Nifty hits highest closing level in more than 10 months
Stocks of public sector companies and index heavyweight ITC led the latest upmove for the two key benchmark indices, with the barometer index, the S&P BSE, piercing the psychologically important 27,000 level. The barometer index, the S&P BSE Sensex, rose 145.19 points or 0.54% to settle at 27,144.91. The Nifty 50 index rose 40.60 points or 0.49% to settle at 8,328.35. The Sensex and the Nifty edged higher for the fifth straight trading session. The Nifty hit its highest closing level in more than ten months. The Sensex hit its highest closing level in more than eight months. The market sentiment was positive on the back of data showing substantial purchases of Indian stocks by foreign portfolio investors (FPIs) yesterday, 30 June 2016. FPIs bought shares worth a net Rs 1107.42 crore yesterday, 30 June 2016, as per provisional data released by the stock exchanges.
The Sensex and the Nifty hovered in positive terrain throughout the trading session after opening with upward gap.
Stocks of public sector oil marketing companies (PSU OMCs) surged on decline in global crude oil prices. Mahindra & Mahindra edged higher after the company reported good growth in auto and tractor sales in June 2016. Maruti Suzuki India (MSIL) declined after the company reported decline in total sales in June 2016. L&T rose on media reports that it has secured a large order from India's defence ministry. City gas distribution company Mahanagar Gas made a strong debut in the secondary equity market.
In overseas stock markets, main European markets witnessed a mixed trend. Stocks edged higher in the UK for the second day in a row after Bank of England Governor Mark Carney said the UK economic outlook in has deteriorated and some monetary policy easing will likely be required over the summer. The FTSE 100 index was currently up 0.39%. Carney made the comments yesterday, 30 June 2016, in a speech to businesspeople and bankers.
Asian stocks edged higher tracking overnight gains on Wall Street. In mainland China, the Shanghai Composite closed 0.1% higher. Latest data showed that the manufacturing momentum in the world's second largest economy skidded to a four-month low in June. China's official manufacturing Purchasing Managers' Index (PMI) came in at 50 last month, against 50.1 logged in May and April. US stocks rose for a third straight trading session yesterday, 30 June 2016, on mounting expectations for more accommodative policies from global central banks following the UK's vote to leave the European Union last week.
The Sensex rose 145.19 points or 0.54% to settle at 27,144.91, its highest closing level since 27 October 2015. The index jumped 243.64 points or 0.9% at the day's high of 27,243.36. The index rose 61.68 points or 0.22% at the day's low of 27,061.40.
The Nifty rose 40.60 points or 0.49% to settle at 8,328.35, its highest closing level since 20 August 2015. The index rose 69 points or 0.83% at the day's high of 8,356.75. The index rose 20.90 points or 0.25% at the day's low of 8,308.65.
The BSE Mid-Cap index rose 1.2%. The BSE Small-Cap index rose 0.71%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,572 shares rose and 1,137 shares declined. A total of 142 shares were unchanged.
The total turnover on BSE amounted to Rs 3120 crore, higher than turnover of Rs 3108.98 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE FMCG index (up 1.85%), the BSE Healthcare index (up 1.04%), the BSE Capital Goods index (up 2.1%) and the BSE Oil & Gas index (up 2.76%) outperformed the Sensex. The BSE IT index (down 0.37%), the BSE Bankex index (up 0.43%) and the BSE Auto index (up 0.19%) underperformed the Sensex.
Bank stocks edged higher on renewed buying. Among public sector banks, Union Bank of India (up 2.73%), Bank of India (up 3.07%), Bank of Baroda (up 1.66%), IDBI Bank (up 1.72%) and State Bank of India (up 0.46%) rose.
Punjab National Bank (PNB) lost 0.52%. The bank announced lending rates based on marginal cost of funds to be effective from 1 July 2016. PNB's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.15%, for one month will be 9.2% and for three months will be 9.3%. The MCLR on 6-month loans will be 9.35% and for one-year loans the rate would be 9.4%, the bank said. MCLR for three-year loans would be at 9.55% and loans with five-year maturity would carry an MCLR of 9.7%, the bank said. The announcement was made during market hours today, 1 July 2016.
Among private sector banks, Axis Bank (up 1.75%), IndusInd Bank (up 1.11%) and ICICI Bank (up 0.08%) edged higher. Kotak Mahindra Bank (down 1.16%) edged lower.
