Market ends higher as investors shift focus toward earnings
(10-Jul-2018, 16:29 Hours IST)  

Domestic bourses logged strong gains on positive global stocks. The barometer index, the S&P BSE Sensex, rose 304.90 points or 0.85% to settle at 36,239.62. The Nifty 50 index rose 94.35 points or 0.87% to settle at 10,947.25. Investors shifted focus to upcoming corporate earnings and put global trade concerns aside.

The Sensex settled well above the psychological 36,000 mark after regaining that level in opening trade. Trading for the day began on an upbeat note on positive Asian stocks. Stocks extended gains as the session progressed until hitting intraday high in late trade.

Overseas, European shares traded higher as investors geared up for upcoming corporate earnings. The resignation of two of UK Prime Minister Theresa May's most senior ministers in one day, throwed the UK government into turmoil over negotiations to leave the European Union.

On the data front, balance of trade figures out in the UK showed the trade deficit stood broadly unchanged in the month of May.

Asian stocks rose amid optimism the upcoming earnings season will be sufficiently robust to overshadow a rise in trade tensions. US equities posted a broad rally yesterday, 9 July 2018, with strong economic data appearing to offset worries about rising trade tensions.

Data from the Federal Reserve showed that consumer borrowing picked up in May with total consumer credit increasing $24.6 billion to a seasonally adjusted $3.9 trillion, up 7.6%. This is the fastest pace of credit growth since November.

Back home, the Sensex rose 304.90 points or 0.85% to settle at 36,239.62, its highest closing level since 29 January 2018. The index rose 339.61 points, or 0.95% at the day's high of 36,274.33. The index rose 84.91 points, or 0.24% at the day's low of 36,019.63.

The Nifty 50 index rose 94.35 points or 0.87% to settle at 10,947.25, its highest closing level since 1 February 2018. The index rose 104 points, or 0.96% at the day's high of 10,956.90. The index rose 23.75 points, or 0.22% at the day's low of 10,876.65.

The S&P BSE Mid-Cap index rose 1.01%. The S&P BSE Small-Cap index rose 1.04%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1676 shares rose and 962 shares fell. A total of 138 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Energy index (up 2.01%), the S&P BSE Realty index (up 1.79%), the S&P BSE Telecom index (up 1.75%), the S&P BSE Metal index (up 1.58%), the S&P BSE Utilities index (up 1.30%), the S&P BSE Basic Materials index (up 1.09%), the S&P BSE Oil & Gas index (up 1.06%), the S&P BSE Auto index (up 0.94%), the S&P BSE Finance index (up 0.92%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.9%), the S&P BSE Capital Goods index (up 0.88%) and the S&P BSE Power index (up 0.86%), outperformed the Sensex. The S&P BSE Industrials index (up 0.82%), the S&P BSE Bankex (up 0.58%), the S&P BSE Teck index (up 0.51%), the S&P BSE Consumer Durables index (up 0.46%), the S&P BSE IT index (up 0.42%), the S&P BSE FMCG index (up 0.40%) and the S&P BSE Healthcare index (down 0.14%), underperformed the Sensex.

Index heavyweight Reliance Industries (RIL) gained 3.02% to Rs 1025.75.

TCS shed 0.56% ahead of its Q1 June 2018 result today, 10 July 2018.

HCL Technologies gained 1.86% after the company said its board will meet on 12 July 2018, to consider a proposal for buyback of the equity shares. The announcement was made after market hours yesterday, 9 July 2018.

Tata Motors rose 0.75%. The Tata Motors Group global wholesales in June 2018, including Jaguar Land Rover (JLR), were at 100,135 units, higher by 12%, over June 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in June 2018 were at 44,229 units, higher by 53%, over June 2017. Global wholesales of all passenger vehicles in June 2018 were at 55,906 units, lower by 8%, compared to June 2017. The announcement was made during market hours today, 10 July 2018.

Astral Poly Technik rose 3.99%. Astral Poly Technik said its board approved the acquisition of 51% equity share capital of Rex Polyextrusion by cash for Rs 75.22 crore. It also approved amalgamation of Rex Polyextrusion with the company. The company shall issue its equity shares in exchange of remaining 49% equity shares of Rex Polyextrusion under the scheme of amalgamation. The board also approved the draft scheme of amalgamation, valuation report and other relevant documents in relation to the scheme of amalgamation. The announcement was made after market hours yesterday, 9 July 2018.

Rex is in the business of manufacturing and supply of corrugated and other plastic piping solutions. Proposed amalgamation shall expand the existing product line of Astral Poly Technik and allow it to enter into the corrugated and other piping solutions.

Most banks rose. Among private sector banks, Yes Bank (up 2.58%), City Union Bank (up 2.27%), Axis Bank (up 1.70%), HDFC Bank (up 1.31%), ICICI Bank (up 0.79%) and RBL Bank (up 0.24%), edged higher. Kotak Mahindra Bank (down 0.96%) and Federal Bank (down 1.71%), edged lower.

IndusInd Bank fell 1%. The bank reported 23.8% rise in net profit to Rs 1035.72 crore on 20.12% rise in total income to Rs 6369.75 crore in Q1 June 2018 over Q1 June 2017. The result was announced during market hours today, 10 July 2018.

Among public sector banks, IDBI Bank (up 9.02%), Vijaya Bank (up 5.93%), Andhra Bank (up 2.92%), Indian Bank (up 2.54%), Bank of Baroda (up 2.14%), Allahabad Bank (up 1.29%), Bank of India (up 1.12%), Punjab & Sind Bank (up 1.03%), State Bank of India (up 0.82%), Bank of Maharashtra (up 0.8%), Central Bank of India (up 0.73%), Canara Bank (up 0.48%), Union Bank of India (up 0.43%) and Punjab National Bank (up 0.06%), edged higher. Syndicate Bank (down 0.24%), United Bank of India (down 0.35%) and UCO Bank (down 0.54%), edged lower.

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