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Nifty, Sensex end nearly 1% higher; M&M top loser on cess hike

Catch all that happened in the market here

SI Reporter  |  New Delhi 

stocks, equity, mutual, MF, mutual funds, sensex, stock

The and rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow

Across the board buying in metal, oil & gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of previous day's losses.

Financial stocks accounted for more than a third of gains on the NSE index, with finance index gaining 1%. Metal index also advanced over 2%, adding to the gains.

Sentiment was also supported by a recovery in broader Asia as concerns stemming from North Korea’s firing of a missile over Japan receded, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.5%.

3:56 PM

Analyst View
 
Anand James, Chief Market Strategist, Geojit Financial Services says: Domestic indices ascended on the back drop of a recovery in the global markets, while receding intensity of rain havoc in the financial capital also helped improve risk appetite. Subdued rollover numbers seems to be concerning, but significant short covering was seen in the IT and pharma sectors, keeping market buoyant.

3:55 PM Nifty chart for the day

Source: NSE

3:53 PM Other gainers

Nifty Financial Services ended nearly 1% higher led by gains in M&M Finance, PFC, HDFC and HDFC Bank

3:51 PM Adani Enterprises surges

Adani Enterprises surged 8% after Australian Trade Minister said all approvals for Carmichael coal mine are in place and Adani group will make decisions on exporting coal from Carmichael mine to India.

3:49 PM Metals Shine

Nifty
Source: NSE

3:42 PM Sectoral Trend

All sectoral indices except Nifty IT (down 0.1%) ended the day in green. Nifty Metal was the top sectoral gainer, up 2.6%, followed by Nifty Realty, Nifty Fin Services and Nifty FMCG

3:37 PM Top gainers and losers on BSE Sensex

Nifty
Source: BSE

3:35 PM Broader Markets

Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap rising 1.5% and 1.3% respectively.

3:33 PM Markets at close

The Sensex and Nifty rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow.

The Sensex settle at 31,646, up 258 points, while the broader Nifty50 was ruling at 9,884, up 88 points

3:20 PM Nifty Gainers

IOC traded at record high with 4.5% gains followed by Hindalco (up 4%) and BPCL (up 3.8%)

Nifty
Source: NSE

3:13 PM BUZZING STOCK

HEG surged 8.85% to Rs 659.05 on BSE, with the stock extending recent strong gains.
 
High volumes were witnessed on the counter. On the BSE, 2.99 lakh shares were traded on the counter so far as against the average daily volumes of 92,041 shares in the past one quarter. The stock had hit a high of Rs 668.95 so far during the day, which is also its record high.

3:07 PM Global Markets

The dollar came off a 2-1/2 year low and world stocks rose on Wednesday after the United States’ measured response to North Korea’s missile test soothed jittery investors who turned their focus to positive economic data.
 
European stocks rose higher, tracking counterparts in Asia and the United States and reversing losses from the day before when investors were spooked by Pyongyang’s firing of a ballistic missile over Japan.
 
In Europe, the pan-European STOXX 600 gained 0.6%, recovering nearly all the ground lost in the previous session and banking stocks .SX7P - which had led the risk-averse move lower on Tuesday - were up nearly 1%.
 
This followed gains in Asia: MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6% while Japan's Nikkei rose 0.7%.

3:01 PM

47% of global venture capital transactions came from Asia in 2017
 
Global venture capital transactions witnessed significant uptrend this year with deals worth USD 47 billion in the April-June quarter, says a report.
 
The largest proportion of deal value came from Asia, which contributed 47 per cent to the deal value this year so far, the report by alternative investment research firm Preqin said. 

Click here for full report

2:56 PM

Equinomics Research on Infosys
 
In our view, the stock has been already punished more than what it deserves. It has slipped 14.2% from its 52-week high (October 2015). During the same period, the Sensex has gained 14%. Infosys now trades at 14.7x its FY2017 earnings. This valuation is at steep discount to peers like TCS and it is on par with small IT companies which have an annual revenue of less than Rs 5,000 crore

2:54 PM

COMMENT: GST collection
 
As per latest data, Rs 92,300 crore has been collected for the month of July. July CGST (including share in IGST) would likely be Rs 40,000 - 45000 crore. This might seem low given that around Rs78,000 crore is expected to be garnered on an average every month from indirect taxes as per budget estimates. 
 
