Closing Bell: Sensex ends at record high, Nifty settles at 11084##Closing Bell: Sensex ends at record high, Nifty settles at 11084

Indian benchmark indexes rebounded in the last hour of trading lifted by sustained buying in bank, FMCG, metal and financial shares. The Sensex ended at 36,719, rising by 222 points, or 0.61 percent, while the Nifty settled at 11084, gaining by 74.55 points, or 0.68 percent. Almost all sectoral indices gained except IT and to some extent auto.

Jul 23, 2018 3:46 PM

Sensex trades near record high##Sensex trades near record high

Jul 23, 2018 3:12 PM

Sensex rises over 220 points, Nifty at 5 month high, Bata shares surge##Sensex rises over 220 points, Nifty at 5 month high, Bata shares surge

The Sensex jumped over 226 points, or 0.62 percent, to 36,722.84, while the Nifty surged to 5-month high at 11,084.20, adding 74 points, or 0.67 percent.

At 3.05 pm, Bata India shares traded at Rs 897.50, rising by 6.56 percent, or Rs 55.25. Earlier, shares of Bata India Ltd rose 7 percent to an all-time high of Rs 901.7 on Monday. The footwear retailer posted a 36.6 percent jump in Q1 profit on Friday. EBITDA grew 38 percent, largely due to Goods and Services (GST)-led input tax credit benefits on expenses, said Ambit Capital. Rent and other expenses saw a decline in the quarter, which implies benefits due to GST, it added. Bata stock marks its biggest intraday percent gain since April 2016. More than 5.3 million shares traded, compared with the 30-day average of about 1.2 million shares. (From Reuters)

Jul 23, 2018 3:08 PM

Market update: Sensex, Nifty extend gains ahead of close##Market update: Sensex, Nifty extend gains ahead of close

Indian markets extended gains in the last hour of trading on Monday with the Sensex rising by 185 points to 36,681.35, while the Nifty crossing 11,050 level, trading at 11,066.65, advancing by 56.45 points, or 0.51 percent. On the BSE, Vedanta surged 4.29 percent, ITC 3.66 percent, Maruti Suzuki India 3.46 percent, ICICI Bank 3.20 percent, Adani Ports 3.11 percent, Bharti Airtel 2.79 percent. Tata Steel also gained 2.30 percent, while Tata Motors, Hindustan Unilever, SBI, IndusInd Bank also surged over 2 percent each. Hero MotoCorp and Bajaja Auto were among top losers on the 30-share index, shedding 6.12 percent and 5.23 percent respectively. Wipro, HDFC Bank, ONGC, Reliance were other laggards. Reliance is trading 0.78 percent lower, while HDFC Bank is down by 1.37 percent. Nifty gainers include UPL, Vedanta, UltraTech Cement, ICICI Bank, ITC, while the laggards were auto and IT shares.

Jul 23, 2018 2:51 PM

Market update: Sensex, Nifty trade rangebound##Market update: Sensex, Nifty trade rangebound

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Indian markets trade higher with the BSE Sensex rising by 68.33 points, or 0.19 percent, to 36,564.70, while the Nifty trading higher by 29.10 points, or 0.26 percent, to 11,039.30. Both MidCaps are trading higher, with the Nifty MidCap gaining by 0.30 percent and the BSE MidCap rising by 0.64 percent. Sensex gainers include ITC, Bharti Airtel, NTPC, Hindustan Unilever, Adani Ports, while the laggards include Hero MotoCorp, Bajaj Auto, Wipro, HDFC Bank, Reliance. Nifty gainers were UPL, ITC, Bajaj Finserv, Bharti Airtel, Hindustan Unilever, while the laggards include Hero MotoCorp, Bajaj Auto, Wipro, Tech Mahindra, HDFC Bank.

Jul 23, 2018 1:37 PM

Paint companies’ shares climb after GST rate cut##Paint companies’ shares climb after GST rate cut

Shares of Indian paint companies traded higher on Monday after the GST Council on Saturday lowered indirect tax slab on products such as paints and varnishes, from the existing 28 percent to 18 percent. Shares of Asian Paints gained by 5 percent at Rs 1,464.4, Akzo Nobel up 2.3 percent, Nerolac up by a percent, Berger Paints up 0.3 percent.

