Nifty settles at over one-week high
Key benchmark indices registered modest gains after the minutes of the latest US Federal Reserve meeting indicated that a rate hike from the Fed was unlikely at the Fed's September policy meeting. The barometer index, the S&P BSE Sensex, rose 118.07 points or 0.42% to settle at 28,123.44. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 49.20 points or 0.57% to settle at 8,673.25. A delay in interest rate increases from the Fed would slow capital flight from emerging markets. The Sensex and the Nifty snapped a two-day losing streak.
The Nifty hit highest closing level in more than a week on intraday basis as well as on closing basis. The Sensex hit highest level in more than a week on intraday basis and on closing basis, the barometer index attained its highest closing level in almost a week.
Reliance Industries eked out minuscule gains after the company issued a clarification with reference to news item suggesting that the oil ministry slapped $250 million profit petroleum penalty on RIL owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. Bharti Airtel edged higher after Singapore Telecommunications' announcement that it has entered into conditional share purchase agreement with Temasek to acquire an additional 7.39% stake in Bharti Telecom from Temasek. Gammon India surged after the company bagged a highway project worth Rs 869.99 crore in Karnataka from National Highways Authority of India.
The Sensex rose 118.07 points or 0.42% to settle at 28,123.44, its highest closing level since 12 August 2016. The Sensex rose 208.80 points, or 0.75% at the day's high of 28,214.17. The index rose 71.63 points, or 0.26% at the day's low of 28,077.
The Nifty rose 49.20 points or 0.57% to settle at 8,673.25, its highest closing level since 9 August 2016. The Nifty rose 66.65 points, or 0.77% at the day's high of 8,690.70. The index rose 21 points, or 0.24% at the day's low of 8,645.05.
The market breadth indicating the overall health of the market was strong. On BSE, 1,670 shares rose and 1,017 shares fell. A total of 179 shares were unchanged. The BSE Mid-Cap index rose 0.43%. The BSE Small-Cap index rose 1.01%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3114 crore, higher than turnover of Rs 2848.97 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Utilities index (up 1.88%), the S&P BSE Power index (up 1.83%), the S&P BSE Bankex (up 1.64%), the S&P BSE Finance index (up 1.26%), the S&P BSE Telecom index (up 1.21%), the S&P BSE Realty index (up 1.09%), the S&P BSE Basic Materials index (up 1.05%), the S&P BSE Oil & Gas index (up 0.76%), the S&P BSE Healthcare index (up 0.71%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.48%) outperformed the Sensex. The S&P BSE Energy index (up 0.34%), the S&P BSE Auto index (up 0.33%), the S&P BSE Industrials index (up 0.33%), the S&P BSE Teck index (down 0.02%), the S&P BSE FMCG index (down 0.12%), the S&P BSE IT index (down 0.29%), the S&P BSE Capital Goods index (down 0.42%), the S&P BSE Consumer Durables index (down 0.48%), and the S&P BSE Metal index (down 0.55%) underperformed the Sensex.
In overseas stock markets, European shares edged higher led by gains in financials and industrial stocks. Asian stocks were mixed after minutes of the US Federal Reserve's latest meeting showed several members were cautious on hiking interest rates soon. US stocks closed slightly higher yesterday, 17 August 2016, sharply paring earlier losses, as minutes from the Federal Reserve's July meeting showed policy makers remain divided on prospects for a near-term rate increase. Stocks bounced off session lows after St. Louis Federal Reserve President James Bullard said that with US growth trending below 2%, interest rates can stay low.
NTPC gained 3.5% to Rs 167.20. The stock hit a high of Rs 168.75 in intraday trade, which is a 52-week high for the counter. The stock hit a low of Rs 161.55 in intraday trade.
L&T fell 1.29% to Rs 1,482.65 after the stock turned ex-dividend today, 18 August 2016 for dividend of Rs 18.25 per share for the year ended 31 March 2016. Before turning ex-dividend, the L&T stock offered a dividend yield of 1.21% based on its closing price of Rs 1,502 on the BSE yesterday, 17 August 2016.
