Sensex Ends At Record High For Third Straight Day
- Oldest First
Find Out All That You Missed During The Day In Countdown
Closing Bell: Sensex, Nifty End Flat
India's Sensex rose to a record closing high for a third day in a row.
The S&P BSE Sensex rose 0.1 percent or 33 points to 36,858 while the NSE Nifty 50 index was little changed 11,132.
For most part of the day, the benchmarks traded in a narrow range as gains in HDFC twins, ITC and State Bank of India were offset by losses in Axis Bank, NTPC, TCS and M&M.
Eleven out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Power index's 1.5 percent drop. On the other hand, the S&P BSE Metal index was top gainer, up 0.8 percent.
The mid- and small-cap shares ended mixed as the S&P BSE MidCap index fell 0.1 percent while the S&P BSE SmallCap index rose 0.2 percent.
JSW Steel Extends Losses After June Quarter Earnings
Shares of the country's largest steel maker extended decline despite beating Bloomberg consensus estimates in June quarter.
Key earnings highlights:
- Net profit up 3.7 times at Rs 2,366 crore versus estimate of Rs 2,105 crore.
- Revenue up 36 percent at Rs 20,519 crore versus estimate of Rs 19,283 crore.
- Ebitda up 95 percent at Rs 5,105 crore versus Rs 2,617 crore (YoY).
- Margin at 24.9 percent versus 17.3 percent (YoY).
Need To Be Careful In Current Market Scenario: Ajay Srivastava
There are specific set of stocks doing well and the market is not re-rating itself, says Ajay Srivastava of Dimensions Corporate Finance.
Key highlights of the conversation:
- Banks and two-wheeler earnings showing signs of caution.
- Value picking among the non-performers could be a dangerous strategy.
- This is a market for growth stocks and not the value stocks.
Tata Elxsi, Alkem Labs Among Fab Four Stocks Of The Day
- Tata Elxsi: The Bengaluru-based software developer rose as much as 7.3 percent to a record high of Rs 1,479 after its profit beat Bloomberg consensus estimates in June quarter.
- Alkem Labs: The Mumbai-based drugmaker rose as much as 6.2 percent to Rs 2,150 as ICICI Securities maintained its ‘Buy’ call on the stock and raised target price to Rs 2,428 from Rs 2,262.
- Sayaji Hotels: The Vadodara-based hotel chain operator was locked in a five percent upper circuit at Rs 279.30 after Mint reported that Barbeque Nation has raised Rs 90 crore in pre-IPO funding from Rakesh Jhunjhunwala-backed firm Alchemy.
- Indiabulls Ventures: The Delhi-based stock broking firm extended gains to seventh day, rising as much as 5 percent to a record high of Rs 561.30. The stock posted its longest winning streak in over a year and it has risen 19 percent during last seven trading sessions.