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Budget News

  • Barometers extend rally to 6th session
  • October 18,2019  15:42
  • The market extended rally for sixth straight session on Friday. The barometer index, the BSE Sensex, rose 246.32 points or 0.63% to 39,298.38, as per the provisional closing data. The Nifty 50 index rose 75.70 points or 0.65% to 11,661.85, as per the provisional closing data.

    The market sentiment was boosted by foreign funds turning net buyers of Indian stocks in the past few sessions. Traders awaited fresh cues on potential trade deal between the US and China. Meanwhile, the Reserve Bank of India (RBI) will today, 18 October 2019, announce the minutes of its fourth bi-monthly monetary policy review meeting held on 4 October 2019.

    The market breadth was strong. On the BSE, 1603 shares rose and 930 shares fell. A total of 174 shares remain unchanged. In Nifty 50 index, the market breadth was positive with 35 stocks advancing and 15 stocks declining.

    Buying was wide spread. The S&P BSE Mid-Cap index was up 1.78% and the S&P BSE Small-Cap index was up 1.65%.

    Reliance Industries (RIL) rose 1.49% to Rs 1417, ahead of its Q2 results today. RIL has become the first Indian company to cross Rs 9 trillion market capitalization after its shares hit its 52-week high of Rs 1428 in intraday today.

    Bharat Heavy Electricals (Bhel) soared 21.21% to Rs 54 on reports the government may consider bringing down its stake in Bhel to 26% from 63.17% now.

    Zee Entertainment Enterprises fell 5.52% to Rs 250.10. The company's consolidated net profit rose 6.87% to Rs 413.23 crore on 7.4% rise in net sales to Rs 2122.01 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 17 October 2019.

    Larsen & Toubro rose 1.60% to Rs 1447. L&T informed about the acquisition of 81.90 lakh shares, aggregating to 2.551% of the shareholding, of its subsidiary L&T Infrastructure Development Projects for a cash consideration of Rs 47.997 crore.

    Larsen & Toubro Infotech added 6.38% to Rs 1594.50. On consolidated basis, the net profit rose 1.2% to Rs 360.1 crore in Q2 September 2019 as against Q1 June 2019. The company's total income rose 3.03% to Rs 2664.40 crore on QoQ basis. In a separate announcement, the company approved 100% acquisition of PowerupCloud Technologies. This acquisition will help LTI strengthen its cloud services capabilities through a combination of right leadership, assets and ecosystem connects.

    TVS Motor Company rose 5.07% to Rs 459.30, extending yesterday's 6.26% gain. The firm's consolidated net profit rose 15.09% to Rs 256.88 crore on a 9.17% decline in total income to Rs 4,966.88 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced during market hours yesterday, 17 October 2019.

    ARSS Infrastructure Projects hit an upper circuit limit of 5% at Rs 24.05. The construction company informed during market hours today, 18 October 2019, that it has secured a work order of Rs 76.15 crore for construction of handling platforms, railway track, truck parking area, buildings and other ancillary facilities for IFFCO at MMLP Paradip, Odisha. The contract was awarded in favor of the company's joint venture named ARSS-BDPL (JV) by Container Corporation of India on 17 October 2019.

    K.P.R. Mill surged 6.95% to Rs 607. The apparel manufacturer informed Sebi has allowed it to proceed with the buyback offer. On 11 July 2019, K.P.R. Mill had cancelled the buyback proposal because of the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019.

    Indoco Remedies rose 5.06% to Rs 151.65. The drug maker informed during market hours today, 18 October 2019 that its clinical research organisation, AnaCipher, located at Hyderabad successfully cleared the United States Food and Drug Administration (USFDA) inspection with zero 483s. The inspection was held from 14 October to 18 October, 2019.

    Overseas, most Asian shares ended lower while most shares in Europe declined on Friday after China posted its weakest growth in nearly three decades.

    China Gross domestic product (GDP) expanded 6% in third quarter ended September 2019, compared with 6.2% in the second quarter, official figures showed on Friday. The Chinese economy grew at 6.6% in 2018. However, the Industrial Production rose 5.8% year-on-year in September, after growth of 4.4% in August. Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September.

    On the US-China trade front, White House economic adviser Larry Kudlow's commented that he sees momentum to finalize the initial phase of a U.S.-China trade deal outlined last week, adding it may be signed at the APEC forum next month.

    Yesterday, Britain and the European Union agreed to a draft Brexit deal. At a news conference with Prime Minister Boris Johnson, European Commission President Jean-Claude Juncker said the deal meant there would be no need for a further delay to Britain's departure and negotiations on the future relationship between Britain and the EU would begin as soon as the deal was approved by the UK and European parliaments.

    Meanwhile, French automobile major Renault cut its full-year revenue and profit forecast amid a broad-based slump in auto sales as China's poor growth stirs fear among investors.

    The US stock market finished session near records high on Thursday as risk sentiments boosted up by better than expected corporate earnings reports from U.S. companies such as Netflix and Morgan Stanley and optimism from a Brexit draft agreement.

    US industrial production fell by 0.4% in September after climbing by an upwardly revised 0.8% in August, the Federal Reserve released a report on Thursday.

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