Market Live: Sensex up over 200 points, Nifty holds 11,000; metals surge
Tue Jan 23 2018
Rajesh Sharma (1997 articles)

Market Live: Sensex up over 200 points, Nifty holds 11,000; metals surge

11:25 am Bajaj Corp gains: Shares of Bajaj Corp gained 3.6 percent intraday Tuesday on the back of launching new product.

The company has launched new product Bajaj Coco Jasmine Hair oil in the domestic market on January 22.

The product has been launched under the hair care segment.

The share touched its 52-week high Rs 525 and 52-week low Rs 342.50 on 11 January, 2018 and 30 May, 2017, respectively.

11:05 am Davos report: Chief executives are more optimistic about the economic outlook than they have been for many years although anxieties are rising about geopolitics, cyber threats and terrorism, a survey showed on the eve of the World Economic Forum (WEF) in Davos.

The PwC survey of nearly 1,300 CEOs found that 57 percent expect global growth to improve in 2018, almost twice the level of last year and the largest increase since the survey began in 2012.

The optimism was especially strong in the United States after a year of robust growth, deregulation and tax cuts under President Donald Trump.

10:45 am Bitcoin crackdown: South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday in a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes.

The measure comes on top of stepped up efforts by Seoul to temper South Koreans’ obsession with cryptocurrencies. Everyone from housewives to college students and office workers have rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight.

The bitcoin price in South Korea extended loss following the latest regulatory announcement, down 3.34 percent at $ 12,699 as of 0409 GMT, according to Bithumb, the country’s second-largest virtual currency exchange.

10:20 am Staff strength: Bharti Airtel will be absorbing around two-third employees of Telenor India and Tata Teleservices’ consumer mobility business after merger with both companies, according to a report by The Economic Times.

The report adds that the Sunil Mittal-led telecom company may post about 15 percent of the employees from the two telcos overseas, including Africa.

An Airtel spokesperson told the newspaper: “It is inevitable in a post-merger scenario that all employees will not find meaningful roles and accordingly, will be provided complete support to deal with such an outcome. An exercise is under way to map the employee pool to the post-merger requirements.”

10:05 am Market Check: After hitting fresh milestones in the opening minutes, the market has extended its gains. The Sensex is up over 200 points, while the Nifty is comfortably holding 11,000 for the first time.

The Sensex is up 240.00 points or 0.67% at 36038.01, while the Nifty is up 75.30 points or 0.69% at 11041.50. The market breadth is positive as 1432 shares advanced, against a decline of 744 shares, while 190 shares are unchanged.

9:51 am Buzzing stock: Shares of Indian Oil Corporation (IOC) rose more than 4 percent in the early trade on Tuesday as board to consider bonus on January 30.

A meeting of board of directors is scheduled on January 30 to consider and approve the unaudited financial results of the company for the quarter ended December 31, 2017.

The board may also consider declaration of interim dividend for the financial year 2017-18 and issue of bonus shares in the said meeting.

9:40 am Axis Bank surges: Shares of Axis Bank gained 2 percent intraday on Tuesday as investors cheered the bank’s December quarter financial performance.

The bank’s earnings beat analyst expectations, with improvement in asset quality performance.

Profit during the quarter grew by 25.3 percent year-on-year to Rs 726.4 crore despite fall in other income & operating income, driven by lower provisions and higher net interest income.

Net interest income, the difference between interest earned and interest expended, grew by 9.2 percent to Rs 4,731.52 crore compared to Rs 4,333.73 crore in year-ago, with strong loan growth at 21 percent YoY.

9:30 am Sensex hits 36,000: The Sensex has now hit the psychological mark of 36,000 for the first time ever. The index is currently trading over 200 points higher. The index had hit 35,000 just last week.

9:27 am Buzzing stock: Shares of Kalpataru Power Transmission added 11 percent in the early trade on Tuesday as company received orders worth Rs 871 crore.

The company secured new orders/ notification of award of Rs 871 crore, which includes orders worth Rs 282 crore for design, supply and construction of substations and associated transmission line work from APTRANSCO.

9:15 am Market opens: Shares began the day on another strong note, with the Nifty hitting a fresh milestone of 11,000 in the first few minutes of trade. The Sensex gained over 100 points.

At 09:16 hrs IST, the Sensex is up 134.91 points or 0.38% at 35932.92, and the Nifty up 43.00 points or 0.39% at 11009.20. The market breadth was positive as 523 shares advanced, against a decline of 246 shares, while 152 shares are unchanged.

Axis Bank gained around 2 percent on the back of its December quarter performance.

BHEL, Coal India, IOC and Yes Bank gained the most, while Hero MotoCorp, Asian Paints, HUL, and Zee Entertainment were the top losers.

The Indian rupee opened lower at 63.90 per dollar on Tuesday versus previous close 63.87.

Bhaskar Panda of HDFC Bank said, “Any rally around or move above 64 is meeting with customer selling. For today, expect a range of 63.70-63.90 to hold.”

“The yields of the Indian benchmark is trying to find a base just above 7.40 percent. Expect today’s range between 7.44-7.48 percent, “he added.
Among global markets, Asian stocks advanced after US senators struck a deal to end a three-day government shutdown, sending Wall Street’s main indexes to record highs and keeping the dollar well supported.

US lawmakers passed a short-term measure on Monday to fund the federal government through February 8.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to a fresh record peak.

Meanwhile, US stocks advanced as each of Wall Street’s main indexes touched a record intraday level after US senators struck a deal to end the federal government shutdown.

US senators voted to move forward on legislation that would reopen the federal government until February 8. Funding legislation cleared a procedural hurdle in the Senate and was expected to pass a full Senate vote promptly, allowing government to re-open.

“The only way politics affects what the market does is if they end of having a negative impact on the economy and corporate earnings and so far that hasn’t been the case,” said Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.