Index heavyweight HDFC Bank was down 0.17%. The bank said it has launched SM Bank, India's first full-fledged digital banking service for small-and medium enterprises (SME). This will allow clients to access a complete suite of services instantly and round-the-clock on the device of their choice, be it a desktop, laptop, tablet or mobile, HDFC Bank said. The announcement was made during market hours today, 1 July 2016.
Yes Bank was up 2.11%. The bank during market hours today, 1 July 2016, said it has pledged GBP 1 million to the London School of Economics and Political Science (LSE) to support the IG Patel Chair – named in honour of the former Governor of the Reserve Bank of India and former Director of LSE.
Stocks of public sector companies were in demand. Power Finance Corporation (up 4.78%), Rural Electrification Corporation (up 3.52%), GAIL (India) (up 2.61%), Steel Authority of India (up 2.21%), Container Corporation of India (up 1.7%), Power Grid Corporation of India (up 1.32%), Bharat Heavy Electricals (up 3.33%), Bharat Electronics (up 0.21%) and BEML (up 2.54%) rose.
Stocks of public sector oil marketing companies (PSU OMCs) moved higher on decline in global crude oil prices. BPCL (up 2.06%), HPCL (up 2.47%) and Indian Oil Corporation (IOCL) (up 7.35%) edged higher. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
IOCL yesterday, 30 June 2016, announced decrease in the price of petrol and diesel with effect from the midnight of 30 June/1 July 2016. Petrol price has been cut by Rs 0.89 per litre and diesel price was decreased by Rs 0.49 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 64.76 per litre and diesel Rs 54.70 a litre.
Stocks of oil exploration and production (E&P) companies edged higher. ONGC (up 3.72%), Oil India (up 3.34%) and Cairn India (up 2.99%) edged higher.
Index heavyweight Reliance Industries was up 0.43% at Rs 973.65. The stock hit a high of Rs 976.45 and a low of Rs 970.20 in intraday trade.
In global commodities markets, Brent for August settlement was currently off 33 cents at $49.38 a barrel. The contract had declined 93 cents or 1.83% to settle at $49.68 a barrel during previous trading session.
Mahindra & Mahindra (M&M) rose 2.22% at Rs 1,460.70 after the company reported a 20% increase in its total tractor sales at 30,191 units in June 2016 over June 2015. Domestic tractor sales rose 20% to 28,797 units in June 2016 over June 2015. Exports rose 17% to 1,394 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, M&M during market hours today, 1 July 2016 said its total auto sales rose 8% to 39,011 units in June 2016 over June 2015. Domestic auto sales rose 5% to 34,991 units in June 2016 over June 2015. Exports rose 41% to 4,020 units in June 2016 over June 2015.
Eicher Motors dropped in volatile trade after reporting monthly sales volume data. The stock dropped 0.35% at Rs 19,156.55. The stock hit a high of Rs 19,462.15 and a low of Rs 19,020.05 in intraday trade. The company reported a 18.5% growth in commercial vehicles at 4,935 units in June 2016 over June 2015. Domestic sales rose 18.6% to 4,313 units in June 2016 over June 2015. Exports rose 18.25% to 622 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, Eicher Motors during market hours today, 1 July 2016 said that the total sales of Royal Enfield motorcycles rose 36% to 50,682 units in June 2016 over June 2015. Exports surged 118% to 1,622 units in June 2016 over June 2015.
Maruti Suzuki India (MSIL) lost 0.46% at Rs 4,165.80 after the company reported a 13.9% decline in total sales at 98,840 units in June 2016 over June 2015. Domestic sales dropped 10.2% to 92,133 units in June 2016 over June 2015. Exports fell 44.7% to 6,707 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, MSIL announced after market hours yesterday, 30 June 2016, that it signed a memorandum of understanding (MoU) with the state government of Andhra Pradesh to set up, manage and run Institute of Driving Training and Traffic Research at Venkatachalam village in Darsi, Prakasham district of the state. The infrastructure spread across 20 acres of land will be provided by the state government, while Maruti Suzuki will run and manage the institute.
