Sensex closes up 160 points at 38,896; Infosys soars 7%

Closing bell

Market benchmark BSE Sensex ended 160 points higher on Monday, driven by heavy gains in index heavyweight Infosys and positive macroeconomic cues.

After swinging 327 points during the day, the 30-share index settled 160.48 points or 0.41 per cent higher at 38,896.71. The index hit an intra-day high of 39,023.97 and a low of 38,696.60.

The broader NSE Nifty ended 35.85 points, or 0.31 per cent, up at 11,588.35. During the day, the index hit a high of 11,618.40 and a low of 11,532.30.

Infosys was the top gainer in the Sensex pack, closing 7.20 per cent higher as investors cheered its financial results.

The IT major posted a better-than-expected 5.3 per cent rise in its June quarter net profit, and raised its revenue growth forecast for the current fiscal.

Rival, TCS, too, jumped 1.77 per cent.

Other gainers included Sun Pharma, TechM, Maruti, Kotak Bank, Bajaj Finance and HDFC twins, ending up to 3.61 per cent higher.

On the other hand, IndusInd Bank, L&T, ITC, Bharti Airtel, ICICI Bank, Yes Bank, SBI and Hero MotoCorp lost up to 2.28 per cent.

Besides the rally in Infosys, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June, traders said.

Inflation in the food articles basket eased marginally to 6.98 per cent in June, from 6.99 per cent in May. Vegetable inflation, too, softened to 24.76 per cent in June, down from 33.15 per cent in the previous month.

Elsewhere in Asia, the Shanghai Composite Index, Hang Seng and Nikkei ended in the green, while Kospi settled in the red.

Equities in Europe were trading lower in their respective early sessions.

On the currency front, the Indian rupee appreciated 17 paise to 68.52 against the US dollar (intra-day).

Meanwhile, the global oil benchmark Brent crude futures were trading 0.42 per cent higher at USD 67 per barrel. - PTI

Sensex, Nifty extend gains

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading in positive territory ahead of the close on Monday.

The Sensex was at 38,873, up 137 points or 0.36 per cent higher. The Nifty was trading at 11,583, up 30 points or 0.27 per cent firmer.

The top gainers on the Sensex were led by Infosys, which shot up 6.88 per cent. Sun Pharma gained nearly 4 per cent during the session, while Kotak Bank, Maruti and Bajaj Finance were up over 1 per cent.

The laggards were led by IndusInd Bank, L&T, ITC, Bharti Airtel and YES Bank.

The IT index on the BSE, was the top performing index, gaining over 3 per cent. It was followed by the technology index that gained over 2 per cent.

On the other hand, the capital goods index lost 1.39 per cent, followed by industrials, which was down nearly 1 per cent and consumer durables, FMCG and telecom that were down around 0.80 per cent.

Slower China GDP growth nudges oil prices lower

Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer. Click here to read in full the oil report .

European shares edge higher after encouraging China data

European shares rose slightly on Wednesday after five straight says of losses. File Photo

European shares inched higher on Monday, tracking gains in Asian markets on encouraging factory output and retail sales data from China, which provided some respite from worries about slowing global growth.

The upbeat data showed that the world's No.2 economy may be stabilising, but economic growth slowing to its weakest pace in at least 27 years had investors betting that Beijing will continue to roll out more stimulus. Click here to read more on the European markets report .

Encouraging Chinese data pulls Asian shares higher

Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world's second-biggest economy may be starting to stabilise thanks to ramped-up stimulus from Beijing.

The positive mood appeared likely to spread, with early European trades showing the pan-region Euro Stoxx 50 futures up 0.1 per cent. Futures for Germany's DAX and France's CAC 40 rose 0.1 per cent each, while FTSE futures were flat. E-minis for the S&P500 added 0.1 per cent. Click here to read the Asian market report in full.

Benchmark indices edge up

The Sensex and Nifty edged up in the afternoon session on Monday. The Sensex was trading at 38,798, up 62 points or 0.16 per cent higher, while the NSE was at 11,564, up 11 points or 0.10 per cent firmer.

The Infosys stock was the top gainer on the Sensex, shooting up 6.37 per cent. It was followed by Sun Pharma that gained 4.48 per cent, and Maruti, Kotak Bank and Bajaj Finance, which held gains of over 1 per cent each.

The laggards included L&T, IndusInd Bank, Bharti Airtel, SBI and ITC.

