Closing bell: Sensex, Nifty close fresh record high as banking stocks gain

Mumbai: BSE Sensex and NSE Nifty on Friday hit new all-time peaks, riding on more capital inflows and positive services industry activity data. Earnings optimism among investors and positive global cues after appointment of a new US Federal Reserve chief helped the indices go higher.

The Sensex firmed up to an all-time intra-day high of 33,733.71 on a flurry of buying, breaching its previous record of 33,657.57 hit on Thursday. Finally, it closed at a fresh record of 33,685.56 by rising 112.34 points, or 0.33%. The Nifty touched a fresh high of 10,461.70 intra-day, breaking the earlier record of 10,453 reached on Thursday. The Nifty closed 28.70 points, or 0.28%, higher to a new high of 10,452.50, surpassing its previous closing high of 10,440.50 hit on 1 November. For the second straight week, the Sensex rose, recording a significant gain of 528.34 points, or 1.59%. The Nifty was up 129.45 points, or 1.25%, during the week. Here are the latest updates:

■ 3.33pm: BSE Sensex closed higher by 112.34 points, or 0.33%, to 33,685.56, while the Nifty 50 rose 28.70 points, or 0.28%, to 10,452.50.

Minutes before the closing, the Sensex surged 160.49 points, or 0.47%, to hit a fresh all-time high of 33,733.71. SBI, L&T, Tata Motors and Axis Banks were top gainers with gains to the tune of 3.59%, 2.89%, 2.81% and 1.87%, respectively. Meanwhile, Sun Parma, Powe Grid and Coal India fell 1.99%, 1.955 and 1.59%, respectively.

■ 2.58pm: Bharti Airtel Ltd said Bharti Telecom Ltd has acquired 184,710,183 shares—representing 4.62% stake—of the company from Indian Continent Investment Ltd on 3 November. Bharti Telecom increased its stake in the company to 50.10% from 45.48%. Bharti Airtel shares were trading 0.16% up at Rs543.95.

■ 2.40pm: In the afternoon trade, the Sensex rose 128 points, or 0.38%, to hit a new life-time high of 33,701.74.

■ 2.32pm: BSE Sensex trades higher by 82.15 points, or 0.24%, to 33,655.37, while the Nifty 50 rose 20.25 points, or 0.19%, to 10,444.05.

■ 2.25pm: Hindalco Industries Ltd posted an 11% fall in second-quarter profit, missing street estimates. Profit fell to Rs393 crore in the three months through 30 September, from Rs440 crore a year earlier. The company incurred a one-time expense of Rs106 crore. Shares fell 0.09% to Rs269.90.

■ 2.20pm: The pan-European STOXX 600 index was up 0.1%, set for its second week of gains in a row, while euro zone blue chips were down 0.1%, Reuters reported. Britain’s FTSE 100 built on the previous session’s gains following the Bank of England’s first rate hike in more than a decade, up 0.3%.

■ 1.54pm: BSE Sensex trades higher by 94.19 points, or 0.28%, to 33,667.17, while the Nifty 50 rose 27.90 points, or 0.27%, to 10,451.70.

■ 1.50pm: Tata Power Co. Ltd reported an about 44% slump in quarterly profit, hurt by lower income from its power generation business, missing analysts’ forecasts. Profit came in at Rs269 crore in the quarter ended 30 September, compared with a profit of Rs476 crore a year earlier, the company said on Friday. Shares rose 0.77% to Rs85.40.

■ 1.03pm: BSE Sensex trades higher by 57.30 points, or 0.17%, to 33,630.17, while the Nifty 50 rose 18.45 points, or 0.18%, to 10,442.25. Meanwhile, the smallcap was up 0.69%.

■ 12.55pm: Godrej Properties Ltd’s consolidated profit after tax was Rs44.16 crore in the quarter ended 30 September versus profit of Rs23.48 crore last year. The company’s September quarter consolidated revenue from operations stood at Rs492 crore versus Rs330 crore last year. Shares rose 1.56% to Rs734.70.

■ 12.53pm: Edelweiss Financial Services share fell 2.62% to Rs294. The company said its consolidated profit for the second quarter rose about 45% to Rs209 crore. The company’s consolidated total revenue from operations was at Rs2,015 crore.

■ 12.50pm: Royal Orchid Hotels Ltd shares rose 3.14% to Rs146 after the company said it has partnered with UK’s Bespoke Hotels.

■ 12.40pm: Punjab National Bank shares rose 4.08% to Rs208.35 after the country reported a 2% rise in second-quarter profit, beating forecasts. Net profit rose to Rs561 crore for the quarter ended 30 September from Rs549 crore a year earlier.

