Market Live: Sensex jumps 120 points, Nifty surges on fresh buying; Tata Steel, SBI top gainers

BSE Sensex and NSE Nifty trade higher on Monday. Photo: AFP

Mumbai: The benchmark Nifty jumped on Monday and the Sensex, too, surged in the opening session, underpinned by a strong dose of better-than-expected corporate earnings. The rally came on buying in capital goods, metal, oil and gas, consumer durables and banking stocks. L&T, the engineering and construction conglomerate, rose 3.97% after the company on Friday reported better- than-estimated earnings for the first quarter with a 50.59% jump in consolidated net profit, which in turn helped the NSE index.

The 30-share Sensex too was on song, rising 133.05 points, or 0.41,% at 32,442.93. The gauge had lost 73.42 points in the previous session on Friday. Sectoral indices, led by capital goods and metal, registered gains of up to 1.79%. Other big movers were ONGC, Kotak Bank, Tata Steel, PowerGrid and ICICI Bank. Continued buying by domestic institutional investors (DIIs) and encouraging quarterly numbers from a few blue-chip companies made it a perfect setting, traders said. Here are the latest updates and developments from the markets.

■ 11.25am: BSE Sensex trades higher by 127 points, or 0.39%, to 32,437, while the Nifty 50 rises 30 points, or 0.30%, to 10,044.

10.30am: IL&FS Transportation Networks Ltd rose 5% to Rs94 after the company reported on 28 July it was the lowest bidder for the Zojila tunnel contract in India’s Jammu & Kashmir state.

10.20am: Kitex Garments Ltd fell 11% to Rs250 after the company reported 15.25% decline in its net profit in June quarter to Rs17.95 crore against Rs21.18 crore a year ago.

10.15am: JBF Industries Ltd fell 5% to Rs212.55 after Care ratings has downgraded its Rs 1600 crore and Rs 427 crore short term and long term bank facilities to Default each from BB+ and A4 respectively.

10.10am: Larsen & Toubro (L&T), Tata Steel, ONGC and ICICI Bank are the top gainers among Sensex stocks with gains to the tune of 3.03%, 2.28%, 1.91%, and 1.69%, respectively.

9.30am: BSE Sensex trades higher by 101 points, or 0.31%, to 32,411, while the Nifty 50 rises 33 points, or 0.33%, to 10,048.

9.25am: Dena Bank shares fell 4.3% to Rs32.50 after the bank reported a loss of Rs132.65 crore in June quarter against Rs279.35 crore a year ago.

9.20am: Larsen & Toubro (L&T) rose 2.7% to Rs1,190. The company on Friday posted a 46% increase in consolidated net profit for the June quarter as lower tax expenses and reduced losses at subsidiaries helped counter a decline in margins and order inflows. It reported a group net profit of Rs893 crore for the quarter, up from Rs610 crore a year earlier. Gross revenue rose 10% year-on-year to Rs23,990 crore.

■ 9.18am: Central Bank of India fell 4.1% to Rs87.10 after the bank reported a loss of Rs576.76 crore in June quarter against Rs600 crore a year ago.

■ 9.15am: The rupee opened at 64.10 a dollar. At 9.15am, the rupee was trading at 64.13 a dollar, up 0.04% from its Friday’s close of 64.15.

■ 9.10am: Asian currencies were trading higher. Japanese yen was up 0.17%, Thai baht 0.17%, China renminbi 0.13%, China offshore 0.09%, Philippines peso 0.07%, Malaysian ringgit 0.05% and South Korean won 0.05%. However, Singapore dollar was down 0.06%.

■ 9.00am: The 10-year bond yield was at 6.462%, compared to its previous close of 6.463%. Bond yields and prices move in opposite directions.

With inputs from PTI

First Published: Mon, Jul 31 2017. 09 34 AM IST

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