Among the sectoral indices on the BSE, the IT and technology indices gained more than 2 per cent to prop up the index, while the capital goods, telecom, industrials indices proved to be a drag.

Gold dips as encouraging China data stokes appetite for riskier assets

Gold prices slipped on Monday, consolidating above $1,400 pivot, as key China data assuaged concerns about global economic slowdown and boosted the appetite for riskier assets.

Spot gold was down 0.2per cent at $1,413.20 per ounce, as of 0717 GMT. US gold futures were up 0.2 per cent at $1,415.10 an ounce. Click here to read in full the gold report .

Nifty call: Tread with caution, contract range-bound between 11,520 and 11,570

The Sensex and the Nifty started the session with a gap-up open. But after an initial rally, the key indices began to witness selling pressure and subsequently turned choppy.

The market breadth of the Nifty index is biased towards declines. The India VIX has gained 3.4 per cent to 12.41. Both the Nifty mid and small-cap indices are experiencing selling pressure and have declined 0.9 per cent and 0.6 per cent respectively.

While the Nifty IT index has jumped 1.8 per cent, the Nifty PSU bank index has fallen 2.6 per cent, dragging the benchmark index in today's session. Click here to read in full the Nifty call report .

Interglobe Aviation shares fall nearly five per cent

The scrip of  InterGlobe Aviation  fell nearly 5 per cent Monday amid a slew of negative news surrounding the airline, including allegations of governance lapses.

The scrip declined 4.17 per cent to Rs 1,300 on the Bombay Stock Exchange (BSE).

On the National Stock Exchange (NSE), shares dropped by 4.64 per cent to Rs 1,293.85. Click here to read in full the Interglobe Aviation share price report in full.

WPI inflation eases to near 2-year low at 2.02% in June

Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June, helped by decline in prices of vegetables as well as fuel and power items, according to official data released on Monday.

The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018. Click here to read in full the report on WPI inflation for June near 2-year low at 2.02% .

JPMorgan, Jefferies forecast limited upside for global equities

Stocks may not have more room to run going by the way investors are placing their bets, according to JPMorgan Chase & Co. The view is shared by Jefferies, which recommends investors pause for a breather.

Global equities could climb as much as 8 per cent if bond valuations remain where they are and investors become the most overweight since September, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note July 12. That’s likely true even if the Federal Reserve cuts rates by more than what markets have factored in, as occurred in 1995 and 1998, they said. Click here to read in full the report on JP Morgan, Jefferies forecast limited unside for global equities .

Indoco Remedies plunges on US FDA warning letter for plant

Shares of Indoco Remedies Ltd slumped as much 11.7 per cent to Rs 149.4, their biggest intra-day per cent drop since October 8.

The drug maker's Goa Plant I received a warning letter from the US FDA following an inspection in January.

On January 28, the USFDA concluded its audit at the Goa plant I and issued six observations (483s).

The FDA Form 483 notifies a company's management of objectionable conditions.

The stock down is 22 per cent this year as of the last close.

Benchmark indices trading flat to mildly positive

The benchmark indices were flat to lower at mid-session on Monday. The Sensex made a small recovery to hold gains of 33 points or 0.08 per cent at 38,768. The Nifty was trading flat at 11,551.

The top gainers on the Sensex were Infosys, Sun Pharma, YES Bank, Maruti and Bajaj Finance, while the laggards were Vedanta, L&T, IndusInd Bank, Tata Steel and HeroMotoCorp.

The IT and technology indices on the BSE continued to trade firm, gaining more than 2 per cent in the session. On the other hand, the capital goods, consumer durables and metals indices dropped more than 1 per cent each.

Govt studying profiles of railway officials under anti-corruption drive: Goyal

The profiles of officials in the Railway Ministry are being studied as part of a wider anti-corruption drive to set an example of transparency, Railway Minister Piyush Goyal said here. Click here to read in full the report on Govt studying profiles of railway officials under anti-corruption drive .

Australian dollar strengthens on encouraging Chinese data

Markets tend to pay little attention to Australian politics, viewing the two major parties as centrist with similar economic policies overall. In particular, both are committed to a return to budget surpluses.

The Australian dollar strengthened on stronger-than-expected economic data from China, which some analysts saw as signalling that moves aimed at reviving spending in the world's second biggest economy are having some success.

The Aussie gained against the US dollar, which advanced against the safe-haven yen and the Swiss franc. Click here to read more on the global forex markets .

