Last Updated : Jul 30, 2018 11:08 AM IST | Source:

An evening walk down Dalal Street | Sensex, Nifty manage to end at record closing highs; PSU banks surge

The Sensex is up 126.41 points or 0.34% at 36984.64, while the Nifty closed up 35.30 points or 0.32% at 11167.30

Moneycontrol News @moneycontrolcom

A record high opening, clinching key milestones and turning volatile ahead of expiry of derivatives and yet manage to end at a record highs—the market had it all in a day’s trade. The 50-share index managed to scale a fresh record high of 11,185.85, surpassing the previous levels of 11,171 that was recorded earlier this year. There was some last hour volatility and weakness ahead of F&O expiry, but PSU banks’ strength ensured that it managed to clock fresh record highs on both indices.

The day began by Sensex hitting another record high and scaling 37,000-mark, while the Nifty managed to hit an intraday record high as well. A strong surge in PSU banks, led by a gain in Canara Bank as well as State Bank of India, led the market to fresh.

The midcap index gained over 100 points, but is still 15 percent away from the record high figure on the index.

The Sensex is up 126.41 points or 0.34% at 36984.64, while the Nifty closed up 35.30 points or 0.32% at 11167.30. The market breadth is narrow as 1,337 shares advanced, against a decline of 1,209 shares declined, while 154 shares are unchanged.

State Bank of India, Power Grid Corporation, and ICICI Bank are the top gainers, while Yes Bank and Maruti Suzuki have lost the most.

Stocks in news

India's largest car maker Maruti Suzuki on Thursday reported a 26.9 percent year-on-year rise in its standalone net profit for the June quarter to Rs 1,975.3 crore. The average of estimates of 18 analysts polled by Reuters had pegged the company's bottom line to come in at Rs 2,272.7 crore. The stock slipped 3.7% lower.

Private sector lender Yes Bank started off the year 2018-19 on a strong note with profit growth of 31 percent in June quarter but asset quality weakened. Profit for the quarter stood at Rs 1,260.4 crore, which increased from Rs 965.52 crore in corresponding period last fiscal. The stock failed to gain momentum and closed 4.1% lower.

Shares of Ambuja Cements gained 7.1 percent as company posted strong numbers in the quarter ended June 2018. The company's Q2 standalone profit rose 27.3 percent to Rs 499 crore and revenue increases 5.7 percent to Rs 3,016.9 crore.

Shares of Canara Bank rose 7.9 percent as company posted strong numbers for the first quarter ended June 2018. The company has reported a 12 percent year-on-year (YoY) rise in net profit at Rs 281.49 crore in Q1FY19 against profit of Rs 252 crore in the year-ago period.

FMCG major, Colgate-Palmolive India Thursday reported a 39 percent (year on year) rise in net profit for the June quarter at Rs 189.51 crore. The company had reported a profit of Rs 136.38 crore for the corresponding quarter of last year. The stock however fell 3.5%.

Global markets

Markets in Asia closed mixed, with Chinese losses dragging the markets there. Shanghai Composite declined 0.71 percent to finish at 2,882.93, and Shenzhen Composite dropped 0.92 percent to 1,609.72. Nikkei 225 closed lower by 0.12 percent at 22,586.87.

Meanwhile, European markets traded higher as easing concerns over trade tensions between the US and Europe boosted the market. Stoxx 600 was 0.6 percent higher with almost every sector in positive territory. The German DAX was the best performing market, up by 1.4 percent.
First Published on Jul 26, 2018 04:21 pm
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