News End-Session

Market ends with decent gains
12-Jun-18   16:39 Hrs IST

Stocks logged modest gains in steady session of trade on sustained buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 209.05 points or 0.59% to settle at 35,692.52. The Nifty 50 index rose 55.90 points or 0.52% to settle at 10,842.85.

Domestic stocks edged higher in early trade. Key benchmark indices extended gains in morning trade. Stocks hovered in positive zone in mid-morning trade. Firmness prevailed on the bourses in early afternoon trade. Indices turned volatile and trimmed gains in afternoon trade. Indices hovered in positive zone in mid-afternoon trade. Stocks hit fresh intraday high in late trade.

The Sensex rose 209.05 points or 0.59% to settle at 35,692.52, its highest closing level since 1 February 2018. The index rose 259.61 points, or 0.73% at the day's high of 35,743.08. The index fell 4.40 points, or 0.01% at the day's low of 35,479.07.

The Nifty 50 index rose 55.90 points or 0.52% to settle at 10,842.85, its highest closing level since 1 February 2018. The index rose 69.60 points, or 0.65% at the day's high of 10,856.55. The index rose 2.45 points, or 0.02% at the day's low of 10,789.40.

The S&P BSE Mid-Cap index rose 0.90%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.54%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,441 shares rose and 1,222 shares fell. A total of 143 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 1.94%), the S&P BSE Capital Goods index (up 1.19%), the S&P BSE Industrials index (up 0.81%), the S&P BSE FMCG index (up 0.73%), the S&P BSE Bankex (up 0.69%), the S&P BSE Energy index (up 0.69%), the S&P BSE Finance index (up 0.64%), outperformed the Sensex. The S&P BSE IT index rose 0.59%, matching the Sensex's gain in percentage terms. The S&P BSE Consumer Durables index (up 0.35%), the S&P BSE Teck index (up 0.35%), the S&P BSE Realty index (up 0.31%), the S&P BSE Oil & Gas index (up 0.28%), the S&P BSE Power index (up 0.24%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.23%), the S&P BSE Auto index (up 0.04%), the S&P BSE Utilities index (down 0.15%), the S&P BSE Basic Materials index (down 0.29%), the S&P BSE Telecom index (down 0.31%) and the S&P BSE Metal index (down 0.56%), underperformed the Sensex.

Index heavyweight and housing finance major HDFC rose 0.73% to Rs 1852.95. Index heavyweight Reliance Industries (RIL) rose 1.32% to Rs 995.40. Index heavyweight and cigarette major ITC rose 0.32% to Rs 270. Index heavyweight and IT major Infosys fell 0.37% to Rs 1258.40.

Pharmaceutical shares rose. Lupin (up 5.78%), Dr Reddy's Laboratories (up 5.23%), Glenmark Pharmaceuticals (up 4.13%), Divi's Laboratories (up 3.90%), Strides Shasun (up 3.83%), Cadila Healthcare (up 3.28%), Aurobindo Pharma (up 3.25%), Wockhardt (up 2.02%), GlaxoSmithKline Pharmaceuticals (up 1.41%), Cipla (up 1.30%), Piramal Enterprises (up 1.26%), Sun Pharmaceutical Industries (up 1.03%) and Alkem Laboratories (up 0.44%), edged higher. IPCA Laboratories rose. 1.22%.

Most private sector banks rose. Federal Bank (up 1.20%), RBL Bank (up 1.20%), Kotak Mahindra Bank (up 0.84%), ICICI Bank (up 0.17%), City Union Bank (up 0.16%) and HDFC Bank (up 0.09%), edged higher. Axis Bank (down 0.61%) and Yes Bank (down 0.98%), edged lower.

IndusInd Bank rose 2.41%. The Overseas Private Investment Corporation (OPIC) announced that $5 million in local currency financing has been mobilized to Grameen Impact under an OPIC loan guarantee agreement with IndusInd Bank. The financing was deployed through IndusInd Bank's Impact Investing division, which will support Grameen Impact's lending to local small and medium enterprises. The announcement was made during market hours today, 12 June 2018.

Public sector banks were mixed. State Bank of India (up 3.36%), Canara Bank (up 1.76%), Bank of India (up 1.60%), Vijaya Bank (up 1.40%), Union Bank of India (up 0.96%), Punjab & Sind Bank (up 0.91%), Syndicate Bank (up 0.29%), Punjab National Bank (up 0.16%) and Andhra Bank (up 0.14%), edged higher. Allahabad Bank (down 0.22%), UCO Bank (down 0.25%), Bank of Baroda (down 0.45%), Dena Bank (down 0.59%), Indian Bank (down 0.64%), Bank of Maharashtra (down 1%), United Bank of India (down 1.32%), Corporation Bank (down 1.52%) and Central Bank of India (down 2.11%), edged lower.

L&T rose 1.58%. The Heavy Civil Infrastructure business of L&T Construction will design and construct a 3.2 km, six-lane iconic bridge across the river Krishna, which includes 2.72 km of approach bridges, on EPC basis. The bridge will connect Pavitrasangamam in Vijayawada and N10 Road in Amaravati. The Rs 1387 crore project was received from Amaravati Development Corporation (ADCL) and L&T has also been entrusted with the operation and maintenance for the bridge for five years. The announcement was made during market hours today, 12 June 2018.

Tata Consultancy Services (TCS) rose 1.74%. TCS has expanded its agreement with M&G Prudential, the UK and European savings and investments business of Prudential pic. The 10 year partnership, which was announced in January 2018, aimed to digitally transform M&G Prudential's business and deliver an enhanced service for its UK savings and retirement customers. The announcement was made during market hours today, 12 June 2018.

The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional £500 million ($668 million USD) over the term of the contract. The expanded partnership further cements TCS' position as the market leader in UK life and pension administration, with more than 18 million policies being administered by its BFSI Digital Platform, powered by TCS BaNCS.

Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end. Trump and Kim Jong Un have reportedly signed an unspecified document in Singapore, amid Trump's comment that North Korea's denuclearization process will begin very quickly.

The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

In the overseas market, most European stocks fell as investors awaited the Brexit vote in the House of Commons for further direction. Asian stocks ended mixed after US President Donald signed a deal with the North Korean leader, with the latter claiming there will be a major change in the world. US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.

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