Sensex today: Mahindra and Mahindra, Axis Bank top gainers; index climbs 293 points
Sensex today: Mahindra and Mahindra, Axis Bank top gainers; index climbs 293 points
Sensex today: The benchmark indices rallied on Monday, tracking Asian peers, after tepid US jobs data on Friday eased fears of faster rate hikes by the Federal Reserve.
The Sensex ended at 35,208, up 292.76 points, while the broader Nifty50 settled at 10,715, up 97.25 points. In the broader market, the BSE Midcap gained 0.5 per cent, while the BSE Smallcap added 0.6 per cent.
Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,393 shares gained, 1,275 shares declined while 173 shares remained unchanged.
Back home, The Nifty PSU Bank index rose 2 per cent with Punjab National Bank among the top gainers. The bank said on Sunday that it targets 10 per cent business growth in 2018/19.
ICICI Bank, which is scheduled to report its March-quarter results later in the day, was up 2 per cent.
However, analysts said crude oil prices and the rupee would be the other key factors affecting markets.
Over the last week, the Sensex lost 54.32 points, or 0.16 per cent, while the Nifty dropped 74.05 points, or 0.69 per cent.
Overseas, the US jobs report for April showed unemployment dropping to a 17-1/2 year low of 3.9 per cent but wages barely improved, suggesting the Fed would keep raising rates but at a gradual pace.
Asian shares climbed with the MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.21 per cent. E-Mini futures for the S&P 500 inched up 0.36 per cent European bourses opened higher. Japan’s Nikkei was flat, recouping losses as the yen shed its early gains.
Latest Updates
Markets at Close
The Sensex ended at 35,208, up 292.76 points, while the broader Nifty50 settled at 10,715, up 97.25 points. In the broader market, the BSE Midcap gained 0.5 per cent, while the BSE Smallcap added 0.6 per cent.
8 valuable shares of market where you can earn money
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PC Jeweller share price extended gains for the third straight session, rallying over 37 per cent after the jewellery firm preponed the date for buyback announcement. The stock advanced as much as 37.66 per cent to Rs 240.30 on the BSE. Following today's strong uptrend, the stock has gone up by over 100 oer cent from its 52-week low touched last week on May 3, 2018.
Rupee may hit 70 mark by year-end vs dollar, crosses 67 level
The Indian rupee slipped below $67 against dollar on Monday for the first time since February 17, 2017 as fresh signals emerged of dollar staying stronger in the near-term. The dollar stayed near its 2018 peak early on Monday after US jobs and wages data did little to water down perceptions of strength in the US economy. The rupee slipped 21 points to 67.08 after opening higher to 66.78 against dollar. On Friday, the rupee had lost 23 paise to close at 66.87 against the US currency in highly volatile trade.
Market Update
At 9:20 am, the Sensex was trading at 35,002, up 87.39 points, while the broader Nifty50 was ruling at 10,645, up 26.80 points.
Power Breakfast: Cues for today's trading set-up
Rupee at Open
Rupee opens at 66.82 per dollar against Friday’s close of 66.86 per dollar
US oil rises above $70 for first time since November 2014 on Venezuela, Iran worries
US oil prices rose above $70 a barrel on Monday for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supplies. The concerns added to worries over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, keeping international oil markets on edge.
US West Texas Intermediate (WTI) crude futures rose 0.7 percent to trade at $70.18 per barrel at 0242 GMT, up 46 cents from their last settlement. Brent crude oil futures were at $75.22 per barrel, up 35 cents, or 0.5 percent from their last close.
Asia marketss lag Wall Street amid dollar strength
Asian shares crept higher on Monday after a tame reading on US wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-US trade tensions and a looming deadline for the Iranian nuclear deal argued for caution. The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on U.S. consumer price inflation. The early action was limited with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.2 per cent.
Here are Key trading ideas for Monday's trade
Apollo Hospitals (Sell)
Target: Rs 1078
Stoploss: Rs 1110Delhi govt to cap profit margins of city hospitals on drugs and devices
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