However, we note that it is early to assess the impact on government accounts. We view this data positively given that only 46% of the potential tax payers have filed GST till now. We need to await data over the next two - three months for better clarity
 
 
(Source: Kotak Securities)

2:52 PM

Finance Minister on cess hike
 
"Price of luxury vehicles substantially came down post GST rollout; Cess was to be levied on large or luxury vehicles," the FM said.
 
He added that, "states which lose revenue on GST rollout will be compensated via cess."

Finance Minister Arun Jaitley

2:51 PM Settlement with Vikram Bakshi not possible: McDonald's to NCLAT

2:50 PM

COMMENT: Sridhar V, Partner, Grant Thornton India on cess hike
 
While the ordinance sets right the anomalies which crept in while the rates were finalised for the passenger car segment in early June, the additional 10% cess will have a dampening impact on the otherwise increased demand expectation for luxury cars and SUV, which in recent times have been picking up. The government is expected to come up with more clarity if it intends to have a couple of more levels of cess within the overall cess of 25%

2:45 PM

Cess hike on large cars will not dent volumes, say analysts
 
Auto and auto ancillary stocks continued to trade higher even after the Cabinet on Wednesday cleared an ordinance to hike cess on luxury cars and sport-utility vehicles to 25% from 15% under the goods and services tax (GST) regime at present. 
 
Ankur Varman, AVP - Institutional Equity sales at SBI Capital Markets maintained his bullish on the auto stocks, saying cess hike wouldn't impact volumes.  
 
"The cess hike doesn't change our outlook on the auto stocks. We’re particularly bullish on Maruti Suzuki in the four-wheeler space and Hero MotoCorp among the two-wheelers," said Varman. READ MORE

cars, vehicles

2:31 PM Market Check

Benchmark indices maintained strong gains in afternoon, tracking positive European peers after easing of geopolitical tensions surrounding around North Korea.

At 2:30 pm, the Sensex was trading at 31,653, up 264 points, while the broader Nifty50 was ruling at 9,888, up 92 points.

2:15 PM Earnings Impact

Jenburkt Pharmaceuticals fell 4.42% to Rs 414.90 on BSE after the company reported net loss of Rs 2.88 crore in Q1 June 2017, compared with net profit of Rs 3.53 crore in Q1 June 2016.

2:02 PM

G20 economic growth to exceed 3%, predicts Moody's
 
Moody's Investors Service kept its forecast for G20 economic growth at just over 3% for this year and next, but warned of geopolitical risks, US protectionism and spillovers from global monetary tightening and China's deleveraging measures.
 
The rating agency said surprisingly strong data in the first half of the year prompted it to raise 2017 growth forecasts for China to 6.8% from 6.6%, for South Korea to 2.8% from 2.5%, and for Japan to 1.5% from 1.1%.

1:49 PM Nifty Bank

Private sector banks like YES Bank, HDFC Bank were among the top five gainers on the index

Source: NSE

1:33 PM

Order win
 
Wind turbine maker Inox Wind on Wednesday said it had bagged an order from Adani Green Energy to develop a 100 MW wind power project in Gujarat.
 
"The company has closed a deal for developing a 100 MW wind power project for Adani Green Energy, a part of the Adani group at Kutch in Gujarat," Inox Wind said in a regulatory filing.

1:23 PM Crude Check

Oil prices dipped on Wednesday but gasoline spiked to its highest since mid-2015 as flooding in the wake of Hurricane Harvey knocked out almost a quarter of US refineries, crimping demand for crude but raising fears of fuel shortages.
 
US West Texas Intermediate (WTI) crude futures were at $46.35 per barrel, down 9 cents from their last close while Brent crude futures were down 6 cents, at $51.94 a barrel.

Oil block auction faces uphill battle

1:06 PM

European Markets

European markets started the session in the black as investors tried to oust any nerves surrounding North Korea tensions and took advantage of the positive sentiment seen overseas.
 
The pan-European Stoxx 600 was 0.6% higher after hitting a six-month low in the previous session.