Reliance Industries (RIL) rose 0.19% at Rs 1,015.95 after the company issued a clarification with reference to news item suggesting that the oil ministry slapped $250 million profit petroleum penalty on RIL owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. RIL said that on cumulative basis up to the year 2014-15, the Government of India (GoI) has disallowed cost recovery of $2.756 billion from the D6 block. GoI has also on cumulative basis made demand of $246.90 million as GoI's share of profit petroleum from the block. RIL said the dispute between the contractor group (RIL, BP and NIKO) and the GoI on disallowance of cost recovery which started in 2011 is currently under arbitration in accordance with provisions of the Production Sharing Contract (PSC). RIL also clarified that GoI has already collected gross $81.7 million in Gas Pool Account, towards the aforesaid claim.
Shares of state-run power transmission major Power Grid Corporation of India rose 4.55% at Rs 182.50. The company said in an investor presentation on the first quarter results submitted to the stock exchanges that it is implementing projects worth about Rs 1.13 lakh crore (as of July 2016). It has identified new projects worth about Rs 15000 crore. The total works in hand is about Rs 1.44 lakh crore.
Private sector banks led gains in banking sector stocks. HDFC Bank (up 1.38%), Kotak Mahindra Bank (up 2.38%), ICICI Bank (up 2.24%), Federal Bank (up 1.09%), City Union Bank (up 4.38%), Axis Bank (up 0.62%), IndusInd Bank (up 3.73%) and Yes Bank (up 1.22%) gained.
Among PSU bank stocks, State Bank of India (SBI) (up 0.79%), Punjab National Bank (up 1.28%), Andhra Bank (up 3.09%), UCO Bank (up 0.74%), Allahabad Bank (up 1.66%), Bank of Baroda (up 2.28%), Canara Bank (up 1.9%), IDBI Bank (up 1.17%) and Union Bank of India (up 1.1%) rose. Central Bank of India (down 4.65%) and Bank of India (down 0.09%) fell.
Indian Bank jumped 5.53% to Rs 229 after a bulk deal of 10.18 lakh shares was executed on the scrip at Rs 225.50 per share at 09:41 IST on BSE.
Bharti Airtel rose 2.07% after Singapore Telecommunications' announcement that it has entered into conditional share purchase agreement with Temasek to acquire an additional 7.39% stake in Bharti Telecom from Temasek. Bharti Telecom is the holding company of Bharti Airtel. Singapore Telecommunications or Singtel will pay a total consideration of Singapore dollar 2.47 billion to Temasek for acquiring 7.39% stake in Bharti Telecom and 21% stake in Intouch Holdings Public Company (Intouch).
Cement shares edged higher on renewed buying. UltraTech Cement (up 4.41%), Ambuja Cements (up 0.87%) and ACC (up 0.68%), edged higher.
Grasim Industries rose 2.81%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Fertiliser shares edged higher. Zuari Global (up 5.94%), Deepak Fertilisers & Petrochemicals Corporation (up 4.47%), Tata Chemicals (up 1.46%), National Fertilizers (up 0.60%), Rashtriya Chemicals and Fertilisers (up 0.52%), Coromandel International (up 0.50%), Chambal Fertilisers & Chemicals (up 0.23%) and Fertilisers & Chemicals Travancore (up 0.22%), edged higher. Gujarat State Fertilizers Company was down 0.14%.
Gammon India surged 8.9% after the company bagged a highway project worth Rs 869.99 crore in Karnataka from National Highways Authority of India. It is engineering, procurement, construction (EPC) contract. The announcement was made after market hours yesterday, 17 August 2016.
Key benchmark indices snapped two-day losing streak. The Sensex had lost 147.03 points or 0.52% in the preceding two trading sessions to settle at 28,005.37 yesterday, 17 August 2016, from its close of 28,152.40 on 12 August 2016. The Sensex has gained 71.58 points or 0.26% in this month so far (till 18 August 2016). The Sensex has risen 2,005.90 points or 7.68% in calendar year 2016 so far (till 18 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,628.83 points or 25.02%. The Sensex is off 166.52 points or 0.59% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 1,901.30 points or 6.33% from a record high of 30,024.74 hit on 4 March 2015.
