Bulls roared on Dalal Street on Friday as follow up buying helped frontline indices end at record closing highs. After opening higher, the Nifty50 remained on upward path throughout the session, forming robust bullish candle on the daily candlestick chart as well as weekly chart.
All sectoral as well as broader indices participated in the rally barring PSU Bank. FMCG and Metal indices were the biggest gainers, rising 2 percent each while the Nifty Midcap index was up 0.9 percent.
The 30-share BSE Sensex, which hit record high for the 21st time in 2018, closed 352.21 points higher at 37,336.85, driven by ITC which was the biggest gainer with 5 percent rally after Q1 earnings.
According to Pivot charts, the key support level is placed at 11,231.2, followed by 11,184.1. If the index starts moving upwards, key resistance levels to watch out are 11,304.4 and 11,330.5.
The Nifty Bank index closed at 27,634.40, up 228 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,505.9, followed by 27,377.4. On the upside, key resistance levels are placed at 27,712.0, followed by 27,789.6.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Tech stocks weigh on Wall Street
Wall Street's major indexes fell on Friday as weak earnings reports from major technology companies led to a big drop for the sector. Intel Corp shares sank 8.6 percent after the chipmaker's data centre business missed estimates amid stiff rivalry from Advanced Micro Devices Inc shares rose 3.2 percent.
The Dow Jones Industrial Average fell 76.01 points, or 0.3 percent, to 25,451.06, the S&P 500 lost 18.62 points, or 0.66 percent, to 2,818.82 and the Nasdaq Composite dropped 114.77 points, or 1.46 percent, to 7,737.42. The Nasdaq exceeded Thursday's losses to register once again its biggest daily percentage drop in a month.
Asia cautious ahead of central bank, data fest
Asian share markets drifted lower on Monday while currencies kept to familiar ranges ahead of a busy week peppered with central bank meetings, corporate results and updates on US inflation and payrolls.
Technology and energy shares led Japan's Nikkei down 0.4 percent in early trade, while tech also featured in South Korea's 0.2 percent decline. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.03 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 10 points or 0.09 percent. Nifty futures were trading around 11,327- level on the Singaporean Exchange.
Trump threatens US government shutdown over border wall
US President Donald Trump said on Sunday he would allow the federal government to shut down if Democrats do not fund his border wall and back immigration law changes, betting that maintaining a hard line will work in Republicans’ favor in November congressional elections.
“I would be willing to ‘shut down’ government if the Democrats do not give us the votes for Border Security, which includes the Wall! Must get rid of Lottery, Catch & Release etc. and finally go to system of Immigration based on MERIT! We need great people coming into our Country!” Trump said on Twitter.
450 companies to report June quarter numbers
Around 450 companies are scheduled to report results this week for the quarter ended June in this week which include largecap names like HDFC Bank, Tata Motors, ONGC, Axis Bank and Titan Company among others.
FPIs net inflow at Rs 1,800 cr in equities in July so far
Foreign investors have put in over Rs 1,800 crore in the Indian equity markets so far in July after pulling out massive funds in the preceding month. The latest inflow comes after such investors had taken out more than Rs 20,000 crore from the stock market during April-June.
According to the latest depository data, foreign portfolio investors (FPIs) pumped in a net sum of Rs 1,848 crore in equities during July 2-27. However, they withdrew Rs 482 crore from the debt market during the period under review.
BSE to launch weekly USD-INR futures and options contracts
Leading exchange BSE on Friday said it would launch weekly dollar-rupee futures and options contracts on July 30, a move that would help increase liquidity in the market. Currently, monthly contracts are available on all approved currency pairs, including USD-INR currency pair.
Regulator Securities and Exchange Board of India (SEBI) has approved introducing weekly contracts on USD-INR futures and options. BSE MD and CEO Ashishkumar Chauhan said the introduction of new products would allow entities like corporates, foreign portfolio investors and non-resident Indians to participate and to take positions in the exchange traded currency derivatives markets.
India's forex reserves up $67.7 mn to $405.14 bn
India's forex reserves increased by $67.7 million to $405.143 billion for the week ended July 20, mainly due to a rise in foreign currency assets and gold reserves, RBI data showed on Friday. The overall forex reserves had decreased by $734.5 million to $405.075 billion in the previous reporting week.