Kotak’s Rohit Chordia said that rate cut could provide material boost to Asian Paints’ and other paint companies’ earnings. The brokerage has raised FY19-21 end EPS by 7-13 percent on Asian Paints.

At 1.14 pm, Asian Paints stock was trading higher by 0.93 percent at Rs 1409.90. Akzo Nobel India shares surged by 2.46 percent to Rs 1857.95, adding Rs 44.60 in value to the stock on the BSE. Kansai Nerolac Paints traded at Rs 487.35, adding Rs 9.50, or 1.99 percent in value to the stock. Berger Paints India traded at Rs 310.80, rising by 0.39 percent on the BSE.

Jul 23, 2018 1:20 PM

CNBC-TV18 Newsbreak confirmed, SBI signs Inter-Creditor Agreement for resolution of stressed assets##CNBC-TV18 Newsbreak confirmed, SBI signs Inter-Creditor Agreement for resolution of stressed assets

Jul 23, 2018 12:57 PM

Sonia Shenoy's quick take on two-wheeler price war between Bajaj Auto, Hero MotoCorp##Sonia Shenoy's quick take on two-wheeler price war between Bajaj Auto, Hero MotoCorp

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There is a price war underway in the two wheeler space. Bajaj Auto and Hero MotoCorp are the biggest Nifty losers today with stocks down 6% and 9% respectively, this after Bajaj Auto reiterated its plans to pursue market share at the cost of margins. The management , at its earnings conference call said they are targeting a 50% market share in economy segment vs 35% currently. The company has been slashing prices of its economy segment bikes CT100 and platina and will not hesitate to continue in order to achieve its desired market share. Remember, hero moto is the market leader in this segment and a price war could hit margins of both companies in the near term. Hero moto also announces its earnings on Wednesday and the street is cautious ahead of that.

Hero MotoCorp was trading at Rs 3100, losing Rs 273.15, or 8.10 percent in value on the BSE, while Bajaj Auto shed Rs 163.10 or 5.74 percent, to trade at Rs 2678. Nifty Auto trades 1.39 percent down, largely due to Bajaj Auto and Hero MotoCorp stocks which are trading lower by 5.66 percent and 8.28 percent respectively.

Jul 23, 2018 12:51 PM

Interim FM Piyush Goyal introduces IBC amendment bill in Lok Sabha##Interim FM Piyush Goyal introduces IBC amendment bill in Lok Sabha

Jul 23, 2018 12:38 PM

ITC boosts key indices, midcap index lags##ITC boosts key indices, midcap index lags

Indian markets have turned range-bound with a positive bias, with sustained buying seen in FMCG, telecom and NBFC shares. A bigger rally, however, has not been seen due to index heavyweight Reliance Industries and HDFC Bank underperforming along with auto and IT shares. At 12.19pm, the Sensex traded higher by 85 points to 36,580.90, or rising by 0.23 percent, while the Nifty traded below 11,050 level, up by 33 points, or 0.30 percent.

Shares of Havells, Bata, Liberty Shoes have rallied higher, the former too also gaining advantage from strong earnings along with the GST impact.

Another gainer has been the UPL, with the agro-chemical company’s stocks surging after the 4.3 billion dollar acquisition of Arysta Lifesciences. Even as debt concerns remain, the management is confident of $5 billion dollars topline this year and $5.5 billion by 2020.

L&T finance rose after June quarter results, while South Indian Bank shares have tanked. The L&T Finance stock spikes on belief that the Q1 disappointment in on account of Ind-AS accounting changes and not the operational metrics of the company. South Indian Bank tanks on disappointing asset quality.

Moreover, inter-creditors agreement is due to be released today with the street watching for details of the inter-corporate agreement, a contract between Indian banks which is set to replace the now defunct joint lender forum.