Ashok Leyland rose 0.86% to Rs 99.45 after the company said its total sales rose 7% to 11,108 units in June 2016 over June 2015. Sales of medium & heavy commercial vehicles (M&HCV) rose 8% to 8,685 units in June 2016 over June 2015. Sales of light commercial vehicles (LCV) were up 0.4% at 2,423 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Index heavyweight and cigarette major ITC was up 2.83% at Rs 252.35. The stock hit a high of Rs 258.85 and a low of Rs 244.10 in intraday trade. The stock turned ex-bonus today, 1 July 2016, for 1:2 bonus issue.
Engineering & construction major L&T rose 2.97% at Rs 1,540.65 on media reports that it has secured a large order from India's defence ministry. According to reports, the Ministry of Defence concluded negotiations with L&T for the supply of 100 new mobile artillery guns that may be deployed along the western border to blunt the edge that Pakistan has with US-supplied weapons. The Rs 4500-crore contract for the K9 Vajra-T howitzer, which had been under price negotiations since the beginning of this year, has been finalised and the defence ministry is set to move it to the Cabinet Committee on Security for approval, reports suggested.
City gas distribution company Mahanagar Gas made a strong debut in the secondary equity market. The stock settled at Rs 519.90 on BSE, a premium of 23.49% over the initial public offer (IPO) price of Rs 421 per share. The stock debuted at Rs 540, a premium of 28.26% over the IPO price. The stock hit a high of Rs 549.15 and a low of Rs 517.80 in intraday trade. On BSE, 38.11 lakh shares were traded on the counter.
Promoted by GAIL (India) and BG Asia Pacific Holdings Pte, Mahanagar Gas is one of the largest City Gas Distributors (CGD) in India and is the sole authorized distributor of CNG (compressed natural gas) and PNG (piped natural gas) to market of Mumbai, its adjoining areas and the Raigad district of Maharashtra.
The Sensex and the Nifty edged higher for the fifth straight trading session. The Sensex has risen 747.20 points or 2.83% in five trading sessions from its close of 26,397.71 on 24 June 2016. The Sensex has risen 1,027.37 points or 3.93% in calendar year 2016 so far (till 1 July 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,650.30 points or 20.67%. The Sensex is off 1,433.42 points or 5.01% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 2,879.83 points or 9.59% from a record high of 30,024.74 hit on 4 March 2015.
Meanwhile, the outcome of a monthly survey showed acceleration in growth in India's manufacturing sector last month. The Nikkei India manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in June from 50.7 in May. The main contributing factors to the upward movement in the PMI were stronger rates of growth in new orders and output, both of which reached three-month highs in June.
Data released by the government after market hours yesterday, 30 June 2016, showed that the output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose 2.8% in May 2016 over May 2015. Its cumulative growth stood at 5.5% in April-May 2016.
The Sensex and the Nifty hovered in positive terrain throughout the trading session after opening with upward gap.
Stocks of public sector oil marketing companies (PSU OMCs) surged on decline in global crude oil prices. Mahindra & Mahindra edged higher after the company reported good growth in auto and tractor sales in June 2016. Maruti Suzuki India (MSIL) declined after the company reported decline in total sales in June 2016. L&T rose on media reports that it has secured a large order from India's defence ministry. City gas distribution company Mahanagar Gas made a strong debut in the secondary equity market.
In overseas stock markets, main European markets witnessed a mixed trend. Stocks edged higher in the UK for the second day in a row after Bank of England Governor Mark Carney said the UK economic outlook in has deteriorated and some monetary policy easing will likely be required over the summer. The FTSE 100 index was currently up 0.39%. Carney made the comments yesterday, 30 June 2016, in a speech to businesspeople and bankers.
Asian stocks edged higher tracking overnight gains on Wall Street. In mainland China, the Shanghai Composite closed 0.1% higher. Latest data showed that the manufacturing momentum in the world's second largest economy skidded to a four-month low in June. China's official manufacturing Purchasing Managers' Index (PMI) came in at 50 last month, against 50.1 logged in May and April. US stocks rose for a third straight trading session yesterday, 30 June 2016, on mounting expectations for more accommodative policies from global central banks following the UK's vote to leave the European Union last week.
The Sensex rose 145.19 points or 0.54% to settle at 27,144.91, its highest closing level since 27 October 2015. The index jumped 243.64 points or 0.9% at the day's high of 27,243.36. The index rose 61.68 points or 0.22% at the day's low of 27,061.40.
The Nifty rose 40.60 points or 0.49% to settle at 8,328.35, its highest closing level since 20 August 2015. The index rose 69 points or 0.83% at the day's high of 8,356.75. The index rose 20.90 points or 0.25% at the day's low of 8,308.65.
