Sensex bucks global sell-off to end flat; TCS hits record high post Q1, top gainer
IDBI Bank share price has rallied a whopping 20 per cent in the last two days on news reports that Life Insurance Corporation (LIC)’s planned acquisition of a majority stake in the bank may trigger an open offer and preferential allotment of shares. Reacting to the news, the stock gained as much as 19.88 per cent to Rs 58.50 on the BSE in the last two days. The stock had settled at Rs 56.30, up 9 per cent on Tuesday, and extended gains today to rally 9.96 per cent. Meanwhile, Ajay Tyagi, Chairman, Sebi on Wednesday said that the market regulator hasn't received any proposal from LIC with respect to an open offer for the IDBI Bank deal.
Rupee at Open
Extending losses for the second session, the rupee weakened by 5 paise to trade at 68.87 against the US dollar in early trade today on sustained capital outflows as the greenback strengthened overseas. Forex dealers said besides increased demand for the US currency from importers, persistent outflows by foreign funds and the dollar's strength against some other currencies overseas, an escalating trade spat between the US and China also weighed on the rupee. Yesterday, the rupee ended lower by 10 paise to close at 68.82 against the US
Tata Consultancy Services: The country's largest software exporter TCS on Tuesday posted a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended 30 June, 2018. The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing.
10,900 and 26,800 are going to be a deciding level on Nifty and BankNifty respectively. 10,850-11,000 is going to be the trading range at Nifty, while 26,750-27,000 will be the trading range in BankNifty.
Target: Rs 221
Stoploss: Rs 228
- US imposed tariffs on an additional $200 billion worth of Chinese goods
- Tariff rate could be 10%
- New tariffs will be launched after two-month analysis
The benchmark indices extended gains for the third straight session on Tuesday, posting their highest close in more than five months, led by financials such as Housing Development Finance Corp (HDFC) and energy stocks including Reliance Industries.
The Sensex ended at 36,239, up 304.90 points, while the broader Nifty50 settled at 10,947, up 94.35 points. Both the indices remained above their key levels of 36,000 and 10,900 throughout the session, indicating robust investor optimism after a prolonged lacklustre spell. In the broader market the BSE Midcap and the BSE Smallcap indices added 1 per cent each.
"Market rallied to a five month high as fading trade war woes and shift in attention to corporate earnings supported investor’s sentiment. Any revival in earnings growth will give scope for re-rating in valuation for many mid cap stocks which were the real victim of the recent correction. However, rupee depreciated and bond yield rose in expectation of increase in June CPI inflation," said Vinod Nair, Head of Research, Geojit Financial Services.