Markets

St hits new record on earnings surge, liquidity

St hits new record on earnings surge, liquidity

At 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) rose by 37.25 points or 0.37 per cent to trade at 10,051.75 points.

Sentiments were also positive ahead of the RBI's third bi-monthly policy meeting which is scheduled on 2 August where the central bank is expected to slash the benchmark repo rates.

Indian shares may open higher on Tuesday after Tech Mahindra and InterGlobe Aviation posted strong quarterly earnings and property developer Sobha said it would consider a share buyback for an aggregate amount up to Rs. 62 crore.

The BSE market breadth was bullish with 1,312 advances and 1,177 declines.

However, the broader Nifty was trading slightly up by 1.75 points, or 0.02 per cent, at 10,078.85.

The S&P 500 information technology dipped 0.53 per cent, with Facebook falling 1.86 per cent and Alphabet, Google's parent company, down 1.34 per cent.

A spell of profit-booking kicked in for realty and power sectors as well despite positive Asian shares.

The rupee opened at 64.10 per United States dollars against Monday's closing rate of 64.18.

What kept the gains in check was findings of a private survey which showed that manufacturing sector contracted in July following the GST launch as new orders and output dropped for the first time since the downturn in December past year post demonetisation.

DIIs bought shares worth a net Rs 424.67 crore while foreign portfolio investors net sold shares worth Rs 223.12 crore on Friday, as per provisional data.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing performance, stood at 47.9 in July from the index reading of 50.9 in June 2017. "Moderation in inflation to below RBI's target of 4 per cent heightened the expectation of rate cut during the next monetary policy", said Vinod Nair, Head of Research, Geojit Financial Services.

The auto sub-index of NSE, Nifty Auto, rose 1.53 per cent, led by gains in Eicher Motors, Hero MotoCorp, Mahindra & Mahindra and Maruti Suzuki.

This is published unedited from the IANS feed.


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