The BSE Mid-Cap index rose 1.2%. The BSE Small-Cap index rose 0.71%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,572 shares rose and 1,137 shares declined. A total of 142 shares were unchanged.
The total turnover on BSE amounted to Rs 3120 crore, higher than turnover of Rs 3108.98 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE FMCG index (up 1.85%), the BSE Healthcare index (up 1.04%), the BSE Capital Goods index (up 2.1%) and the BSE Oil & Gas index (up 2.76%) outperformed the Sensex. The BSE IT index (down 0.37%), the BSE Bankex index (up 0.43%) and the BSE Auto index (up 0.19%) underperformed the Sensex.
Bank stocks edged higher on renewed buying. Among public sector banks, Union Bank of India (up 2.73%), Bank of India (up 3.07%), Bank of Baroda (up 1.66%), IDBI Bank (up 1.72%) and State Bank of India (up 0.46%) rose.
Punjab National Bank (PNB) lost 0.52%. The bank announced lending rates based on marginal cost of funds to be effective from 1 July 2016. PNB's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.15%, for one month will be 9.2% and for three months will be 9.3%. The MCLR on 6-month loans will be 9.35% and for one-year loans the rate would be 9.4%, the bank said. MCLR for three-year loans would be at 9.55% and loans with five-year maturity would carry an MCLR of 9.7%, the bank said. The announcement was made during market hours today, 1 July 2016.
Among private sector banks, Axis Bank (up 1.75%), IndusInd Bank (up 1.11%) and ICICI Bank (up 0.08%) edged higher. Kotak Mahindra Bank (down 1.16%) edged lower.
Index heavyweight HDFC Bank was down 0.17%. The bank said it has launched SM Bank, India's first full-fledged digital banking service for small-and medium enterprises (SME). This will allow clients to access a complete suite of services instantly and round-the-clock on the device of their choice, be it a desktop, laptop, tablet or mobile, HDFC Bank said. The announcement was made during market hours today, 1 July 2016.
Yes Bank was up 2.11%. The bank during market hours today, 1 July 2016, said it has pledged GBP 1 million to the London School of Economics and Political Science (LSE) to support the IG Patel Chair – named in honour of the former Governor of the Reserve Bank of India and former Director of LSE.
Stocks of public sector companies were in demand. Power Finance Corporation (up 4.78%), Rural Electrification Corporation (up 3.52%), GAIL (India) (up 2.61%), Steel Authority of India (up 2.21%), Container Corporation of India (up 1.7%), Power Grid Corporation of India (up 1.32%), Bharat Heavy Electricals (up 3.33%), Bharat Electronics (up 0.21%) and BEML (up 2.54%) rose.
Stocks of public sector oil marketing companies (PSU OMCs) moved higher on decline in global crude oil prices. BPCL (up 2.06%), HPCL (up 2.47%) and Indian Oil Corporation (IOCL) (up 7.35%) edged higher. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
IOCL yesterday, 30 June 2016, announced decrease in the price of petrol and diesel with effect from the midnight of 30 June/1 July 2016. Petrol price has been cut by Rs 0.89 per litre and diesel price was decreased by Rs 0.49 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 64.76 per litre and diesel Rs 54.70 a litre.
Stocks of oil exploration and production (E&P) companies edged higher. ONGC (up 3.72%), Oil India (up 3.34%) and Cairn India (up 2.99%) edged higher.
Index heavyweight Reliance Industries was up 0.43% at Rs 973.65. The stock hit a high of Rs 976.45 and a low of Rs 970.20 in intraday trade.
In global commodities markets, Brent for August settlement was currently off 33 cents at $49.38 a barrel. The contract had declined 93 cents or 1.83% to settle at $49.68 a barrel during previous trading session.
Mahindra & Mahindra (M&M) rose 2.22% at Rs 1,460.70 after the company reported a 20% increase in its total tractor sales at 30,191 units in June 2016 over June 2015. Domestic tractor sales rose 20% to 28,797 units in June 2016 over June 2015. Exports rose 17% to 1,394 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, M&M during market hours today, 1 July 2016 said its total auto sales rose 8% to 39,011 units in June 2016 over June 2015. Domestic auto sales rose 5% to 34,991 units in June 2016 over June 2015. Exports rose 41% to 4,020 units in June 2016 over June 2015.