In the week under review, foreign currency assets, a major component of the overall reserves, increased $46.8 million to $380.049 billion, the data showed. The special drawing rights with the International Monetary Fund (IMF) decreased by $1.8 million to $1.480 billion, while India's reserve position with the IMF also declined by $2.2 million to $2.474 billion, the central bank said.
RBI MPC decision on August 1, economists expect unchanged rates
The RBI is expected to announce its monitary policy on August 1 with the MPC meet starting today. The decision of the MPC will be announced at 14:30 hours IST on August 1. Most economists expect the MPC to keep policy rates unchanged but the commentary would be a key thing to watch out for.
Rupee holds at 1-week high against dollar
The rupee on Friday climbed to a two-week high of 68.53 before closing almost flat at 68.65 against the US currency in a roller-coaster trading session even as stocks continued their bullish ascent.
The local currency opened flat with positive bias at 68.65 against overnight close 68.66 at the Interbank Foreign Exchange (forex) market. It later strengthened to hit a high of 68.53 on sustained dollar selling by exporters and banks before giving back some early gains to end almost flat at 68.65, showing a mere gain of one paise.
RIL Q1 net rises 0.3% to Rs 9,485 cr, Jio posts 20% profit growth QoQ
Petrochemical-retail-to-telecom major Reliance Industries has started off the financial year 2018-19 with first quarter consolidated profit at Rs 9,485 crore, which grew by 0.3 percent compared to Rs 9,459 crore in the previous quarter. The year-on-year bottomline growth was 4.5 percent. Consolidated revenue during the quarter increased 10.1 percent sequentially (up 42 percent YoY) to Rs 1.29 lakh crore. The growth was primarily on account of higher realisations of refining and petrochemical products led by 49 percent YoY increase in Brent oil price.
On the operational front, EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 11.9 percent to Rs 20,661 crore with margin expansion of 20 basis points sequentially at 16 percent.
Oil prices mixed; Brent falls 0.2%
Oil prices were mixed on Monday with WTI rising on the back of strong US economic growth figures, while Brent began the week trading lower after posting its first weekly gain in four.
US West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.3 percent, at $68.91 a barrel by 0058 GMT. WTI fell 1.3 percent on Friday, marking a fourth week of declines. Brent crude futures fell 11 cents, or 0.2 percent, to 74.18 a barrel, after notching up a 1.7 percent weekly increase last week, the first gain in four weeks.
HDFC AMC fixes final offer price at Rs 1,100 per share, raises Rs 2,800.33 crore via IPO
HDFC Asset Management Company has fixed final offer price at Rs 1,100 per share on Saturday. Housing Development Finance Corporation informed exchanges that company, HDFC Asset Management Company and Standard Life Investments in consultation with the book running lead managers have finalised the offer price at Rs 1,100 per share for the IPO.
Accordingly, the company raised Rs 2,800.33 crore through the IPO which consisted of 2,54,57,555 equity shares. The reserved portion of qualified institutional investors oversubscribed by 192.26 times, non-institutional investors 195.15 times and retail 6.73 times. The issue received bids worth Rs 1.72 lakh crore against the IPO size of Rs 2,800 crore. The price band for the issue was fixed at Rs 1,095-1,100 per share.
TCNS Clothing to make debut on bourses today
Women's apparel maker TCNS Clothing is going to make a debut on the bourses on Monday, July 30, 2018. The final issue price is fixed at higher end of price band of Rs 714-716 per share. The 1,125-crore initial public offer has received good response from institutional investors, subscribing 5.25 times during July 18-20.
The offer received bids for 5,79,79,780 equity shares against the total issue size of 1,09,99,828 shares (excluding anchor portion of 47,14,210 shares). Kotak Mahindra Capital and Citigroup Global Markets India were book running lead managers to the issue.
Muthoot Microfin files DRHP with Sebi for IPO
Muthoot Microfin yesterday said it has filed draft red herring prospectus (DRHP) for an initial public offering with the capital markets regulator Sebi. "Muthoot
Microfin Ltd, part of the Muthoot Pappachan Group, filed a Draft Red Herring Prospectus (DRHP) for an initial public offering of equity shares of face value of Rs 10 each for cash at a price per equity share (including a share premium (offer) comprising a fresh issue aggregating up to Rs 500 crore (fresh issue) and an offer for sale of up to 16,310,072 equity shares," the company said in a statement.
With inputs from Reuters & other agencies
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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