Markets create new records on strong corporate earnings

09:50 AM	
				
 		
 	
 	 						
			
	Top 10 losers on NSE
09:50 AM Top 10 losers on NSE
Author

01 August, 2017

Power Grid, Tata Steel, ONGC, ICICI Bank, Kotak Bank, Infosys, Reliance, Maruti, among others too ended with gains.

Asian stocks are broadly higher this morning and the dollar hovered near a 2-1/2 year low versus the euro amid bets that the Federal Reserve may not rush to raise interest rates if inflation continues to be soft.

Meanwhile, the Nifty auto index rose as much as 1.2 per cent to hit a record high, on expectations of higher sales numbers from Indian automakers in July. The Sensex settled at yet another new high of 32,575.17 by surging 60.23 points, or 0.19 per cent.

"L&T, the engineering and construction conglomerate, rose 3.97 per cent after the company on Friday reported better-than-estimated earnings for the first quarter with a 50.59 per cent jump in consolidated net profit, which in turn helped the NSE index".

Sentiments were also positive ahead of the RBI's third bi-monthly policy meeting which is scheduled on 2 August where the central bank is expected to slash the benchmark repo rates.

GM earnings fall, outlook holds steady
Several analysts have released their opinion on General Motors Company (NYSE:GM), with 4 analysts believing it is a strong buy. The (Simple Month Average) SMA20 is at 0.29 percent, its SMA50 Value is 3.11% and SMA200 value is reported as 2.17 Percent.

The S&P 500 information technology dipped 0.53 per cent, with Facebook falling 1.86 per cent and Alphabet, Google's parent company, down 1.34 per cent. The 50-issue NSE Nifty hit an all-time high during the day.

Market breadth was positive with 666 advances against 275 declines.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 945.83 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 1,390.65 crore. Bank of Baroda was the top Nifty loser, down 1.53 per cent. SBI, Canara Bank and PNB were the other banking losers, falling between 1 per cent and 2 per cent.

In US, the Dow Jones Industrial Average finished at an all-time high yesterday, but the broader market's gains were capped by losses in the technology sector.


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