The Nifty hit highest closing level in more than a week on intraday basis as well as on closing basis. The Sensex hit highest level in more than a week on intraday basis and on closing basis, the barometer index attained its highest closing level in almost a week.
Reliance Industries eked out minuscule gains after the company issued a clarification with reference to news item suggesting that the oil ministry slapped $250 million profit petroleum penalty on RIL owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. Bharti Airtel edged higher after Singapore Telecommunications' announcement that it has entered into conditional share purchase agreement with Temasek to acquire an additional 7.39% stake in Bharti Telecom from Temasek. Gammon India surged after the company bagged a highway project worth Rs 869.99 crore in Karnataka from National Highways Authority of India.
The Sensex rose 118.07 points or 0.42% to settle at 28,123.44, its highest closing level since 12 August 2016. The Sensex rose 208.80 points, or 0.75% at the day's high of 28,214.17. The index rose 71.63 points, or 0.26% at the day's low of 28,077.
The Nifty rose 49.20 points or 0.57% to settle at 8,673.25, its highest closing level since 9 August 2016. The Nifty rose 66.65 points, or 0.77% at the day's high of 8,690.70. The index rose 21 points, or 0.24% at the day's low of 8,645.05.
The market breadth indicating the overall health of the market was strong. On BSE, 1,670 shares rose and 1,017 shares fell. A total of 179 shares were unchanged. The BSE Mid-Cap index rose 0.43%. The BSE Small-Cap index rose 1.01%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3114 crore, higher than turnover of Rs 2848.97 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Utilities index (up 1.88%), the S&P BSE Power index (up 1.83%), the S&P BSE Bankex (up 1.64%), the S&P BSE Finance index (up 1.26%), the S&P BSE Telecom index (up 1.21%), the S&P BSE Realty index (up 1.09%), the S&P BSE Basic Materials index (up 1.05%), the S&P BSE Oil & Gas index (up 0.76%), the S&P BSE Healthcare index (up 0.71%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.48%) outperformed the Sensex. The S&P BSE Energy index (up 0.34%), the S&P BSE Auto index (up 0.33%), the S&P BSE Industrials index (up 0.33%), the S&P BSE Teck index (down 0.02%), the S&P BSE FMCG index (down 0.12%), the S&P BSE IT index (down 0.29%), the S&P BSE Capital Goods index (down 0.42%), the S&P BSE Consumer Durables index (down 0.48%), and the S&P BSE Metal index (down 0.55%) underperformed the Sensex.
In overseas stock markets, European shares edged higher led by gains in financials and industrial stocks. Asian stocks were mixed after minutes of the US Federal Reserve's latest meeting showed several members were cautious on hiking interest rates soon. US stocks closed slightly higher yesterday, 17 August 2016, sharply paring earlier losses, as minutes from the Federal Reserve's July meeting showed policy makers remain divided on prospects for a near-term rate increase. Stocks bounced off session lows after St. Louis Federal Reserve President James Bullard said that with US growth trending below 2%, interest rates can stay low.
NTPC gained 3.5% to Rs 167.20. The stock hit a high of Rs 168.75 in intraday trade, which is a 52-week high for the counter. The stock hit a low of Rs 161.55 in intraday trade.
L&T fell 1.29% to Rs 1,482.65 after the stock turned ex-dividend today, 18 August 2016 for dividend of Rs 18.25 per share for the year ended 31 March 2016. Before turning ex-dividend, the L&T stock offered a dividend yield of 1.21% based on its closing price of Rs 1,502 on the BSE yesterday, 17 August 2016.