12:51 PM

KEI Industries hits record high
 
KEI Industries rose over 2% to Rs 251 on BSE after net profit surged 144.8% to Rs 27.47 crore on 43.8% growth in net sales to Rs 790.89 crore in the June quarter of FY18 compared to the same quarter of FY17. 

12:36 PM Nifty Auto continues trading 1% higher post Cabinet approval to cess hike ordinance

auto
Source: NSE

12:19 PM ALERT: Cabinet approves raising levy on luxury cars, sport-utility vehicles to 25% from 15%, says Reuters quoting government sources

Maruti Suzuki

12:10 PM

Broader markets continue to outperform 
 
The BSE Midcap and the BSE Smallcap indices were trading 1.5% higher each. 

12:04 PM Nifty hits 9,900

Top gainers on Nifty50

Nifty1
Source: NSE

12:02 PM Nifty IT sole sectoral loser

Nifty IT index pared early gains to slip in red, led by losses in Tech Mahindra and HCL Tech. 

IT
Source: NSE



11:49 AM

Management Meet Update: Welspun India
 
In most cases, the company has been able to pass on the increase in cotton prices to the customers in the past. However, this year has been slightly tricky at the retailer-end where they are in no mood to entertain a price hike given the current state of affairs. 
 
The management maintained that India is in a strong position on the cotton front and prices are expected to stabilise once the new cotton season commences in October 2017. Q2FY18 margins will continue to be suppressed while there could be some improvement in Q3FY18. The actual impact of cotton prices will be witnessed in 4QFY18, a benefit of around 10%-12% YoY.
 
(Source: Nirmal Bang)

11:48 AM

ICICI Securities on Bajaj Finance
 
A strong performance in a weak economic scenario (healthy return ratios - RoA at >3%, RoE at >20% GNPA at <2%) led to higher investor interest while the P/ABV multiple expanded from 1x to >5x since 2013. We expect PAT CAGR of 34% in FY17-20E to | 4393 crore, as we factor in 32% CAGR in assets under management & lower cost-income (CI) ratio. BFL’s premium valuations are expected to sustain on better earnings visibility and improving return ratios.
 
We revise our target price higher to Rs 2025 (earlier Rs 1800) as we roll over to FY20E and value the stock at 25x FY20E EPS of Rs 80.3. We maintain BUY. The stock will be included in the Nifty from September 29, 2017

11:45 AM

ICICI Securities recommends Bajaj Finserv
 
Listing of general insurance companies anticipated at higher valuation warrant an upgrade of Bajaj’s general insurance business. Hence, we revise the valuation of general insurance upwards to Rs 34,003 crore, valuing the same at 24x FY20E PAT (earlier 20x FY19E). 
 
Going ahead, we remain positive on the stock owing to 1) sustained healthy performance of Bajaj Finance 2) strong growth and improving efficiency in general insurance business and 3) increasing traction in life insurance. 
 
Rolling over to FY20E, we revise our target price to Rs 6,000/share (Rs 5170 earlier) for Bajaj Finserv, implying a multiple of 18.8x on FY20E consolidated earnings. Consequently, we maintain BUY rating on the stock.

11:43 AM

Sector watch: Cement
 
Cement demand growth held on to a moderate 3-4% YoY growth in 1QFY18, with healthy price trends able to offset the cost inflation as EBITDA grew ~7% YoY and Industrywide EBITDA/t expanded to recent highs at around Rs 950/tonne. With the seasonal price correction, Cement EBITDA/tonne is expected to dip in Q2FY18. However, we expect cement demand and pricing to improve from September/October onwards as we head into busy construction season post monsoon. Government focus on Low cost Housing and infra should provide the required volume push in medium term (Source: Antique Stock Broking)

11:39 AM

NTPC offer for sale
 
Experts believe the OFS is an opportunity for long-term investors. The Street sentiment towards NTPC has continued to improve in the past 18 months, with the government’s initiative on reforms in the power sector. In fact, after the first quarter results, details on the progress of NTPC’s capacity expansions had led many analysts to upgrade their ratings. READ FULL ANALYSIS HERE 

11:32 AM

Stick to high-quality private sector banks: Macquarie
 
We maintain Underperform on all PSU banks and Axis Bank. We have an Outperform on ICICI Bank given cheap core P/BV multiples with significant value derived from subsidiaries. We reiterate our preference for retail-oriented banks (HDFC Bank, IndusInd Bank) and YES Bank, given the challenging stressed asset recovery environment

11:28 AM Buzzing stock

Gujarat Apollo Industries jumped over 7% to hit its 52-week high of Rs 195 on the BSE after the company reported net profit of Rs 10.45 crore in the June quarter, compared with net loss of Rs 0.37 crore in the corresponding quarter of the previous fiscal year. 

