by Rs 100 to Rs 30,650 per 10 grams due to a weak global trend and muted demand from local jewellers. However, silver held steady at Rs 39,200 per kg on scattered deals from industrial units and coin makers. Read more

GDP growth forecast

 

Global financial services major Nomura expects GDP growth to peak in April-June quarter and then moderate to 7.2 per cent in the second half of 2018 from around 7.8 per cent in the first half. Click here to read more

BoI shares tank 8%

 

Bank of India has reported a 8 per cent year-on-year increase in net profit at Rs 95 crore in the first quarter of this fiscal against Rs 88 crore in the year-ago period. The lender shares were down 8.27 per cent at Rs 94.85 on the BSE. Read more

Final hearing in Mallya's case begins

 

Vijay Mallya, wanted in India on fraud charges, returned to Westminster Magistrates’ Court for closing arguments in his high-profile extradition trial. He his fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crore. Click here to read more

Pre-close trade

The Sensex was trading up 54.37 points or 0.15 per cent at 37,548.77 and the Nifty up 9.9 points or 0.09 per cent at 11,329.45.

Your stock portfolio

Indraprastha Gas (₹294.9)

 

The stock now tests a significant resistance at ₹300 and its 200-day moving average. Hence, there could be a near-term corrective decline which medium-term investors can consider as a buying opportunity and accumulate the stock with a stop-loss at ₹240. Click here to read more

Benchmark indices wiped off their losses and were trading marginally higher as Reliance Industries today regained its status as the country’s most-valued firm by m-cap, replacing Tata Group’s TCS from the top slot.

RIL’s market valuation stood at Rs 7,47,676.35 crore, which is Rs 8,378.48 crore more than that of Tata Consultancy Services’ Rs 7,39,297.87 crore.

The Sensex was up 31.09 points or 0.08 per cent at 37,525.49 and the Nifty up 5.3 points or 0.05 per cent at 11,324.85.

 

Top five Sensex gainers were RIL, Adani Ports, Hero MotoCorp, HUL and Bharti Airtel, while the major losers were Axis Bank, HDFC, Tata Motors, ITC and State Bank of India.

 

Among BSE sectoral indices, realty, FMCG, consumer durables, and capital goods remained investors' favourite, while PSU, bank and infrastructure succumbed to selling pressure.

Traders were keeping an eye on the outcome of Monetary Policy Committee meeting to be released tomorrow.

Kotak Mahindra Bank

 

Kotak Mahindra Bank Ltd's shares, up 88 per cent in the last three years as of Monday, may have ended the uptrend. The stock's wave pattern suggests it has completed a five-wave uptrend and is in the first wave of a three-wave corrective cycle. Read more

Vedanta to be delisted from LSE

 

Anil Agarwal’s family trust today made a firm $1-billion offer to buy 33.47 per cent non-promoter shares of Vedanta Resources in a deal that values the conglomerate at $3.07 billion. Click here to read more

Biocon: Consider going short

 

The stock of Biocon (₹586.8) rules at a crucial level. Though the long-term outlook appears bright, the stock needs to close above ₹623 to regain the bull run. The stock finds an immediate support at ₹541 and a major one at ₹447. Click here to read more

Sensex movers, shakers

 

Benchmark indices continued to trade lower on selling pressure in PSU, bank and infrastructure stocks ahead of RBI monetary policy outcome tomorrow.

The broader NSE index was down 25.2 points or 0.2 percent at 11,294.35 after three straight record-setting sessions. The benchmark BSE index was down 67.89 points or 0.18 per cent at 37,426.51, following five consecutive record-setting sessions.

For the month, both indexes have gained more than 5 per cent. The Nifty Bank index fell half a per cent after adding 3.2 per cent in the previous four sessions of gains.

 

IDFC Bank Ltd and Axis Bank were among the top losers, shedding 2.8 per cent and 1.9 per cent respectively. Both lenders had reported their June-quarter results on Monday. HDFC fell 2.6 per cent, making it the top drag on the NSE index.

