INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Ending Thursday’s rangebound session, equity benchmarks Sensex and Nifty settled at fresh record highs of 38,336 and 11,582,
respectively, on gains in energy, IT, auto and power stocks.
Losses in bank, metal, oil and financial shares pared some of the gains
The Sensex gained 51 points, or 0.13 per cent, and the Nifty 12 points, or 0.10 per cent.
The market breadth remained negative as 1,503
stocks declined on BSE against 1,215 advancers
As many as 177 stocks settled remaining unchanged
We walk you through the day’s session hereunder:
Trade dispute intensifiesThe world’s two largest economies escalated trade tussle on
Thursday, after the US imposed 25 per cent tariffs on another $16 billion worth of Chinese goods
In retaliation, China imposed 25 per cent tariffs on an equal amount of American goods
This happened as officials from the two countries met in Washington to find a way out for the trade tension.
Rupee’s unabated slideIndian
currency suffered on Thursday, once again breaching the 70-mark against the US dollar
Experts say increased demand for the US currency along with its rise against other currencies on expectations of rising US interest rates
put pressure on the domestic unit
At the time of writing of this report, the rupee traded 27 paise down at 70.10.
CreditAccess Grameen's tepid debutShares of CreditAccess
Grameen made a tepid debut on BSE, as the scrip got listed at Rs 385, an 8.77 per cent discount to its issue price of Rs 422
The Rs 1,131 crore initial public offer (IPO) of the microfinance firm, sold from August 8 to 10, had been subscribed over 2 times
The scrip closed the day 0.28 per cent down from issue price
RIL reaches another milestoneReliance Industries, which is in a neck-and-neck fight with TCS in terms of market capitalisation (m-cap)
race, became the first listed Indian company to hit Rs 8 lakh crore market valuation
The company’s m-cap stood at Rs 8,04,691 crore, considerably higher than TCS' Rs 7,79,287.34 crore
RIL shares hit a fresh 52-week high of Rs 1,273, before settling at Rs 1,269, up just 1.86 per cent
LT led Sensex packLeading brokerages came out with bullish views on the engineering and construction major, after the company’s board
approved buyback of shares worth Rs 9,000 crore, which will mean the acquisition of 4.29 per cent equity
The board fixed the buyback price at Rs 1,500, 13 per cent above last closing price
The stock led the pack of Sensex gainers and settled 2.30 per cent higher at Rs 1,352.
Metals meltedMost metal mining stocks came under
strong pressure after the US imposed an anti-dumping duty of 50 per cent on Indian metal pipes
The US has announced hefty preliminary anti-dumping duties on metal pipes imported from India, China and four other countries in an
aggressive tactic by the Trump administration to protect the American industry and lower the trade deficit, Bloomberg reported
Oversold/overbought stocksThree stocks- Sanghvi Movers, Matrimony.com and Shreyas Shipping Logistics- have entered the zone of oversold
stocks, whereas 16 stocks, including Dabur India, Bombay Burmah, Bata India, Sunteck Realty and Weizmann, have made their entry to the pack
52-week highs lows stocksAs many as 53 stocks, including Axis Bank, Britannia Industries, Cipla, Nestle India and Sun Pharma, hit 52-week
highs, while 53 stocks, including Amtek Auto, Balaji Telefilms, BPCL, Byke Hospitality and HMT, hit 52-week lows on NSE on Thursday
MACD’s bullish signal on RIL, TCS Momentum indicator moving average convergence divergence, or MACD, signalled upward crossovers for 33
stocks on NSE, meaning the possibility of more upside on these counters
Among the stocks with upward crossovers were Reliance Industries (RIL), Tata Consultancy Services, UPL and Prataap Snacks
However, Vedanta, IDBI Bank, Motherson Sumi Systems, Titan Company and Ceat were among the 45 stocks that saw bearish crossovers on NSE,
