Stock Market LIVE: Sensex, Nifty back to record breaking run led by RIL, finance stocks

Sensex and Nifty 50 traded higher on Wednesday . Photo: Mint

Sensex and Nifty 50 traded higher on Wednesday . Photo: Mint
  • Mumbai: BSE Sensex and NSE’s Nifty 50 gained on Wednesday following positive cues from Asian stocks amid ongoing earnings season. In intraday trade, Sensex surged 231.25 points to a new high of 37,897.05 and the Nifty 50 advanced 62.35 points to a fresh record high of 11,451.80. The Indian rupee was trading marginally higher against the US dollar, tracking gains in local equity markets. Asian stocks were broadly higher as investors looked past protectionism tussles and followed US stocks approaching fresh all-time highs. Oil prices rose on the back of worries about the trade row and a drop in Saudi Arabian output. Meanwhile, FIIs purchased shares worth Rs 314.83 crore on net basis on Tuesday, while DIIs sold shares worth Rs 319.9 crore. Sensex and Nifty 50 closed flat in the previous session. Here are the latest updates from the markets:
  • 2.25 pm ISTGreenply shares down 7% as profit falls in Q1Greenply Industries Ltd shares fell as much as 7.16% to Rs 205.45 after the company reported a net profit of Rs 23.82 crore in the quarter ended 30 June, compared to a profit of Rs 30.63 crore a year ago. Revenue from operations during the quarter came in at Rs 405 crore, down from Rs 422 crore in the same period last year.

  • 2.15 pm ISTLupin shares fall 2% as profit declined in June quarterLupin Ltd shares fell as much as 2.30% to Rs 845.10 after the company posted a 43% fall in first-quarter profit, widely missing analysts’ estimates. Net profit was Rs 203 crore in the quarter ended 30 June, compared with a profit of Rs 358 crore a year earlier, Lupin said. Analysts on average had expected a profit of 3.51 billion rupees, according to Thomson Reuters I/B/E/S. Total revenue from operations declined marginally to Rs 3,856 crore.

  • 1.46 pm ISTAPL Apollo Tubes Q1 profit risesAPL Apollo Tubes Ltd reported a June-quarter profit of Rs 27.02 crore compared to Rs 24.16 crore in the same period last year. Total revenue from operations stood at Rs 1,374 crore in the quarter as against Rs 999 crore a year ago. Shares rose 0.91% to Rs 1777.040

  • 1.30 pm ISTEuropean stock markets slip at openEurope’s stock markets dipped in opening trade. London’s benchmark FTSE 100 index of major blue-chip firms declined 0.1% to 7,709.31 points compared with the close on Tuesday. In the eurozone, Frankfurt’s DAX 30 dropped 0.2% to 12,622.98 points and the Paris CAC 40 shed almost 0.1% to 5,518.49. AFP

  • 12.45 pm ISTSensex, Nifty surge to record highsBSE Sensex traded higher by 218.16 points, or 0.58%, to 37,883.96, while the Nifty 50 rose 53 points, or 0.47%, to 11,442.45. In intraday trade, Sensex surged 219.97 points to a new high of 37,885.77 and the Nifty 50 advanced 59.9 points to a fresh record high of 11,449.35.BSE MidCap and SmallCap edged up 0.17% and 0.53%, respectively. Among the sectoral indices on BSE, consumer durables, energy, industrials, bankex and finance led gains. IT, tech, power and utilities declined.ONGC, Reliance Industries, Tata Motors and Lupin were among the top gainers, whereas HPCL, Maruti, Bharti Airtel and Infosys were among the major losers.

  • 12.20 pm ISTDai Ichi Karkaria shares plunge 10% after Q1 lossDai Ichi Karkaria Ltd shares dived 10.17% to Rs 330 after the company reported a net loss of Rs 1.24 crore in the June quarter, compared to a profit of Rs 2.05 crore a year ago. Revenue from operations stood at Rs 28.35 crore in the quarter ended 30 June, compared to Rs 31.85 crore in the same period last year.

  • 11.45 am ISTPNB Housing Finance shares fall ahead of Q1 resultsPNB Housing Finance Ltd traded 0.95% lower ahead of June-quarter earnings today. Moreover, parent Punjab National Bank said that it expects to complete the stake sale in PNB Housing Finance by the end of the financial year.

  • 11.20 am ISTBombay Dyeing shares down 5% as loss widensBombay Dyeing and Mfg Co. Ltd shares fell as much as 4.9% at Rs 248.45, its lowest since 30 July. The company’s June-quarter loss after tax widened to Rs 93.74 crore from Rs 32.71 crore last year. Revenue from operations fell 36.2% to Rs 397 crore in the quarter.

  • 10.50 am ISTRecord-breaking rally of Sensex leaves some analysts puzzledWhen it comes to the Indian stock market, analysts are not following investors’ exuberance. A booming economy and encouraging corporate results have sent the benchmark S&P BSE Sensex racing past 22 record highs this year. While gains have accelerated in the past six weeks, analysts have failed to keep up, and the average price estimate for members of the gauge is now just 14 percent above their stock prices, the narrowest gap since February, data compiled by Bloomberg show. Read more

  • 10.30 am ISTPNB shares trade little changedPunjab National Bank shares traded 0.24% higher at Rs 83.05. The PNB stock hit a high of Rs 83.80 and a low of Rs 81.60 during the day. The bank, which reported a $2-billion fraud in February, on Tuesday declared a June quarter loss of ₹940 crore, against a profit of ₹343 crore a year ago.