“Market will be bracing itself for a rate hike this time or the next quarter but don't think there'll be a substantial damage,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

“It's not going to be a series of rate hikes, just two or at the most three, depending on crude prices, but even then a third hike is unlikely.”

Investors will next turn their attention to the US Federal Reserve's policy meeting which will end on Wednesday.

RIL pips TCS in market valuation

 

Reliance Industries Ltd today regained its status as the country’s most-valued firm by market capitalisation, replacing Tata Group’s TCS from the top slot. RIL’s market valuation stood at Rs 7,47,676.35 crore, which is Rs 8,378.48 crore more than that of Tata Consultancy Services’ Rs 7,39,297.87 crore. Read more

'Banks may see a turnaround from 2019-20'

 

Global rating agency Standard and Poor’s says that the worst may be over for debt- ridden Indian banks and they may see a turnaround in their finances from 2019-20. Click here to read more

Supplementary demand for grants

 

The Centre has sought Parliament’s nod for additional expenditure of Rs 11,698 crore, involving net cash outgo of Rs 5,951 crore. This was reflected in the first batch of Supplementary Demand for grants for 2018-19, tabled in the Lok Sabha. Click here to read more

Nifty 50 August futures (11,310)

 

Short-term traders with a high risk appetite can go long at current levels. Stop-loss can be placed at 11,280 for the target of 11,350. Revise the stop-loss higher to 11,315 as soon as the contract moves up to 11,325. Click here to read more

InterGlobe Aviation slumps to 52-week low

 

Shares of InterGlobe Aviation, which runs largest domestic carrier IndiGo, plunged over 11 per cent to hit a one-year low as the company has reported 96.6 per cent fall in net profit for the June quarter. Read more

Avenue Supermarts hits record high

 

Shares of Avenue Supermarts Ltd rose as much as 3.15 per cent to a record high of Rs 1,645.15 on strong results. Read more

Sensex gainers, losers

Top 5 Nifty gainers, losers

 

Post-noon trade

The Sensex was trading down 99.47 points or 0.27 per cent at 37,394.93 and the Nifty down 25.5 points or 0.23 per cent at 11,294.05.

BoJ leaves interest rates unchanged

 

The Bank of Japan took measures to make its massive stimulus programme more flexible and pledged to keep interest rates low for the time-being, reflecting its forecast that it would take time for inflation to hit its 2 per cent target. Click here to read more

 

Axis Bank hits 6-month high

 

Shares of Axis Bank Ltd, India's third-biggest private sector lender by assets, jumped as much as 2.6 per cent to Rs 584.45, its highest since February 2, as the June quarter net profit came above analysts' estimates. Read more

The S&P BSE Sensex was trading lower by 173.06 points or 0.46 per cent at 37,321.34 and the Nifty50 down 40.55 points or 0.36 per cent at 11,279 due to profit-booking in banking, metal, oil & gas and infrastructure stocks. However, realty, healthcare, power and consumer durables remained investors' favourite.

 

 

Traders adopted a wait-and-watch attitude ahead of RBI's monetary policy outcome tomorrow. Easing inflation and the economic growth momentum suggest that the Reserve Bank of India will keep the repo rate unchanged at 6.25 per cent.

Domestic sentiment was also hit due to weak Asian cues, muted corporate earnings and sustained foreign fund outflows.

Top five Sensex gainers were Hero MotoCorp, Sun Pharma, Bajaj Auto, Asian Paints and NTPC, while the major losers were HDFC, Tata Motors, Tata Steel, Vedanta and ITC.