Reliance Industries (RIL) rose 0.19% at Rs 1,015.95 after the company issued a clarification with reference to news item suggesting that the oil ministry slapped $250 million profit petroleum penalty on RIL owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. RIL said that on cumulative basis up to the year 2014-15, the Government of India (GoI) has disallowed cost recovery of $2.756 billion from the D6 block. GoI has also on cumulative basis made demand of $246.90 million as GoI's share of profit petroleum from the block. RIL said the dispute between the contractor group (RIL, BP and NIKO) and the GoI on disallowance of cost recovery which started in 2011 is currently under arbitration in accordance with provisions of the Production Sharing Contract (PSC). RIL also clarified that GoI has already collected gross $81.7 million in Gas Pool Account, towards the aforesaid claim.
Shares of state-run power transmission major Power Grid Corporation of India rose 4.55% at Rs 182.50. The company said in an investor presentation on the first quarter results submitted to the stock exchanges that it is implementing projects worth about Rs 1.13 lakh crore (as of July 2016). It has identified new projects worth about Rs 15000 crore. The total works in hand is about Rs 1.44 lakh crore.
Private sector banks led gains in banking sector stocks. HDFC Bank (up 1.38%), Kotak Mahindra Bank (up 2.38%), ICICI Bank (up 2.24%), Federal Bank (up 1.09%), City Union Bank (up 4.38%), Axis Bank (up 0.62%), IndusInd Bank (up 3.73%) and Yes Bank (up 1.22%) gained.
Among PSU bank stocks, State Bank of India (SBI) (up 0.79%), Punjab National Bank (up 1.28%), Andhra Bank (up 3.09%), UCO Bank (up 0.74%), Allahabad Bank (up 1.66%), Bank of Baroda (up 2.28%), Canara Bank (up 1.9%), IDBI Bank (up 1.17%) and Union Bank of India (up 1.1%) rose. Central Bank of India (down 4.65%) and Bank of India (down 0.09%) fell.
Indian Bank jumped 5.53% to Rs 229 after a bulk deal of 10.18 lakh shares was executed on the scrip at Rs 225.50 per share at 09:41 IST on BSE.
Bharti Airtel rose 2.07% after Singapore Telecommunications' announcement that it has entered into conditional share purchase agreement with Temasek to acquire an additional 7.39% stake in Bharti Telecom from Temasek. Bharti Telecom is the holding company of Bharti Airtel. Singapore Telecommunications or Singtel will pay a total consideration of Singapore dollar 2.47 billion to Temasek for acquiring 7.39% stake in Bharti Telecom and 21% stake in Intouch Holdings Public Company (Intouch).
Cement shares edged higher on renewed buying. UltraTech Cement (up 4.41%), Ambuja Cements (up 0.87%) and ACC (up 0.68%), edged higher.
Grasim Industries rose 2.81%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Fertiliser shares edged higher. Zuari Global (up 5.94%), Deepak Fertilisers & Petrochemicals Corporation (up 4.47%), Tata Chemicals (up 1.46%), National Fertilizers (up 0.60%), Rashtriya Chemicals and Fertilisers (up 0.52%), Coromandel International (up 0.50%), Chambal Fertilisers & Chemicals (up 0.23%) and Fertilisers & Chemicals Travancore (up 0.22%), edged higher. Gujarat State Fertilizers Company was down 0.14%.
Gammon India surged 8.9% after the company bagged a highway project worth Rs 869.99 crore in Karnataka from National Highways Authority of India. It is engineering, procurement, construction (EPC) contract. The announcement was made after market hours yesterday, 17 August 2016.
Key benchmark indices snapped two-day losing streak. The Sensex had lost 147.03 points or 0.52% in the preceding two trading sessions to settle at 28,005.37 yesterday, 17 August 2016, from its close of 28,152.40 on 12 August 2016. The Sensex has gained 71.58 points or 0.26% in this month so far (till 18 August 2016). The Sensex has risen 2,005.90 points or 7.68% in calendar year 2016 so far (till 18 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,628.83 points or 25.02%. The Sensex is off 166.52 points or 0.59% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 1,901.30 points or 6.33% from a record high of 30,024.74 hit on 4 March 2015.
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