Markets today: closed at record highs for fourth day in a row

Livemint-BSE Sensex closed higher by 50 points, or 0.16%, to 31,159, while the Nifty 50 rose 20 points, to 9,624.55. Here are the latest updates and developments from the markets
Mumbai: BSE Sensex was largely flat on Tuesday, taking a breather after setting record closes in the previous sessions as investors booked profits in recent outperformers such as ITC, while the arrival of monsoon rains kept the sentiment upbeat. BSE Sensex closed at a fresh high of 31,159 points, while the Nifty 50 closed at a new record high of 9,624.55. The monsoon, which delivers about 70% of India’s annual rainfall, arrived at the southern Kerala coast on Tuesday, in line with forecasts, a weather office source said, brightening the outlook for higher farm output and robust economic growth.

The arrival of rains bolstered optimism about the economy ahead of the launch of GST later this year, but analysts said extensive gains in Sensex and Nifty blunted the monsoon’s impact on markets. “Progress of the monsoon and GST rollout will be a key factor going ahead,” said Siddharth Purohit, senior research analyst at Angel Broking. “Broadly, markets are consolidating now, and before we see further uptrend, there will be more consolidation for a few sessions,” Purohit said, adding “absence of any major corporate announcements will keep the markets in narrow range for a few sessions.”

Also Read: PFC shares sink 10% after weak Q4 results

3.30pm: BSE Sensex closed higher by 50 points, or 0.16%, to 31,159, while the Nifty 50 rose 20 points, or 0.20%, to 9,624.55.

3.01pm: BSE Sensex trades higher by 72 points, or 0.23%, to 31,181, while the Nifty 50 rises 22 points, or 0.23%, to 9,627. The BSE Healthcare index rises 1.74% to trade at 13447.23 points.

2.58pm: Telecom stocks fall. BSE telecom index declines 0.96% to trade at 1275 points. MTNL shares fall 1.39%, Onmobile shares fall 2.46%, Infratel falls 2.7% while ITI falls 2.82%

2.02pm: BSE Sensex trades higher by 77 points, or 0.25%, to 31,186, while the Nifty 50 rises 20 points, or 0.21%, to 9,625.

1.45pm: Mid cap stocks outperform the 30-share Sensex index. While Sensex rises 0.19%, the BSE midcap index rises by 0.71%. Adani enterprises shares rise 5.88%, Bajaj Finserv Ltd rises 3.89%, Aditya Birla Nuvo rises 3.06%, Jindal steel rises by 2.7%.

1.20pm: BSE Sensex trades higher by 51 points, or 0.16%, to 31,161, while the Nifty 50 rises 12 points, or 0.12%, to 9,616.

1.00pm: Shares of Power Finance Corp (PFC) on Tuesday declined by nearly 10% after the company reported a standalone net loss of Rs3,409.49 crore in the quarter ended 31 March.

12.12pm: BSE Healthcare index rises 1.73% to 13,445 points. The Aurobindo pharma shares rise 8.9%, Naryana Hrudayalaya rises 6.98%, Sun Pharma rises 6.18% and Jubilant Life Sciences jumps by 4.68%.

12.10pm: BSE Sensex trades higher by 36 points, or 0.11%, to 31,145, while the Nifty 50 rises 5 points, or 0.06%, to 9,610.

11.18am: BSE Sensex trades higher by 59 points, or 0.19%, to 31,168, while the Nifty 50 rises 8 points, or 0.08%, to 9,613.

10.45am: Bharat Petroleum Corp Ltd fell 2.3% to Rs 738.35 after the company reported 13% decline in its net profit for the March quarter to Rs 1841.68 crore against Rs 2116.03 crore a year ago.

10.21am: BSE Sensex trades lower by 6 points, or 0.02%, to 31,103, while the Nifty 50 rises 4 points, or 0.04%, to 9,609.

10.10am: Aurobindo Pharma Ltd rose 8% to Rs555. The company reported consolidated net profit of Rs532.45 crore in March quarter, down 4.03% from Rs554.77 crore a year ago.

10.05am: Shree Renuka Sugars Ltd fell 4% to Rs13.24 after the company posted a net loss of Rs87.6 crore in March quarter against net profit of Rs47.40 crore a year ago.

10.00am: Banking stocks trade higher. ICICI Bank rose 2.4%, Oriental Bank of Commerce 2.7%, Bank of India 1.8%, Syndicate Bank 1.4%, Andhra Bank 0.8%, Bank of India 0.8%, Federal Bank 1.1%, Yes Bank 1%, Punjab National Bank 0.7%, State Bank of India 0.7%.

9.50am: All ADAG group stocks were trading higher except Reliance Communications Ltd which fell 4%. Reliance Infrastructure Ltd up 2%, Reliance Capital up 2%, Reliance Power Ltd up 1%, Reliance Defence and Engineering Ltd rose 0.7%.

9.45am: Pharma stocks trading higher. Aurobindo Pharma up 4%, Lupin Ltd rose 1.5%, Cipla Ltd 1.5%, Sun Pharma 1.2%, Dr Reddy’s Lab 1.1%

9.40am: BSE Sensex trades higher by 26 points, or 0.08%, to 31,136 points, while the Nifty 50 rises 2 points, or 0.02%, to 9,607 points.

9.37am: Larsen & Toubro Ltd shares rise 2% to Rs1,823.90 after the company reported a 28% jump in March quarter on higher revenue and lower taxes, beating the street expectations. Consolidated net profit in the quarter rose to Rs3,025 crore from Rs2,335 crore a year earlier.

9.35am: Jubilant FoodWorks Ltd shares fall 12% to Rs828.15 after the company said its net profit fell 75.9% to Rs6.7 crore in the March quarter from Rs27.8 crore in the year-ago period.

9.32am: Power Finance Corp Ltd shares fall 6% to Rs 128 after the company reported a net loss of Rs3,409.49 crore in the quarter ended 31 March 2017 due to lower interest income and provisions for bad loans.

9.30am: Bharat Heavy Electricals Ltd fell 7.2% to Rs142.30 after the company said its standalone net profit declined by 57% to Rs215.55 crore in the fourth quarter ended March, due to lower income and provisions for higher wages.

9.25am: Coal India Ltd fell 2.2% to Rs261.80. The company, on Monday reported a sharp drop in its consolidated net profit in the fourth quarter period ending March 2017 to Rs2,716.09 crore, down by 38% over the corresponding period profit of Rs4,398.35 crore.

9.20am: MMTC Ltd fell 6.4% to Rs55.35 after the company reported a net loss of Rs 20.82 crore in March quarter against a net profit of Rs20.68 crore a year ago.

9.15am: The rupee opened at 64.64 a dollar. At 9.15am, the rupee was trading at 64.66, down 0.22% from its Monday’s close of 64.50.

9.10am: The 10-year bond yield was trading at 6.668% compared to its previous close of 6.67%. Bond yields and prices move in opposite directions.

9.05am: Asian currencies were trading lower. Malaysian ringgit was down 0.24%, South Korean won 0.19%, Philippines peso 0.16%, Indonesian rupiah 0.11%, China Offshore 0.11%, Thai Baht 0.07%. However, Japanese yen was up 0.37%, China Renminbi 0.19%.

With inputs from Reuters

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