 

Tech Mahindra jumps over 4%

 

Shares of software services provider, Tech Mahindra Ltd, rose as much as 4.3 per cent to Rs 683.75 on strong Q1 results. Read more

Idea Cellular slumps over 4%

 

Shares of Idea Cellular plunged 4.3 per cent to Rs 55.90, lowest since July 26, as the company has reported a drop in quarterly revenue, hurt by an aggressive pricing war, although a one-time gain helped it post a surprise profit. Read more

 

Crude oil falls on oversupply concerns

 

September Brent crude futures fell 46 cents, or 0.6 per cent, to $74.51 a barrel by 0356 GMT after rising nearly 1 per cent on Monday. WTI was down 43 cents, or 0.6 per cent, at $69.70 a barrel, after rising more than 2 per cent in the previous session. Read more

 

Forex update

 

The yen edged up against the US dollar as investors braced for the highly-anticipated policy decision later in the day from the Bank of Japan. The dollar was 0.1 per cent lower at 110.93 yen. Click here to read more

SBI hikes term deposit rates

 

State Bank of India has revised the interest rates on domestic term deposits (below Rs 1 crore) by 5-10 basis points in four maturity slabs of one year and above with effect from July 30. Read more

Vijay Mallya extradition case

 

The Indian government’s efforts to extradite Vijay Mallya enters a crucial phase today, as the two sides present final submissions in the long-running extradition case. The hearing is set to kick off at 2.30 pm India time. Click here to read more

The Sensex was trading lower by 140.74 points or 0.38 per cent at 37,353.66 and the Nifty down 40.55 points or 0.36 per cent at 11,279 as investors were on a wait-and-watch mode ahead of RBI policy outcome.

Domestic sentiment was also hit on weak Asian cues, muted corporate earnings and fresh foreign fund outflows.

Among BSE sectoral indices, metal, FMCG, oil & gas and infrastructure succumbed to profit-booking, while realty, healthcare, power and consumer durables found investors' support.

 

 

Top five Sensex gainers were Bharti Airtel, Asian Paints, NTPC, Hero MotoCorp and Sun Pharma, while the major losers were Vedanta, HDFC, Tata Steel, Kotak Bank and ITC.

Rupee slips to 68.69

 

The rupee declined two paise to 68.69 against the US dollar in early trade due to month-end dollar demand amid weakness in the domestic equity market. Read more

Asian markets

 

Asian share markets weakened, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan's rate review, at which it could flag a shift away from its massive monetary stimulus. Japan's Nikkei fell 0.5 per cent. Read more

Bank Nifty

 

The Bank Nifty Out-Of-The-Money Put 27,700 strike price was one of the most actively traded contracts on Monday. The option price fell 21.25 per cent to Rs 363. OI zoomed 718 per cent.  Click here to read more

What to watch

 

Reliance Infrastructure has announced that the transaction for the sale of its integrated Mumbai power distribution business to Adani Transmission will be closed by next week. Click here to read more

Broker's call

Dalmia Securities

Shemaroo (Buy)

CMP: ₹495.1

Target: ₹562

Click here to read more

What to watch

 

Vedanta, Tata Motors, BoI, BEL, Dabur are among over 70 companies that will declare their April-June results today. Read more

Krebs Biochemicals & Industries  board of directors has approved raising of funds by way of an offer and issue of equity shares to the members of the company on rights basis for up to ₹25 crore. The company shares were down 0.75 per cent at Rs 118.75 on the BSE. Read more

 

 

 

Shares of Confidence Petroleum India has received orders worth ₹139.6 crore from Bharat Petroleum Corporation. The company shares were down 0.39 per cent at Rs 50.60 on the BSE. Read more

The 30-share BSE index Sensex opened lower by 18.05 points at 37,476.35 against the previous close of 37,494.40 and the 50-share NSE index Nifty down 32.5 points at 11,287.35 against 11,319.55.

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:

₹2172 • HDFC Bank

 

₹1353 • Infosys

 

₹301 • ITC

 

₹164 • ONGC

 

₹1149 • Reliance Ind.

 

₹297 • SBI

 

₹1944 • TCS

 

11340 • Nifty 50 Futures

 

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

Click here to view the full guide

Today's stock pick

 

Bank of India (₹103.4): BUY

Monday’s rally of over 5 per cent is adding strength to this up-move. Support for the stock is at ₹98 and a cluster of supports are poised around ₹95. Dips to these supports are likely to find fresh buyers coming into the market. Click here to read more