Moneycontrol
Last Updated : Jul 30, 2018 06:07 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Sensex, Nifty end at record closing highs; PSU banks gain big

The Sensex was up 157.55 points or 0.42% at 37494.40, while the Nifty ended up 41.10 points or 0.36% at 11319.50.

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Another day and another record high for the market! D-Street began the week on an extremely strong note, with benchmark indices clocking fresh records and ending at all-time closing highs as well. The Nifty has managed to scale above 11,300 for the first time and has closed above it.

The day began on a record high note, backed by a surge in index heavyweights such as ICICI Bank, State Bank of India as well as Bank of Baroda. A surge in midcaps too boosted the sentiment on D-Street.

However, there was a blip during the session; the indices had turned negative in the interim. But a recovery across most sectors ensured that the markets ended on a good note.

The Sensex was up 157.55 points or 0.42% at 37494.40, while the Nifty ended up 41.10 points or 0.36% at 11319.50. The market breadth is narrow as 1,622 shares advanced, against a decline of 1,021 shares, while 188 shares were unchanged.

Among sectors, PSU banks led the charts, with gains of over 4 percent, along with pharma, metals, energy and auto names. The Nifty midcap index closed 0.11 percent higher.

Bharti Airtel and ICICI Bank are the top gainers, while Infosys, HDFC Bank and HCL Tech were the top losers.

Stocks in news

Shares of HDFC fell around a percent even after its Q1 net profit jumped 54% at Rs 2,190 crore.

ICICI Bank’s stock rose over 4.7% post Q1 results, which saw a reportage of net loss for June quarter. This was the first ever quarterly loss posted by the bank after listing.

Shares of Reliance Industries rallied 2% as brokerage firms raise target price after Q1 results.

Gati gained nearly 10% on the buzz of TVS Logistics acquiring the majority stake in co for Rs 1500 crore.

Bank of Baroda’s stock soared 10 percent after its June quarter results showed an improvement in its net profit. Deutsche Bank said that gross NPLs are down but slippages are elevated. Going ahead, it expects 7/12 percent RoE in FY19/20.

HCL Technologies lost around 2 percent after the company reported disappointing results. Jefferies is focusing on the overall positive commentary, but said that the revenue was a slight miss. It is concerned about structural issues in infra services business.

Global update

Markets in Asia closed lower as investors awaited for cues from Bank of Japan and other central banks’ meetings this week. The Nikkei 225 declined 0.74 percent, or 167.91 points, to close at 22,544.84.

Meanwhile, European markets were lower after weak handover from Wall Street amid further earnings reports. Stoxx 600 was 0.2 percent lower with almost every sector in the red.
First Published on Jul 30, 2018 04:36 pm
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