Why the majority of life insurance policies face early ‘death’

Did you know that half the people who buy life insurance don’t continue with their policies after the fifth year?

The life insurance industry has reported a persistency ratio of 47 per cent in the 61st month (completion of five years) in FY19, implying that less than half of the policies continue into the sixth year. Based on the number of policies renewed, even LIC, the insurance behemoth, doesn’t have a sterling record — its 61st month persistency ratio was 51 per cent. Click here to read in full the report on early 'death' of life insurance policies .

Chandrayaan-2 launch called off due to technical glitch

The much awaited Chandrayaan-2 mission to the moon’s south polar region has been called off due to a technical snag with 56.24 minutes left for the take off. Click here to read more on  why the Chandrayaan-2 mission was called off .

DMart owner sees best day in eight weeks as profit surges

01/03/2017 MUmbai; Neville Noronha, MD & CEO, Avenue Supermarts Ltd addressing a press conference to announce the companys IPO in Mumbai on March 1, 2017. Photo: Paul Noronha 01/03/2017 MUmbai; Neville Noronha, MD & CEO, Avenue Supermarts Ltd addressing a press conference to announce the companys IPO in Mumbai on March 1, 2017. Photo: Paul Noronha -

Shares of Avenue Supermarts Ltd rose as much as 6.2 per cent to Rs 1,443.9, their biggest intra-day percentage gain since May 20.

The company, which owns and operates DMart stores, posted on Saturday a nearly 32 per cent surge in the June-quarter consol profit.

The total consol revenue rose 27 per cent. Click here to read in full the DMart share price report .

Benchmark indices slip into the red

The benchmark indices slipped into the red in mid-morning trade on Monday. The 30-share index was trading at 38,729, down 6 points or 0.02 per cent lower, while the Nifty was at 11,544, down 7 points or 0.07 per cent lower.

The Infosys share spiked up 5.5 per cent during the session, while YES Bank gained 3.5 per cent. Other stocks that lifted the index were Sun Pharma, Tata Motors and M&M. Among the losers were Vedanta, Tata Steel, SBI, HeroMotoCorp and L&T.

The IT and technology sector shares continued to lend support to the BSE index, while the metals, capital goods, consumer durables and industrials sectors were a drag on the benchmark index.

Nippon Life makes open offer for 25.33% stake in Reliance Nippon Life Asset Mgmt

Nippon Life Insurance Company has sent a letter of offer to public shareholders of Reliance Nippon Life Asset Management Ltd (RNLAM) to acquire up to 25.33 per cent stake in the latter's expanded voting share capital.

The open offer price has been set at Rs 230 per equity share and the maximum open offer consideration is Rs 3,582 crore. The offer opening and closing date have been set as July 23 and August 5, respectively.  Click here to read in full the report on Nippon Life open offer .

Chinese economy slides to weakest pace in almost three decades

China's economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the US, while monthly indicators provided signs that a stabilisation is emerging. Click here to read in full the report on Chinese economic slide .

DHFL plunges after dismal results

Shares of property finance firm  Dewan Housing Finance Corp Ltd (DHFL) fall as much as 10 per cent to Rs 61.65, their lowest since June 20.

DHFL reported a net loss of Rs 2,223 crore during the March-quarter on Saturday. It warned it may not survive as a going concern and said it had defaulted on interest payments due on two non-convertible debentures. Click here to read in full the DHFL share price movement report .

Rupee rises 16 paise to 68.53 versus $

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons

The rupee appreciated by 16 paise to 68.53 against the US dollar in opening trade on Monday, driven by a positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 68.59 at the interbank forex market, then gained further ground to touch 68.53 per dollar, displaying gains of 16 paise over its previous close.

On Friday, the rupee had settled at 68.69 against the US dollar. Click here to read in full the rupee report .

Allahabad Bank slumps; reports alleged fraud by bankrupt steelmaker

The Centre recently infused Rs. 3,054 crore into Allahabad Bank

Shares of state-run Allahabad Bank slump as much as Rs 14.4 per cent to Rs 40.35. This has been their biggest intra-day percentage loss since November 13, 2018.

The bank, on Saturday, became the second state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month. Click here to read in full the Allahabad Bank share price movement report .

Asian shares advance after encouraging Chinese data

Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world's second-biggest economy may be starting to stabilise thanks to ramped-up stimulus from Beijing. Click here to read in full the Asian share markets report .

