Nifty, Sensex, Bank Nifty to move higher subject to dips - Friday Closing Report
Nifty has to remain above 8,170 for the upmove to continue
We had mentioned in Thursday’s report that the Nifty would continue to remain on an upmove. As expected, the Nifty remained on an upmove with its day’s low near the opening mark. Sensex, Nifty and Bank Nifty closed in the green.
Shares of Sun TV Network closed at Rs333.55, up 7.86% on Friday after attorney general (AG) Mukul Rohatgi supported grant of security clearance to 33 channels of the Kalanithi Maran-promoted firm. The AG has supported grant of security clearance, saying the corruption cases being investigated against the network’s promoter cannot be the ground to deny permission. The information and broadcasting ministry had recently approached the law ministry to seek the opinion of the top law officer on the issue after the ministry of home affairs (MHA) denied security clearance to the network. In his opinion, the attorney general has said security clearance can be granted as agencies are probing cases related to corruption, and not security. Hence, he added, corruption cases cannot be the ground to deny security clearance.
The country's largest lender State Bank of India today said it has launched SBI e-forex, an Internet-based platform that enables customers to book their foreign exchange transactions online. Dr Reddy’s Laboratories said it has concluded the acquisition of select portfolio of the established products business of UCB in India. Its shares closed at Rs3,379.50, up 0.15%.
According to media reports, the pendulum suddenly looks to be swinging the other way as far as the markets are concerned. A surprisingly good start to the monsoon, an increase in minimum support prices (MSP) that's not too extravagant and a favourable reading of Janet Yellen's US Federal Reserve statement—all that's led the markets to price in an interest rate cut. The rupee rose to its highest in more than a month. Analysts add that stocks and bonds also rose after the government didn't announce a too-generous hike in MSP on Wednesday especially given the talk of agrarian distress, which augur well for the inflation outlook. Stripping off seasonal factors such as the monsoon, inflation could still be modest, paving the way for more interest rate cuts by the Reserve Bank of India.
Engineering and construction major Larsen & Toubro (L&T) on Friday said it bagged orders worth Rs2,278 crore across business verticals in May and June. The company’s power transmission and distribution business won orders worth Rs1,258 crore in international markets, L&T said in a filing to BSE. The company’s share price closed at Rs1,719.15, up 0.33%.
Real estate firm DB Realty shares gained over 6% on Friday after the company informed BSE on June 18 that it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban Mumbai. ECC-DB-Konark joint venture is developing a residential project-'DB Skypark' near Terminal 2 of international airport in Andheri. The share price closed at Rs64.90, up 6.57%.
Shares of Amtek Auto rallied over 6%, after the clarifications of Castex Technologies that it has not defaulted in any payments. Amtek Auto holds 71.2% of Castex Technologies which produces auto parts for Amtek Auto. Shares of Amtek Auto closed at Rs141.95, up 6.21%.
Among BSE Sensex gainers, M&M closed at Rs1,308.50, up 4.53% and among losers, Tata Motors closed at Rs432.90, down 2.82%.
Among BSE 100 gainers, M & M Finance closed at Rs263.35, up 6.62% and among losers, HDIL closed at Rs88.55, down 3.12%.
Among Nifty stocks, the top gainer was M&M, which closed at Rs1,302.05, up 3.84% and the top loser was Tata Motors, which closed at Rs433.70, down 2.64%.
NASDAQ Composite closed at 5,132.95, up 1.34% and Dow Jones closed at 18,115.84, up 1%.
Among Asian indices, Nikkei closed at 20,174.24, up 0.92% and Hang Seng closed at 26,760.53, up 0.25%.
Among European indices, FTSE 100 was at 6,726, up 0.26% and Athex Composite Share Price Index was at 695, up 1.64%.
US index futures were trading in the green.