Sensex, Nifty scale fresh record high

Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 198.51 points or 0.56% at 35,710.09. The Nifty 50 index was up 35.95 points or 0.33% at 10,930.65. The Sensex and the Nifty, both, scaled fresh record high in mid-afternoon trade. Axis Bank gained after declaring good Q3 result during market hours today, 22 January 2018. Many FMCG stocks declined. Sugar stocks dropped. Firmness in global stocks supported gains on the bourses.

Trading for the week began on a positive note triggered by firmness in global stocks with Reliance Industries and HDFC Bank leading gains. A bout of volatility was seen in morning trade. Volatility continued in mid-morning trade as stocks regained strength soon after trimming gains from higher levels. Indices held firm later during the session.

The S&P BSE Mid-Cap index was up 0.22%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.62%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,560 shares rose and 1,289 shares fell. A total of 143 shares were unchanged.

Axis Bank gained 4.24% to Rs 615.25 after net profit rose 25% to Rs 726 crore on 1.28% fall in total income to Rs 14314.63 crore in Q3 December 2017 over Q3 December 2016. The result was declared during market hours today, 22 January 2018.

Many FMCG stocks declined. Bajaj Corp (down 3.08%), GlaxoSmithkline Consumer Healthcare (down 0.08%), Dabur India (down 0.34%), Procter & Gamble Hygiene and Health Care (down 0.94%), Hindustan Unilever (down 0.61%), Marico (down 0.25%), Nestle India (down 0.28%) and Jyothy Laboratories (down 0.68%) edged lower. Godrej Consumer Products (up 3.46%), Britannia Industries (up 0.69%), Colgate-Palmolive (India) (up 0.98%) and Tata Global Beverages (up 0.24%) rose.

Sugar stocks dropped. Bajaj Hindusthan (down 1.01%), Dhampur Sugar Mills (down 3.03%), Sakthi Sugars (down 1.05%), Balrampur Chini Mills (down 3.21%), Triveni Engineering & Industries (down 5.41%), Shree Renuka Sugars (down 1.26%), Simbhaoli Sugar Mills (down 1.72%) and Dwarikesh Sugar Industries (down 6.49%) fell.

Gujarat Narmada Valley Fertilizers & Chemicals rose 4.51% after net profit surged 241.29% to Rs 227.88 crore on 29.95% increase in total income to Rs 1624.43 crore in Q3 December 2017 over Q3 December 2016. The result was announced during trading hours today, 22 January 2018.

Overseas, most Asian and European stocks were trading in the green, shruging off US government shutdown. In Germany, progress has been made toward forming the next coalition government. On Sunday, Chancellor Angela Merkel welcomed news that the opposing Social Democratic Party will enter into talks with her Christian Democrats. Stateside, the US government looks set to remain closed Monday, the third day of a shutdown over a disputed spending bill.

US stocks on Friday, 19 January 2018 finished higher, with both the S&P 500 and the Nasdaq ending at records as optimism over corporate earnings outweighed the US government shutdown.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel