Equity

Volatile session ends with modest gains
(06-Jul-2018, 16:36 Hours IST)  

Stocks logged modest gains in a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 83.31 points or 0.23% to 35,657.86. The Nifty 50 index rose 22.90 points or 0.21% to 10,772.65. Gains were capped as the trade dispute between the US and China intensified with US tariffs on $34 billion in Chinese imports taking effect and China immediately vowing to retaliate.

Overseas, most shares in Europe and Asia rose as investors monitored developments on the trade front. US moved ahead with $34 billion worth of duties on Chinese products. China retaliated with its own tariffs. President Donald Trump reportedly said Thursday that an additional $16 billion tariffs on China could come in the next two weeks too.

US stocks settled higher on Thursday, in a broad rally that was led by the technology sector. The minutes from the US Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year. US central bankers expressed concerns global trade tensions could hit an economy that by most measures looked strong.

In global commodities markets, Brent crude oil futures edged lower. Brent for September 2018 settlement was off 53 cents at $76.86 a barrel.

Back home, after opening lower, the indices bounced back and hit fresh intraday high in early afternoon trade. Indices pared gains in afternoon trade and ended with minor gains.

The Sensex rose 83.31 points or 0.23% to settle at 35,657.86, its highest closing level since 22 June 2018. The index rose 225.16 points, or 0.63% at the day's high of 35,799.71. The index fell 42.34 points, or 0.12% at the day's low of 35,532.21.

The Nifty 50 index rose 22.90 points or 0.21% to settle at 10,772.65, its highest closing level since 22 June 2018. The index rose 66.60 points, or 0.62% at the day's high of 10,816.35. The index fell 14.70 points, or 0.14% at the day's low of 10,735.05.

Among secondary barometers, the BSE Mid-Cap index rose 0.56%. The BSE Small-Cap index rose 0.46%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,451 shares rose and 1,188 shares fell. A total of 142 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Auto index (up 1.39%), the S&P BSE Realty index (up 1.27%) and the S&P BSE Capital Goods index (up 1.16%) outperformed the Sensex. The S&P BSE Healthcare index (down 0.75%), the S&P BSE Consumer Durables index (down 0.23%) and the S&P BSE FMCG index (down 0.16%) underperformed the Sensex.

Hero MotoCorp (up 4.25%), Tata Motors (up 3.69%), Bajaj Auto (up 1.8%), TCS (up 1.68%), Mahindra & Mahindra (up 1.59%), Reliance Industries (up 1.19%) and Larsen & Toubro (up 1.05%), were the major Sensex gainers.

Sun Pharmaceutical Industries (down 1.28%), NTPC (down 1.22%), HDFC (down 1.11%), Wipro (down 0.75%) and Vedanta (down 0.72%), were the major Sensex losers.

Private sector banks were mixed. Yes Bank (up 1.03%), City Union Bank (up 0.67%), Axis Bank (up 0.66%) and Kotak Mahindra Bank (up 0.47%), edged higher. RBL Bank (down 0.17%), IndusInd Bank (down 0.24%), HDFC Bank (down 0.44%), Federal Bank (down 0.55%) and ICICI Bank (down 0.59%), edged lower.

Public sector banks rose. UCO Bank (up 3%), Union Bank of India (up 2.58%), Allahabad Bank (up 2.54%), Andhra Bank (up 2.54%), Bank of Baroda (up 2.25%), Syndicate Bank (up 2.14%), Punjab National Bank (up 1.72%), Canara Bank (up 1.66%), Bank of India (up 1.29%), Central Bank of India (up 1.11%), Corporation Bank (up 1.01%), Indian Bank (up 0.73%), Vijaya Bank (up 0.39%), State Bank of India (up 0.33%), IDBI Bank (up 0.1%), United Bank of India (up 0.09%) and Bank of Maharashtra (up 0.08%), edged higher. Punjab & Sind Bank (down 0.51%) and Dena Bank (down 1.67%), edged lower.

Sobha gained 3.38% after the company reported robust sales growth in Q1 June 2018. Sobha announced that first quarter performance has been encouraging vis-a-vis the same quarter last year. The company during the first quarter achieved new sales volume of 960,085 square feet total valued at Rs 762.40 crore with an average realisation of Rs 7941 per square feet (Sobha share of sales value at Rs 611.80 crore with an average realisation of Rs 6373 per square feet). The sales volume and total sales value are up by 18% and 22% respectively as compared to corresponding quarter of last year. The announcement was made after market hours yesterday, 5 July 2018.

The markets of Bengaluru, Gurugram and Kochi continue to perform well and are ably supported by the Coimbatore and Mysore. The company has received RERA approval for one of its Bangalore project during last week of June 2018, namely Sobha Lake Gardens having total saleable area of 0.89 million square feet. This project will be released for sale during July 2018.

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