Jul 23, 2018 12:35 PM

Market update: Sensex, Nifty consolidate gains##Market update: Sensex, Nifty consolidate gains

Indian markets are trading higher, but lower from the day's high. The Sensex traded at 36,566.34, nearly 70 points higher, or 0.19 percent, while the Nifty 50 is trading at 11,36.45, up by 26.25 points, or higher by 0.24 percent. ITC is trading higher by over 4.13 percent on the Sensex, while UPL has risen by 4.79 percent on the NSE. Other index gainers are Bharti Airtel, Asian Paints, NTPC, Adani Ports. The laggards include Hero MotoCorp, Wipro, Bajaj Auto, Tech Mahindra, Reliance and HDFC Bank among others. BSE MidCap is higher by 0.23 percent, while the Nifty MidCap is down by 0.15 percent. Among sectoral indices, FMCG has risen by 2.16 percent, followed by Consumer Durables, Telecom, Utilities, Power, while Metal, Auto are trading lower on the BSE. On the NSE, Auto has declined by a percent, while IT and Metal also trade lower.

Jul 23, 2018 11:26 AM

Liberty Shoes surges over 11%, Mangalam Maloo explains why##Liberty Shoes surges over 11%, Mangalam Maloo explains why

Shares of Liberty Shoes traded at Rs 187.75, adding Rs 18.65 to the stock, rising by 11.03 percent on the BSE today after the GST Council slashed rates on footwear priced below Rs 1000. Footwear costing up to Rs 1,000 will now attract 5 percent GST. So far, footwear up to Rs 500 attracted 5 percent GST, and those having retail sale price of over Rs 500 attracted 18 percent rate. Libery Shoes will benefit from the rate cut as the company's 20 percent comes from the Rs 500 to Rs 1000 range pairs. The company expects double digit growth in FY19, with improved demand due to festive season. The reduced tax will also make the brand more competitive against unorganized segment.

Jul 23, 2018 11:22 AM

Kritika Saxena's take on whether Wipro investors will keep the faith##Kritika Saxena's take on whether Wipro investors will keep the faith

Wipro met most street expectations but investors may not be too impressed. CNBC-TV18 spoke to the management on Friday to understand when the phase of restructuring and below industry growth rates will pass. Till last quarter the management was certain that they would reach industry matching growth rates by FY19. The timeline projection is gone now, however.

On being asked on the timeline of turnaround, Abid Ali neemuchwala was transparent enough to admit that client mining, while strong in digital was not as uniform. Many current clients are still in the phase of restructuring. Some sectors are still volatile. For instance, healthcare was slow this quarter.

When pressed again on timeline for turnaround, Abid Ali said that he wanted to refrain from giving a timeline because of how volatile the demand was in healthcare. However their BFSI continues to outperform. Investors can take heart from the digital growth wins, up by 6.2% this quarter versus last quarter.

This year should be the year Wipro starts seeing a turnaround. Now whether that will lead to industry matching growth rates or just below is unclear. Investors must keep a close watch on the management commentary over the next few months and keep an eye on what they are doing to work on the slow growth sectors and how fast digital growth flows into the balance sheet.

Wipro traded at Rs 274.70, down by 2.95 percent on the BSE today at 11.12 am.

Jul 23, 2018 11:12 AM

Nigel Dsouza's explains what ITC, UPL's rise means##Nigel Dsouza's explains what ITC, UPL's rise means

Shares of ITC have surged over 4 percent at Rs 284.50 on the BSE. The stock has also contributed almost over 80 percent to the Nifty gains, which is holding in the green thanks to it. ITC trades at a 35 percent discount to FMCG peers like Hindustan Unilever ltd.

On the other hand, UPL is the biggest winner on the Nifty with shares trading at Rs 575.95, gaining by 4.79 percent, but also keep an eye on a smaller listed co Uniphos Enterprises as its market cap is only Rs.204 corer but it holds 5% in UPL.Now those 2.57 corer shares in UPL are valued at Rs 1450 crore. Hence the stock is trading at a 85% discount to its holding value in UPL.

Jul 23, 2018 11:02 AM

South Indian Bank plunges 17% after Q1 results##South Indian Bank plunges 17% after Q1 results

Shares of South Indian Bank ltd traded at Rs 18.70, losing Rs 3.75 or 16.70 percent, on the BSE after Q1 results. The bank's loan growth is the highest in 8 quarters, however the GNPA is the worst ever for the bank. NIM 2.6% is the lowest in 12 quarters or 3 years.

Jul 23, 2018 10:15 AM

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