News Details

( 21 Jun 2018)
Markets trade higher; APSEZ, ICICI Bank shares advance

The key domestic benchmark indices were trading in a positive terrain in the morning trading session amid mixed trend among Asian peers due to elevated trade tensions between the US and China.

On the IPO front, the primary market is expected to remain robust in 2018 with Dalal Street looking at over Rs 35,000 crore of IPOs. Also, the initial public offer of Fine Organic Industries has been subscribed 12 percent so far on the first day of bidding on Wednesday. Also, the initial public offer of RITES has been subscribed 0.60 times so far on the first day of bidding on Wednesday.

On the economy front, the markets may react to a report that India's merchandise exports in May rose 20.2 percent year-on-year, but the trade deficit widened to USD 14.62 billion, driven mainly by a 50 percent surge in its oil import bill, on higher global prices. Also, SEBI is likely to discuss proposed overhaul of governance norms for market infrastructure institutions as well as amendments to buyback and takeover norms.

Shares of InterGlobe Aviation gained around 6 percent in the morning trade as a relief rally was seen on the stock post the management’s clarification.

At 10:20 a.m the Bombay Stock Exchange bellwether Sensex was trading at 35573.16 up by 25.83 points or by 0.07 per cent, while the NSE Nifty was at 10780.05 up by 8 points or by 0.07 per cent.

The BSE Sensex touched an intraday high of 35678.69 and an intraday low of 35536.88 while the NSE Nifty touched an intraday high of 10809.6 and an intraday low of 10764.15.

The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 372.40,+1.75 per cent), ICICI Bank Ltd. (Rs. 297.90,+1.59 per cent), Reliance Industries Ltd. (Rs. 1028.00,+0.79 per cent), Tata Steel Ltd. (Rs. 567.65,+0.77 per cent), Coal India Ltd. (Rs. 272.45,+0.68 per cent), among others.

Meanwhile, Power Grid Corporation of India Ltd. (Rs. 196.75,-1.43 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 161.30,-0.92 per cent), Mahindra & Mahindra Ltd. (Rs. 895.50,-0.79 per cent), Wipro Ltd. (Rs. 257.75,-0.79 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 560.65,-0.59 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1928, shares advanced were 834 while 994 shares declined and 100 were unchanged.

On the global front, Asian stocks were trading mixed as investors sought bargains, from the US-China trade war, while the Wall Street closed mixed in the previous trading session as US trade concerns lingered.