Infosys rises 4% as deal wins power higher revenue outlook

Shares of  Infosys Ltd  went up 4.1 per cent at Rs 756.40.

The IT company raisesd its revenue forecast for the year, betting on upbeat client demand for its new-age digital services such as cloud, data and analytics. Click here to read the full report on Infosys share price movement .

Oil prices edge down

Oil prices edged down on Monday, dragged down by expectations that China, the world's largest crude oil importer, will post its slowest pace of economic growth in at least 27 years as the Sino-US trade war bites. Click here to read more on the global crude oil markets report .

Benchmark indices firm in early session

The Sensex and Nifty were trading firm in early trade on Monday. The Sensex was trading at 38,835, up 99 points or 0.26 per cent firmer. The Nifty was at 11,577, up 24 points or 0.21 per cent firmer.

The top gainers on the Sensex were Infosys, YES Bank, Sun Pharma, Tata Motors and M&M, while the laggards were Vedanta, L&T, ICICI Bank, Axis Bank and Hero MotoCorp.

The IT, technology and healthcare indices lent support to the BSE.

The Sensex and Nifty were trading firm in early trade on Monday. The Sensex was trading at 38,835, up 99 points or 0.26 per cent firmer. The Nifty was at 11,577, up 24 points or 0.21 per cent firmer.

The top gainers on the Sensex were Infosys, YES Bank, Sun Pharma, Tata Motors and M&M, while the laggards were Vedanta, L&T, ICICI Bank, Axis Bank and Hero MotoCorp.

The 30-share index was propped up by the IT, technology and healthcare sector shares.

Gold can consolidate in a range

Gold prices managed to claw-back after declining in the initial part of the week. The global spot gold prices fell to a low of $1,386 per ounce and reversed sharply above the psychological level of $1,400. Gold surged to a high of $1,427 and came-off slightly from there to close the week 1.2 per cent higher at $1,415.75 per ounce.

The US Federal Reserve hinting for a rate cut in the near future helped gold prices reverse higher in the past week. Click here to read in full the Commodity Analysis on gold .

Big Picture: From scrap to steel, a giant green stride

With the express intention to make India self-reliant in the supply of steel, to reduce the environmental impact from steel production, and to organise the informal metal recycling sector, the Government has for long been looking to formulate a Steel Scrap Policy.

That intention moved a step closer to realisation, with the Ministry of Steel recently releasing a draft of the policy.

The Steel Scrap Policy wants metal scrapping centres in India to ensure processing and recycling of steel scrap generated from various sources and a variety of products to add to domestic production. Click here to read in full the Big Picture on scrap to steel, the giant green stride .

FD Watch: Risk-free returns from RBI bonds

The corporate debt market, lately, gave investors some jitters with delays and defaults in interest payments and principal repayments. If you are looking for a safe haven with reasonable returns, RBI Savings Bonds is among the options you can consider.

These bonds, known as 7.75 per cent savings (taxable) Bonds, 2018 or RBI savings bonds (in general), have a tenure of seven years and come with cumulative and non-cumulative (half-yearly interest payment) options. Click here to read in full the FD Watch on RBI bonds .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened the week on a firm note.

The Sensex spurted up 273 points or 0.71 per cent at 39,009, while the Nifty was up 62 points or 0.54 per cent at 11,614.

Big Story: Is Small Bountiful?

For stock market players on the lookout for investing ideas that can generate outsized returns over the next few years, SME (Small and Medium Enterprises) stocks present an opportunity. This sector, along with the broader MSME sector (that additionally takes in micro enterprises), plays a somewhat under-appreciated role in powering the economy. If India is to remain the world’s fastest-growing economy and generate jobs in sufficient numbers, the MSME sector needs to fire on all cylinders ( see box: Government lends a hand ) and the Centre needs to come up with a long-term plan for enterprises in this segment. Click here to read in full the Big Story which asks whether small investments are bountiful .

Index Outlook: Rebound possible from key base

Both the Sensex and the Nifty experienced higher selling pressure and continued to slide post-Budget, ignoring positive global cues.

The complication caused by the higher surcharge on the super-rich being also applicable on some FPIs, including trusts and alternative investment funds, resulted in a wave of selling. The government’s refusal to back-track on the matter could spell further volatility in the days ahead. Click here to read in full the Index Outlook on a possible rebound .

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