    Mint Mark to Market@livemint_m2m

    PNB has done massive provisioning, taken two consecutive quarterly losses and put a horrific fraud behind it. But it still has a long healing road ahead, writes @aparnaviyer02 

    Q1 results: Wounded by fraud, no easy road ahead for PNB

    The coming quarters too don’t look good for PNB. It still has to do 47% of the provisioning towards the Nirav Modi fraud

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  • 9.57 am ISTGOCL Corp shares turn flat after rising 4%GOCL Corporation Ltd rose 4% to Rs 400 in early trade, but gave all the gains. The company said it got explosives order worth Rs 203.09 crore from Singareni Collieries.

  • 9.52 am ISTPatel Engineering shares jump 16% on new projectsPatel Engineering Ltd rose 16% to Rs 51 after the company said it got two hydroprojects and tunnel projects order worth Rs 2400 crore

  • 9.40 am ISTAdani Enterprises shares fall 5% after Q1 profit declinesAdani Enterprises Ltd fell 5% to Rs 180 after the company reported 43% fall in June quarter net profit to Rs 80.14 crore from Rs 141.15 crore a year ago.

  • 9.30 am ISTMahindra shares rise 1% after Q1 resultsMahindra & Mahindra Ltd rose 1% to Rs 934 after the company reported 63% increase in standalone quarterly net profit supported by a low base effect. It also recorded higher tractor sales following a revival in rural demand during the quarter. The company’s net profit in the three months ended 30 June was at ₹ 1,220.96 crore, from ₹ 749.46 crore in the corresponding quarter of last year, and surpassing the ₹ 1,176.70 crore forecast in a Bloomberg survey of analysts.Read: After a strong Q1, it’s now crunch time for Mahindra

  • 9.25 am ISTInox Wind shares jump 9% as Q1 turns profitableInox Wind Ltd rose 9% to Rs 107.40 after the company said it reported a profit of Rs 10 crore in June quarter against a loss of Rs 39 crore last year same quarter.

  • 9.18 am ISTSensex, Nifty open higherBSE Sensex traded higher by 72.29 points, or 0.19%, to 37,738.09, while the Nifty 50 rose 23.05 points, or 0.20%, to 11,412.50.

  • 9.13 am ISTRupee trades marginally higher against US dollarThe Indian rupee was trading marginally higher against the US dollar, tracking gains in local equity markets. At 9.12am, the rupee was trading at 68.64 a dollar, up 0.05% from its previous close of 68.69. The currency opened at 68.66 a dollar.Bond yields gained for the fifth consecutive session after crude oil prices rose. Crude prices which were trading up at $ 74/bbl and advanced further during the day threatening to breach the $75/bbl mark. The 10-year bond yield stood at 7.791%, from its Tuesday’s close of 7.786%. Bond yields and prices move in opposite directions.So far this year, the rupee has weakened 7%, while foreign investors have sold $410.30 million and $5.62 billion in equity and debt markets, respectively.

  • 9.07 am ISTCreditAccess Grameen IPO: Analysts express concerns over pricingAnalysts believe CreditAccess Grameen Ltd’s (CAGL) IPO to raise upto Rs 1,131 crore is priced aggressively with a price band of Rs 418-422 per share, and have expressed concerns over near term gains. CAGL is a Bangalore-based NBFC with forte in microfinance lending. They are focused on rural India and the under penetrated rural market provides growth opportunities. Read more

  • 8.45 am ISTOpening bell: Cues to look out for before trading today■ Overnight, US markets closed with gains. S&P 500 rose 0.28% to 2,858 as investors tracked corporate earnings. Following Wall Street, Asian stocks opened higher.■ Alok Sonig, the CEO of developed markets at Dr Reddy’s Laboratories Ltd, has quit barely five months after he was promoted to the role, reports The Economic Times.■ Punjab National Bank expects to complete the stake sale in its mortgage lending arm, PNB Housing Finance, by the end of the financial year, reports Mint. It is also planning to list its insurance venture, PNB Metlife, on the bourses.■ Tata Motors plans to bring around 10-12 new products in passenger vehicles segment in the next five years, reports PTI.■ Indian Oil Corporation has got clearance from the Odisha Pollution Control Board for expansion of its Paradip-Haldia-Durgapur LPG pipeline, reports Business Standard.■ Malaysia Airports Holdings Berhad is evaluating a potential minority share purchase in GVK Airports Holdings, which runs Mumbai international airport and has rights to develop a second one in the city, reports The Times of India.■ Tata Teleservices (Maharashtra) said accumulated losses have exceeded its paid-up capital, adding that it is in talks to monetise assets, proceeds from which will be used to meet financial obligations, reports The Economic Times.■ Earnings today: BEML Ltd, Blue Star Ltd, BPCL Ltd, Cipla Ltd, HPCL Ltd, PNB Housing Finance Ltd, Natco Pharma Ltd, Nalco Ltd, Lupin Ltd, and Thermax Ltd are some of the companies that will release their earnings for the June quarter today.(R. Sree Ram/Mint)