Gujarat Apollo Industries manufactures and exports construction and mining equipments.

10:55 AM Nifty Metal up 2%

Nifty Metal was the leading sectoral gainers, led by gains in NMDC and Jindal Steel. 

(Source: NSE)

Nifty Metal



10:41 AM Gold gains

Gold rose on Wednesday as safe-haven demand was buoyed by expectations that geopolitical tensions could persist, although further gains were capped as the dollar recovered slightly amid perception of a brief lull in tensions surrounding North Korea. 
 
Spot gold rose 0.3% to $1,313.10 per ounce, but was off a more than nine-month peak hit on Tuesday at $1325.94. US gold futures were little changed at $1,318.30 per ounce.

gold, silver, jewellery, gems, ornaments

10:38 AM

Nirmal Bang on Bajaj Electricals
 
We had a meeting with the management of Bajaj Electricals (BJE) recently to get the latest business update. The management is optimistic about revival in profitability and resumption of volume growth in the consumer products segment post completion of RREP roll-out. 
 
In the engineering & projects (E&P) segment, healthy growth momentum is likely to sustain driven by execution of healthy order book while capital efficiency and margin profile are likely to improve. We have retained Buy rating on Bajaj Electricals with a target price of Rs400. We have assigned a P/E of 23x FY19E EPS to BJE’s consumer products business (peers are trading at 30x) and 15x to E&P business

10:26 AM

Sebi wants MF schemes to give true picture of returns
 
The Securities and Exchange Board of India (Sebi) wants the mutual fund (MF) industry to benchmark the returns of its equity schemes against a total return index, a move that would diminish the alpha generated by such schemes and help investors assess the returns better. CLICK HERE TO READ MORE

 

10:08 AM Buzzing stock

Ujjivan Financial Services rallied over 6% to Rs 346 after the company informed bourses that Ujiivan Small Finance Bank, the wholly-owned subsidiary of the company, has been included in the second schedule to the Reserve Bank of India Act, 1934 on August 25, 2017, granting ‘Scheduled Bank’ status to Ujiivan Small Finance Bank. 

Ujjivan

9:56 AM

RBI asks banks to stick to December deadline for insolvency 
 
The Reserve Bank of India (RBI), sources say, has instructed banks to maintain the December deadline for completing the bankruptcy proceedings on their largest non-performing assets (NPAs), in addition to the 12 named in June and the ones in various stages of similar operations. READ FULL REPORT HERE

9:49 AM Buzzing stock

Cadila Healthcare gained over 25 to Rs 509 after Zydus Cadila said it has received establishment inspection report from the US health regulator for its manufacturing facility at the pharma SEZ in Ahmedabad. 

Cadila Healthcare

9:37 AM Sectoral trend

All sectoral indices were trading higher with Nifty Realty beging the top gainer. 

sectoral
Source: NSE

9:34 AM

Nirmal Bang on Ujjivan Financial
 
We had a meeting with the management of Ujjivan Financial Services (UFSL) recently. Collection efficiency in respect of new loans disbursed is back to normal at 99.8%. Given the efforts on the collection front, the management gave guidance of asset quality improving from here on. 
 
The management retained its guidance of 4% credit cost for the year, with majority or two-thirds of the provisioning and write-offs accounted for in 1HFY18. The company is witnessing a strong rebound in disbursement which is above the pre-demonetisation level now. The small finance bank transformation strategy remains intact, which will aid long-term stability and profitability

9:33 AM Buzzing stock

Jaiprakash Associates recovered over 7% to Rs 23 after the stock fell over 10% in the previous session on reports that the company may be referred to NCLT if its debt issue doesn't get resolved. READ FULL STORY HERE

JP

9:23 AM Top Sensex losers and gainers 

heatmap
Source: BSE

9:20 AM

Broader markets
 
The BSE Midcap and the BSE Smallcap indices outperformed to add 0.9% each.