■ 12.38pm: BSE Sensex trades higher by 64.65 points, or 0.19%, to 33,637.87, while the Nifty 50 rose 18.35 points, or 0.18%, to 10,442.15.

■ 12.30pm: The initial public offering (IPO) of state-owned general insurance firm The New India Assurance Co. Ltd was subscribed 1.09 times so far on the last day of the share sale on Thursday. As of 12.15pm, the IPO received bids for 130,746,834 shares against the total issue size of 120 million shares, according to NSE data.

■ 12.25pm: Khadim India Ltd’s initial public offering was subscribed 21% so far on the second day of the share sale on Friday. As of 12pm, the IPO received bids for 1,069,460 shares against the total issue size of 5,073,006 shares, according to NSE data. The IPO will close on 6 November.

■ 11.50am: Steel Strips Wheels Ltd has received an order from Europe to export 10,000 truck wheels. The order value would be over €3.9 million. Shares rose 3.07% to Rs868.75.

■ 11.05am: BSE Sensex trades higher by 73.16 points, or 0.22%, to 33,646.38, while the Nifty 50 rose 20.20 points, or 0.19%, to 10,444.

■ 10.58am: Natco Pharma Ltd said that its marketing partner Alvogen received final approval for generic equivalent to oseltamivir phosphate powder for oral suspension in US. Natco Pharma shares fell 2.68% to Rs970.

■ 10.40am: India’s dominant services industry activity expanded at its fastest pace in four months in October as demand continued to strengthen despite accelerating price pressures, Reuters reported. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.7 last month – its highest since June – from 50.7 in September.

■ 10.30am: BSE Sensex trades higher by 25.62 points, or 0.08%, to 33,598.84, while the Nifty 50 edged up 8.10 points, or 0.08%, to 10,431.90.

■ 10.25am: PNB (up 1.62%), Hindalco (up 0.93%), Tata Power (up 0.77%), Titan (up 1.04%) and UCO Bank (down 1.54%) are among the companies that will be announcing their September quarter earnings today.

■ 9.57am: BSE Sensex trades higher by 10.10 points, or 0.03%, to 33,583.32, while the Nifty 50 edged down 2.15 points, or 0.02%, to 10,421.65.

■ 9.53am: Bharati Airtel Ltd up 3.2% to Rs560.50 after huge block deal. Around 184.70 million shares or 4.6% stake of the company changed hands in single block deal, according to a Bloomberg report. However, details of the buyers and sellers were not known.

■ 9.50am: Andhra Bank fell 4% to Rs 65.85 after the company reported a loss of Rs 385 crore in September quarter against a profit of Rs 51 crore last year same quarter.

■ 9.45am: GE T&D India Ltd surges 15% to Rs 431.05 after the company reported 131% jump in its net profit to Rs 47.52 crore against Rs 20.52 crore a year ago.

■ 9.27am: BSE Sensex opened higher by 67.36 points, or 0.20%, to 33,640.58, while the Nifty 50 rose 20.20 points, or 0.19%, to 10,444.00.

■ 9.23am: Hindalco Industries Ltd rose 2.3% to Rs276.40 after its arm Novalis posted strong earnings. Novelis’ 2Q adj. EBITDA (ex metal price lag) grew 12% YoY, 4% ahead of our estimate. Volumes were in line, but margins surprised positively again led by rising auto mix. Novelis raised its EBITDA guidance for FY18 by ~4.4%. Auto shipments remain strong and beverage can market in North America has been steady.

■ 9.20am: Hathway Cable & Datacom Ltd hits 20% upper circuit to Rs38.25 after the company reported a net profit of Rs14.01 crore in September quarter against a net loss of Rs40.44 crore a year ago.

■ 9.17am: Hindustan Construction Co Ltd fell 3.6% to Rs 38 after the company reported 50% decline in its net profit in September quarter to Rs 11.60 crore against Rs 23.08 crore a year ago.

■ 9.15am: The rupee opened at 64.58 a dollar. At 9.15am, the home currency was trading at 64.55 against the dollar, up 0.07% from its Thursday’s close of 64.61.

■ 9.13am: The 10-year bond yield was at 6.855% compared to its previous close of 6.861%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading mixed ahead of the US non-farm payrolls data. China Offshore spot was down 0.14%, Singapore dollar 0.13%, China renminbi 0.1%, Thai Baht 0.06%, Malaysian ringgit 0.06%. However, Indonesian rupiah was up 0.39%, South Korean won 0.16%, Philippines peso 0.16%, Taiwan dollar 0.07%, Japanese yen 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.69, up 0.01% from its previous close of 94.685.