Equity

Sensex ends above 38,000 mark amid broad based buying
(09-Aug-2018, 16:36 Hours IST)  

Key equity indices rose to fresh highs on Thursday, with the benchmark BSE Sensex crossing the 38,000 level for the first time, driven by select banks stocks. The barometer index, the S&P BSE Sensex, rose 136.81 points or 0.36% to settle at 38,024.37. The Nifty 50 index rose 20.70 points or 0.18% to settle at 11,470.70. The Sensex ended above the psychologically important 38,000 mark. The Sensex and the Nifty, both, hit fresh record high levels in intraday as well as on closing basis.

Overseas, most European shares declined Thursday amid a deepening US-China trade dispute and a flurry of corporate earnings. Asian shares settled mixed on Thursday amid rising trade tensions between the US and China. Beijing said on Wednesday that it will retaliate against the latest round of US tariffs on Chinese imports. The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of American goods. The 333 goods being targeted by China include vehicles such as large passenger cars and motorcycles.

The announcement came after the US Trade Representative's office released a finalised list of $16 billion worth of Chinese goods that will be hit with tariffs, taking effect on 23 August 2018. The latest US list brings the total amount of Chinese goods facing a 25% tariff to $50 billion.

US stock-market indices closed mostly lower on Wednesday as investors grappled with a fresh round of tariff clashes between the Trump administration and China and a batch of weak earnings from high-profile firms such as Walt Disney Co. and Snap Inc.

Back home, the Sensex rose 136.81 points or 0.36% to settle at 38,024.37, its record closing high. The index rose 188.67 points, or 0.50% at the day's high of 38,076.23. The index rose 51.72 points, or 0.14% at the day's low of 37,939.28.

The Nifty 50 index rose 20.70 points or 0.18% to settle at 11,470.70, its record closing high. The index rose 45.20 points, or 0.39% at the day's high of 11,495.20. The index rose 4.10 points, or 0.04% at the day's low of 11,454.10.

Among secondary barometers, the BSE Mid-Cap index rose 0.59%, outperforming the Sensex. The BSE Small-Cap index rose 0.29%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was almost even. On BSE, 1346 shares rose and 1345 shares fell. A total of 137 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 2.39%), the S&P BSE Metal index (up 1.37%), the S&P BSE Bankex (up 1.32%), the S&P BSE Power index (up 1.02%), the S&P BSE Utilities index (up 0.93%), the S&P BSE Basic Materials index (up 0.72%), the S&P BSE Finance index (up 0.67%) and the S&P BSE FMCG index (up 0.36%), outperformed the Sensex. The S&P BSE IT index (up 0.30%), the S&P BSE Teck index (up 0.14%), the S&P BSE Industrials index (up 0.08%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.02%), the S&P BSE Energy index (down 0.03%), the S&P BSE Auto index (down 0.08%), the S&P BSE Oil & Gas index (down 0.21%), the S&P BSE Capital Goods index (down 0.28%), the S&P BSE Healthcare index (down 0.69%), the S&P BSE Consumer Durables index (down 0.87%) and the S&P BSE Telecom index (down 1.31%), underperformed the Sensex.

Vedanta (up 2.56%), Power Grid Corporation of India (up 1.69%), NTPC (up 1.42%), Coal India (up 1.41%), Tata Steel (up 1.29%) and Infosys (up 1.28%), were major Sensex gainers.

Bharti Airtel (down 4.64%), ONGC (down 1.75%), Larsen & Toubro (down 0.88%), Hero MotoCorp (down 0.7%), Asian Paints (down 0.69%) and Maruti Suzuki India (down 0.58%), were major Sensex losers.

Most private sector banks declined. Kotak Mahindra Bank (down 0.98%), IndusInd Bank (down 0.9%), HDFC Bank (down 0.85%), RBL Bank (down 0.68%), Yes Bank (down 0.38%) and City Union Bank (down 0.14%), edged lower. Federal Bank (up 1.13%) and Axis Bank (up 3.86%), edged higher.

ICICI Bank rose 4.64% after the bank issued clarification to the exchanges after market hours yesterday, 8 August 2018. With reference to the media report stating, 'ICICI Bank masked bad loans through change in accounting policy', the bank clarified that its accounts are audited by reputed statutory auditors whose audit report and audit opinion form part of the bank's annual report.

Public sector banks were in demand. Dena Bank (up 13.4%), Bank of Maharashtra (up 5.04%), Union Bank of India (up 4.7%), United Bank of India (up 4.62%), Bank of India (up 4.31%), Allahabad Bank (up 4.09%), Corporation Bank (up 4.01%), Bank of Baroda (up 3.94%), Punjab National Bank (up 3.67%), UCO Bank (up 3.61%), Syndicate Bank (up 3.02%), Vijaya Bank (up 2.66%), Canara Bank (up 2.62%), Andhra Bank (up 2.53%), State Bank of India (up 2.53%), Punjab & Sind Bank (up 2.16%), IDBI Bank (up 1.53%), Indian Bank (up 0.9%) and Central Bank of India (up 0.59%), edged higher.

National Aluminium Company (Nalco) rose 7.20%. The company reported 432.8% rise in net profit to Rs 687.05 crore on 64.9% increase in net sales to Rs 2973.31 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 8 August 2018.

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