9:19 AM Markets at open

At 9:18 am, the Sensex was trading at 31,554, up 166 points, while the broader Nifty50 was ruling at 9,853, up 57 points.

9:13 AM

Stocks in news
 
Infosys, Wipro, NTPC, RBL Bank, Cadila Healthcare, Videocon , JP Associates etc

9:13 AM

Haitong Securities on Max India
 
We initiate coverage of Max India with a BUY rating. Our target price of Rs 170 is based on our sum-of-the-parts (SOTP) analysis of Max India's healthcare, insurance and senior living community businesses. Over our forecast period of FY3/17–20, we expect the healthcare business topline and EBITDA to grow at a CAGR of 14% and 22%, respectively. 
 
Our analysis of the health insurance business indicates a CAGR of 30% in Gross Premiums Written (GPW) and suggests a reduction in the opex ratio by 15ppt to 32% by FY3/20. We believe that sustained earnings momentum will be the key catalyst driving share price performance

9:10 AM

IDFC on Infosys post NRN Murthy's investor call
 
Infosys witnessed sharp erosion in stakeholders’ confidence over the last few days due to turn of events. We believe disruption is going to have some impact on the financials. However, the task to find a new CEO and reconstitute the board is daunting. We expect few more senior level exits as the leadership team is rebuilt that could lead to some business disruption despite business tailwind with Infosys

9:05 AM

Pre-open trade
 
The Sensex was trading at 31,524, up 136 points, while the broader Nifty50 was ruling at 9,803, up 7 points in pre-open trade.

9:04 AM Currency check

Rupee opened 8 paise higher at 63.94 against US dollar. On Tuesday, the currency closed at 64.02 level. 

Money, Rs 2000, 200 notes, Rupees

9:01 AM

NTPC offer for sale
 
The NTPC offer for sale (OFS) got Rs 7,780 crore worth of bids on Tuesday. The offering received bids for 463.5 million shares, 56 per cent of the 824 million shares on offer. READ MORE 

8:58 AM

Korea: FY18 budget is unveiled
 
The government has finalised its FY18 budget (to be submitted to the National Assembly on 1 September), which includes a 4.6% increase in fiscal spending and a 5.7% rise in fiscal revenue over the FY17 supplementary budget. 
 
The government estimates that the fiscal balance (excluding social security) will be a KRW 28.6 trillion deficit (1.6% of GDP) in 2018, which in percentage-of-GDP terms is slightly smaller than 2017’s 1.7% of GDP (KRW 28.3 trillion). As a result, the government estimates that its debt-to-GDP ratio will remain at 39.6% in 2018, unchanged from 2017. 
 
Given our bearish economic outlook, there is a risk that a fiscal revenue shortfall will require an FY18 extra budget to be presented in the middle of next year, which we would expect to include additional Korea Treasury bond (KTB) issuance. The Ministry of Strategy and Finance (MOSF) has unveiled the FY18 budget, which includes a 4.6% increase in fiscal spending to KRW 429 trillion, from KRW 410 trillion in the FY17 supplementary budget
 
(Source: Nomura)

8:57 AM

Top trading ideas 
 
Buy PNB Housing Finance with a target of Rs 1,700, says HDFC Securities. CLICK HERE FOR MORE TECHNICAL CALLS

8:55 AM

Nifty outlook by Vaishali Parekh of Prabhudas Lilladher 
 
Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry. CLICK HERE FOR MORE

8:54 AM Dollar rebounds 

The dollar rebounded from a 2-1/2-year low on Wednesday as concerns about North Korea’s firing of a missile over Japan ebbed. The dollar index, which tracks the greenback against a basket of six major peers, edged up 0.1% to 92.34.