Eicher Motors dropped in volatile trade after reporting monthly sales volume data. The stock dropped 0.35% at Rs 19,156.55. The stock hit a high of Rs 19,462.15 and a low of Rs 19,020.05 in intraday trade. The company reported a 18.5% growth in commercial vehicles at 4,935 units in June 2016 over June 2015. Domestic sales rose 18.6% to 4,313 units in June 2016 over June 2015. Exports rose 18.25% to 622 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, Eicher Motors during market hours today, 1 July 2016 said that the total sales of Royal Enfield motorcycles rose 36% to 50,682 units in June 2016 over June 2015. Exports surged 118% to 1,622 units in June 2016 over June 2015.
Maruti Suzuki India (MSIL) lost 0.46% at Rs 4,165.80 after the company reported a 13.9% decline in total sales at 98,840 units in June 2016 over June 2015. Domestic sales dropped 10.2% to 92,133 units in June 2016 over June 2015. Exports fell 44.7% to 6,707 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Separately, MSIL announced after market hours yesterday, 30 June 2016, that it signed a memorandum of understanding (MoU) with the state government of Andhra Pradesh to set up, manage and run Institute of Driving Training and Traffic Research at Venkatachalam village in Darsi, Prakasham district of the state. The infrastructure spread across 20 acres of land will be provided by the state government, while Maruti Suzuki will run and manage the institute.
Ashok Leyland rose 0.86% to Rs 99.45 after the company said its total sales rose 7% to 11,108 units in June 2016 over June 2015. Sales of medium & heavy commercial vehicles (M&HCV) rose 8% to 8,685 units in June 2016 over June 2015. Sales of light commercial vehicles (LCV) were up 0.4% at 2,423 units in June 2016 over June 2015. The company announced the sales volume data during market hours today, 1 July 2016.
Index heavyweight and cigarette major ITC was up 2.83% at Rs 252.35. The stock hit a high of Rs 258.85 and a low of Rs 244.10 in intraday trade. The stock turned ex-bonus today, 1 July 2016, for 1:2 bonus issue.
Engineering & construction major L&T rose 2.97% at Rs 1,540.65 on media reports that it has secured a large order from India's defence ministry. According to reports, the Ministry of Defence concluded negotiations with L&T for the supply of 100 new mobile artillery guns that may be deployed along the western border to blunt the edge that Pakistan has with US-supplied weapons. The Rs 4500-crore contract for the K9 Vajra-T howitzer, which had been under price negotiations since the beginning of this year, has been finalised and the defence ministry is set to move it to the Cabinet Committee on Security for approval, reports suggested.
City gas distribution company Mahanagar Gas made a strong debut in the secondary equity market. The stock settled at Rs 519.90 on BSE, a premium of 23.49% over the initial public offer (IPO) price of Rs 421 per share. The stock debuted at Rs 540, a premium of 28.26% over the IPO price. The stock hit a high of Rs 549.15 and a low of Rs 517.80 in intraday trade. On BSE, 38.11 lakh shares were traded on the counter.
Promoted by GAIL (India) and BG Asia Pacific Holdings Pte, Mahanagar Gas is one of the largest City Gas Distributors (CGD) in India and is the sole authorized distributor of CNG (compressed natural gas) and PNG (piped natural gas) to market of Mumbai, its adjoining areas and the Raigad district of Maharashtra.
The Sensex and the Nifty edged higher for the fifth straight trading session. The Sensex has risen 747.20 points or 2.83% in five trading sessions from its close of 26,397.71 on 24 June 2016. The Sensex has risen 1,027.37 points or 3.93% in calendar year 2016 so far (till 1 July 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,650.30 points or 20.67%. The Sensex is off 1,433.42 points or 5.01% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 2,879.83 points or 9.59% from a record high of 30,024.74 hit on 4 March 2015.
Meanwhile, the outcome of a monthly survey showed acceleration in growth in India's manufacturing sector last month. The Nikkei India manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in June from 50.7 in May. The main contributing factors to the upward movement in the PMI were stronger rates of growth in new orders and output, both of which reached three-month highs in June.
Data released by the government after market hours yesterday, 30 June 2016, showed that the output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose 2.8% in May 2016 over May 2015. Its cumulative growth stood at 5.5% in April-May 2016.
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