HDFC AMC makes stellar debut In Intraday trade, BSE Sensex surged 249.09 points to a new high of 37,805.25 and the Nifty 50 jumped 66.85 points to a fresh record high of 11,427.65. Here are the latest updates from the markets

BSE Sensex and NSE’s Nifty 50 surged to new record higher on Monday following strong cues from global markets. In Intraday trade, Sensex surged 249.09 points to a new high of 37,805.25 and the Nifty 50 jumped 66.85 points to a fresh record high of 11,427.65. The Indian rupee strengthened marginally against the US dollar, tracking gains in local equity market and Asian currencies. Asian stocks rose after China’s efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region, but trade tensions between US and China limited gains. Meanwhile, DIIs purchased equities worth Rs 87.08 crore on net basis on Friday, while FIIs sold shares worth Rs 5.87 crore, provisional data showed.

3.17 pm IST
Gold may hit $1,300 by year end: ICBC
Gold’s plunge to the lowest level in more than a year is close to ending, and prices will probably climb back to $1,300 by December, according to ICBC Standard Bank Plc. Gold’s appeal has been fading this year with prices sliding near to the key $1,200 level, partly because of an upbeat outlook on the US economy that’s strengthened the dollar.

3.10 pm IST
Profit rises in June quarter for Monsanto India
Monsanto India Ltd reported a profit of Rs 66.02 crore in the quarter ended 30 June, compared to Rs 54.48 crore a year ago. Revenue from operations came in at Rs 261 crore in the quarter, as against Rs 236 crore in the same period last year. Shares traded 0.70% down at Rs 2,905.

2.35 pm IST
European shares trade lower
European shares floundered in cautious trading as Europe’s biggest bank HSBC disappointed investors, while doubts over a planned $87 billion tie-up with Praxair sank shares in German industrial gases group Linde. The pan-European STOXX 600 was down 0.1% by 1pm. The heavyweight stock dragged Germany’s DAX down to underperform peers, declining 0.2%.

source: livemint.com