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Shares jump on strong global cues
09-Jul-18   16:19 Hrs IST

Key benchmark indices logged strong gains amid upbeat global stocks. The barometer index, the S&P BSE Sensex, rose 276.86 points or 0.78% to settle at 35,934.72. The Nifty 50 index rose 80.25 points or 0.74% to settle at 10,852.90. Global risk appetite improved after favourable US jobs data.

Overseas, shares in Europe and Asia gained as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength.

In Europe, investors reacted to news that the UK's chief Brexit negotiator has resigned from his post after disagreements with the rest of the UK government and in particular the prime minister. Theresa May reached a compromise Friday to go ahead with a plan that would mean the country had the closest possible ties with the EU. May is due to address the House of Commons on Monday.

Meanwhile, in Germany, data showed exports rising in May, widening the trade surplus, despite ongoing trade frictions with the United States.

US stocks closed solidly higher on Friday, 6 July 2018, after a read on the labor market came in stronger than expected, supporting the thesis that economic fundamentals remain healthy despite trade-war anxieties.

The US created 213,000 new jobs in June, while the readings for May and April were also revised higher. Separately, the unemployment rate rose to 4% from 3.8%. Meanwhile, the nation's trade deficit shrank 6.6% in May to a 19-month low.

On the political front, the Trump administration officially imposed tariffs on $34 billion of Chinese imports at midnight Eastern Time, and Beijing implemented tariffs on the same value in US goods, as promised.

Back home, trading for the week began on a firm note as key benchmark indices saw gap-up opening on positive Asian stocks. Stocks trimmed gains in morning trade after an initial upmove. Fresh buying in index pivotals propelled the key benchmark indices near day's high in early afternoon trade. Key benchmark indices were trading firm in afternoon trade. Stocks extended gains and hit fresh intraday high in mid-afternoon trade. Indices held firm in late trade.

The Sensex rose 276.86 points or 0.78% to settle at 35,934.72, its highest closing level since 31 January 2018. The index rose 319.51 points, or 0.90% at the day's high of 35,977.37. The index rose 121.86 points, or 0.34% at the day's low of 35,779.72.

The Nifty 50 index rose 80.25 points or 0.74% to settle at 10,852.90, its highest closing level since 13 June 2018. The index rose 87.70 points, or 0.81% at the day's high of 10,860.35. The index rose 34.50 points, or 0.32% at the day's low of 10,807.15.

The S&P BSE Mid-Cap index rose 1.23%. The S&P BSE Small-Cap index rose 1.58%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1708 shares rose and 909 shares fell. A total of 164 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Capital Goods index (up 1.46%), the S&P BSE Energy index (up 1.46%), the S&P BSE Industrials index (up 1.43%), the S&P BSE Utilities index (up 1.42%), the S&P BSE Power index (up 1.32%), the S&P BSE Metal index (up 1.24%), the S&P BSE Healthcare index (up 1.16%), the S&P BSE Oil & Gas index (up 1.12%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.99%), the S&P BSE Telecom index (up 0.98%), the S&P BSE Bankex (up 0.94%) and the S&P BSE Basic Materials index (up 0.93%), outperformed the Sensex. The S&P BSE FMCG index (up 0.76%), the S&P BSE Finance index (up 0.68%), the S&P BSE Realty index (up 0.64%), the S&P BSE Auto index (up 0.62%), the S&P BSE IT index (up 0.59%), the S&P BSE Teck index (up 0.47%) and the S&P BSE Consumer Durables index (up 0.26%), underperformed the Sensex.

Vedanta (up 3.14%), Asian Paints (up 3.11%) and Sun Pharmaceutical Industries (up 1.97%) edged higher from the Sensex pack.

Index heavyweight Reliance Industries gained 1.96% to Rs 995.65.

Software major TCS dropped 1.34% to Rs 1,887.65.

Tata Motors rose 0.81%. Tata Motors's unit Jaguar Land Rover reported total retail sales of 52,049 vehicles in June 2018, up 0.9% year on year, primarily reflecting the introduction of the Range Rover Velar and the Jaguar E-PACE. Jaguar retail sales were up 6.4% in June to 16,328 thanks to the introduction of the E-PACE, partially offset by lower sales of F-PACE and other models. Land Rover retailed 35,721 vehicles in June, down 1.5% year on year as the introduction of Velar and increased sales of the refreshed Range Rover Sport were offset by lower sales of Evoque, Discovery Sport and other models. The announcement was made during market hours today, 9 July 2018.

Among private sector banks, Federal Bank (up 3.99%), RBL Bank (up 2.79%), Yes Bank (up 2.70%), Axis Bank (up 1.83%), Kotak Mahindra Bank (up 1.05%) and ICICI Bank (up 0.46%), edged hgiher. City Union Bank (down 0.13%) and IndusInd Bank (down 0.22%), edged lower.

HDFC Bank rose 0.34%. HDFC Bank said that retail sales for June were up year-on-year in overseas markets (16.7%), in North America (7.4%) and in the UK (0.9%) China was down 9.5% as the reduction in import duties on passenger vehicles, starting 1 July, continued to result in deferred purchases as well as increased incentives in advance of the 1 July effective date. Europe was also down slightly(-3.8%). The announcement was made during market hours today, 9 July 2018.

The bank's advances aggregated approximately Rs 7085 billion as of 30 June 2018 as compared to Rs 5810 billion as of 30 June 2017 and Rs 6583 billion as of 31 March 31, 2018. The bank's deposit aggregated approximately Rs 8060 billion as of 30 June 2018 as compared to Rs 6714 billion as of 30 June 2017 and Rs 7888 billion as of 31 March 2018.

The bank's CASA ratio stood at around 41% as compared to 44% as of 30 June 2017 and 43.5% as of 31 March 2018. During the quarter ended 30 June 2018, the bank purchased loans aggregating Rs 97 billion through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.

Among public sector banks, United Bank of India (up 4.98%), Bank of India (up 3.12%), Syndicate Bank (up 2.83%), Bank of Maharashtra (up 2.5%), Indian Bank (up 2.05%), State Bank of India (up 1.51%), Central Bank of India (up 1.25%), IDBI Bank (up 1.24%), Punjab National Bank (up 1.24%), Corporation Bank (up 1.19%), Vijaya Bank (up 1.08%), Bank of Baroda (up 0.95%), Andhra Bank (up 0.78%), Dena Bank (up 0.68%), Allahabad Bank (up 0.47%) and Canara Bank (up 0.32%), edged higher. Punjab & Sind Bank (down 0.52%) and UCO Bank (down 2.12%), edged lower.

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