8:54 AM

HSBC's GDP expectation
 
Repercussions of an early budget and the newly implemented Goods and Services Tax (GST) rates, receipts and rebates are likely to distort upcoming GDP readings. The Gross Value Added (GVA) may be a more reliable measure of economic activity over the next few quarters. We expect GVA growth for 1QFY18 to come in at an improved but still soft 6.2%, and GDP a tad lower at 6%

8:52 AM Asian markets

Asian stocks were muted despite Wall Street’s higher close. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade. South Korea's KOSPI share index and Australian shares both inched up 0.1%. Japan's Nikkei rose 0.5% as the yen weakened. while China's Shanghai Composite was trading flatand Hong Kong's Hang Seng index rose 0.8%.  

8:52 AM As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1459.64 crore on August 29, 2017. Domestic institutional investors bought shares worth Rs 1391.33 crore on that day: SMC Global

8:51 AM

F&O watch
 
Market-wide rollovers moved to 35% which is lower than the average rollovers of 38% (last three series). Average roll levels went down further today shrinking to ~48-50bps (cost to long roller) as against 51-52 bps yesterday. 
 
Low roll levels is one of the main reasons for below average rollovers. Nifty rollovers stand at 27% which is lower compared to the average rollovers of 42% (the last three series). Nifty futures roll cost (adjusted to dividend expectations of ~5 points in September and on screen levels of ~30 points) was ~35-36bps (cost to longs). 
 
As FII net longs in index futures have been reducing, the roll levels too have bore the brunt of it. Nifty future holds an OI of 27.27mn shares, as compared to 23.5mn shares on D-2 of July expiry. Around 34,000 Nifty contracts were rolled while ~4k contracts were unwound in the near series. 
 
(Source: Edelweiss Research)

8:49 AM

Market outlook
 
The downpour in cities like Mumbai was mimicked on the Street as stocks across the board seemed to be drowning in intra-day losses. North Korea's missile launch earlier this week increased tensions between Washington and Pyongyang. Donald Trump declared that "all options were on the table."  Back home, India's maiden GST collections stand at Rs.92,283 crore for July, exceeding the target, Finance Minister, Arun Jaitley said. 
 
The expectation is for a weak start even as the financial capital Mumbai limps back to normalcy. The F&O expiry on Thursday will keep market volatile. The new entrants to the NIFTY will remain in focus for few days. Foreign investors have reportedly sold to the tune of Rs 15,000 crore in August. Asian markets are mostly flat while US indices ended mixed -- Amar Ambani, head of research, IIFL

8:44 AM Wall Street update

Major US stock indexes ended higher on Tuesday after recovering from steep early losses triggered by fears that hostilities in the Korean Peninsula could escalate.
 
The S&P 500 fell as much as 0.66% after US President Donald Trump warned that all options are on the table for the United States to respond after North Korea fired a ballistic missile over a Japanese island in a new show of force.
 
The Dow Jones Industrial Average rose 56.97 points, or 0.26% to 21,865.37, the S&P 500 gained 2.06 points, or 0.08% to 2,446.3 and the Nasdaq Composite added 18.87 points, or 0.3% to 6,301.89.

8:43 AM

Singapore Nifty
 
At 9:40 am, the SGX Nifty, Nifty futures listed on Singapore Stock Exchange, were trading at 9,910, up 34 points or 0.35%.

First Published: Wed, August 30 2017. 15:30 IST
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Nifty, Sensex end nearly 1% higher; M&M top loser on cess hike

Catch all that happened in the market here

Catch all that happened in the market here
The and rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow

Across the board buying in metal, oil & gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of previous day's losses.

Financial stocks accounted for more than a third of gains on the NSE index, with finance index gaining 1%. Metal index also advanced over 2%, adding to the gains.

Sentiment was also supported by a recovery in broader Asia as concerns stemming from North Korea’s firing of a missile over Japan receded, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.5%.
image
Business Standard
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Nifty, Sensex end nearly 1% higher; M&M top loser on cess hike

Catch all that happened in the market here

The and rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow

Across the board buying in metal, oil & gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of previous day's losses.

Financial stocks accounted for more than a third of gains on the NSE index, with finance index gaining 1%. Metal index also advanced over 2%, adding to the gains.

Sentiment was also supported by a recovery in broader Asia as concerns stemming from North Korea’s firing of a missile over Japan receded, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.5%.

image
Business Standard
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