Moneycontrol
Last Updated : Aug 03, 2018 06:46 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Bulls bounceback and how! Sharp buying ensures Sensex, Nifty end week on a high

The Sensex is up 391 points or 1.05% at 37556.16, while the Nifty is up 116.10 points or 1.03% at 11360.80.

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Bulls took back all the momentum from bears on Friday, as benchmarks managed to end the day and week on a very strong note. The Sensex closed up over 390 points, while the Nifty scaled past 11,350. Both indices posted biggest one-day gains in more than a month.

The day began on a positive note, as benchmarks mirrored the performance of global markets as well. But indices extended their gains in the last hour to end at these levels. There was buying visible across the board. Banks, metals and FMCG were the major sectoral gainers, while midcaps too saw a big gain; up almost a percent.

The Sensex is up 391.00 points or 1.05% at 37556.16, while the Nifty is up 116.10 points or 1.03% at 11360.80. The market breadth is positive as 1,736 shares advanced, 942 shares declined, while 158 shares are unchanged.

Axis Bank, Vedanta, and Indiabulls Housing were the top gainers, while Tata Motors, Hero MotoCorp, and Tech Mahindra have lost the most.

Stocks in news:

Reliance Communications’ shares rose 5.7 percent as investors cheered the decks being cleared for its deal with Reliance. According to a report by CNBC-TV18, the Supreme Court has approved the settlement with Ericsson. The apex court has directed the firm to pay Rs 550 crore to the company on or before October 1, 2018.

Shares of Mphasis rose 2.2 percent as company is going to consider buyback of its shares next week. The board of directors of the company, at its meeting scheduled to be held on August 07, 2018, would be considering a proposal for buyback of the equity shares of the company.

Jet Airways’ shares fell 7 percent as investors turned wary of reports of a financial crunch in the airline. In a statement issued to the media, the airline has said that some of the cost cutting measures include sales and distribution, payroll and maintenance, among others.

Nestle India slipped 3.9% even though the net profit rose 49.5 percent year-on-year (YoY) to Rs 395 crore in the second quarter of calendar 2018. The company that follows January-December financial year reported a 12.3 percent YoY rise in net sales at Rs 2,698.4 crore helped by volume growth.

Shares of Indiabulls Housing Finance gained 5.9 percent after the company reported a rise of 30 percent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June. The company's net profit in the corresponding April-June period of 2017-18 stood at Rs 804.89 crore.

Shares of multiplex chain, PVR, rose around 6.7 percent as investors bet on the company renewing ticketing arrangement with Bookmyshow and Paytm.

Global Update

European stocks were trading higher as investors looked for cues in corporate earnings, amid news of Apple hitting USD 1 trillion market capitalisation. Stoxx 600 was 0.6 percent higher.

Meanwhile, markets in Asia closed mixed, with trade concerns weighing on China. Nikkei 225 edged up by 0.06 percent, or 12.65 points.
First Published on Aug 3, 2018 04:15 pm
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