Market Live: Nifty, Bank open at record high, Sensex higher; Lupin, Wipro rally
10:20 am Buzzing: Shares of Avenue Supermarts, the operator of D-Mart retail chain, gained 5.5 percent intraday on the back of strong June quarter (Q1FY18) numbers.
The company’s Q1 net profit increased 47.7 percent at Rs 174.7 crore versus Rs 118.4 crore, in the same quarter last fiscal.
Total income of the company was up 35.7 percent at Rs 3,598 crore versus Rs 2,652.4 crore.
The company’s operating profit (EBITDA) was up 29.2 percent at Rs 303 crore and EBITDA margin increased at 8.4 percent.
10:08 am Cigarette price hike: ITC shares gained as much as 2.4 percent in morning trade Monday as the cigarette major hiked select product prices following GST Council hiked cess to pre-GST level.
The company increased cigarette prices of its three brands effective July 18, reports CNBC-TV18 quoting sources of Cogencis.
It hiked Gold Flake Kings and Classic Rich prices to Rs 300 per 20 pack each while Navy Cut Filter price increased to Rs 188 per 20 pack.
9:58 am Market Check: Benchmark indices extended gains in morning, with the Nifty hitting 9950 level, backed by ITC.
The 30-share BSE Sensex was up 134.64 points at 32,163.53 and the 50-share NSE Nifty gained 32.05 points at 9,947.30.
About two shares advanced for every share falling on the BSE.
9:45 am Buzzing: Share price of AstraZeneca Pharma advanced 3.5 percent intraday as the company going to launch its drug in India.
The company is going to launch Osimertinib 40 mg and 80 mg in India on July 27, 2017.
Osimertinib is an oral anti-cancer drug for management of lung cancer. It is indicated for the treatment of patients with metastatic epidermal growth factor receptor (EGFR) T790M mutation-positive non-small cell lung cancer (NSCLC), as detected by an appropriate test, whose disease has progressed on or after EGFR TKI therapy.
Osimertinib is the product of AstraZeneca group and has been approved in over 45 countries, including US, EU, Japan, China and other Asian countries.
9:35 am Market Outlook: Sanjeev Prasad of Kotak Institutional Equities said the research house believes global macro factors will continue to be more relevant for the Indian market without a stronger domestic economic and earnings recovery.
The Indian market has performed exactly in-line with the EM MSCI Index over the past 12 months. The BSE Sensex rallied 15 percent in last one year.
In model portfolio, Kotak removed Aurobindo Pharma and reduced weight on Reliance Industries, Prasad said.
He further said the research house allocated 100 bps to IOC and included Hindalco Industries. Among metals stocks, it has had recommended positions in JSW Steel, Tata Steel and Vedanta.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
9:15 am Market Check: Equity benchmarks started off the week on a positive note, with the Nifty and Bank indices opening at record highs.
The 30-share BSE Sensex was up 51.05 points at 32,079.94 and the 50-share NSE Nifty gained 9.05 points at 9,924.30. About two shares advanced for every share falling on the BSE.
Lupin gained 2 percent followed by Wipro, Reliance Industries, Coal India and Adani Ports.
Nifty Midcap gained 0.2 percent in early trade. Divis Labs, SREI Infrastructure, MRPL and Persistent Systems lost up to 5 percent.
Tata Sponge, IIFL Holdings, Quess Corp, J&K Bank, GVK Power, Avenue Supermarts, Amtek Auto, Fortis Healthcare, HPCL and Vijaya Bank gained up to 8 percent.
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