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Sensex ends Samvat 2073 with 17% gain, Nifty up 18%

Catch all live market action here

SI Reporter  |  New Delhi 

BSE, BSE building, BSE colourful

Key benchmark indices opened the day on a negative note and languished in the red till afternoon trade as traders chose to book profits after Indian surged earlier in the week to hit record highs. 

Indices did, however, trade in positive territory boosted by gains in European bourses but subsequently succumbed to selling pressure. were otherwise dull ahead of a long weekend. Banking stocks were among the top sectoral losers, with the NiftyPSU Bank index slipping over 2%. The fall in the banking pack was triggered by that lost nearly 9% intra-day post its September quarter numbers that showed worsening asset quality.

Both the benchmark and the finally closed the day with losses of over 0.2%. On the sectoral front, barring the realty and FMCG indices, which traded flat, all other sectoral indices on the National Stock Exchange traded in the red.

will open on October 19 for Muhurat trading in the evening at 630pm, and remain closed on Friday on account of Diwali-Balipratipada.


4:04 PM Diwali Muhurat trading from 6.30 pm to 7.30 pm on Oct 19 

3:54 PM

Market outlook by ICICI Securities
 
Equity markets across DMs and EMs continued to hit new highs although EM bonds saw mixed performance last week. Volatility continued to be low, which shows that risk appetite is rising.Post the recent market correction in Sep ’17, small-caps (+7.85%) and mid-caps (+ 4.95%) have outperformed large-cap stocks (+4.43%) despite large-cap valuation at a discount to mid-cap valuation. Although markets have reacted positively to the emerging reality, there is a palpable uncertainty around the near-term growth outlook for the Indian economy, which could manifest itself in the wake of incremental disappointing data around growth.
 
View on earnings
 
Our Q2 FY18 preview suggests that Nifty PAT could expand by ~11% YoY largely driven by  commodity and financial stocks. Amongst financials, retail lenders continue to register robust earnings growth while volatility is seen in the corporate lending segment. In the non-financial segment, auto (ex 2-wheelers), cement, telecom, pharma and IT are expected to put pressure on Q2FY18 earnings. Consumption-related sectors, industrials and utilities are expected to report growth in mid to high single digits.

3:46 PM S&P BSE Sensex, Nifty50 indices end Samvat 2073 with 16.7% and 18.5% gain, respectively CLICK HERE FOR OUR FULL COVERAGE ON MARKETS IN SAMVAT 2073

3:43 PM

Sector watch
Index
Current Value Ch (pts) Ch (%)
S&P BSE Basic Materials 3346.54 -5.38 -0.16
S&P BSE Energy 4202.38 102.65 2.5
S&P BSE Fast Moving Consumer Goods 10268.13 14.44 0.14
S&P BSE Healthcare 14170.59 -114.07 -0.8
S&P BSE Information Technology 10369.08 -36.16 -0.35
S&P BSE Telecom 1571.23 -29.8 -1.86
S&P BSE Utilities 2162.68 28.05 1.31
S&P BSE AUTO 24949.57 -102.25 -0.41
S&P BSE BANKEX 27186.77 -494.76 -1.79
S&P BSE CAPITAL GOODS 17462.07 -60.88 -0.35
S&P BSE CONSUMER DURABLES 18310.38 -104.53 -0.57
S&P BSE METAL 14674.03 -74.48 -0.51
S&P BSE OIL & GAS 16002.81 195.43 1.24
S&P BSE POWER 2269.89 27.17 1.21
S&P BSE REALTY 2169.77 -1.86 -0.09
Source: BSE      

3:40 PM Markets at close

Index Current Pt. Change % Change
 
S&P BSE SENSEX 32,584.35 -24.81 -0.08
 
S&P BSE SENSEX 50 10,598.29 -22.71 -0.21
 
S&P BSE SENSEX Next 50 34,889.59 -91.23 -0.26
 
S&P BSE 100 10,612.71 -23.55 -0.22
 
S&P BSE MidCap 16,115.98 +1.48 +0.01


(Source: BSE)

3:29 PM

Infosys Q2 preview
 
In dollar terms, Infosys is likely to report 3.6% sequential and 6.2% year-on-year (yoy) revenue growth at $2,748 million, say analysts at HDFC Securities. In rupee terms, revenues are likely to come in at Rs 17,585 crore. IT major is seen reporting a 2.6 per cent QoQ sequential growth in revenue in constant currency (CC) terms. The numbers may be supported by 95 basis points cross-currency tailwind, they said. The company is scheduled to announce numbers on October 24
 
Analysts at Kotak Institutional Equities expect CC revenue growth of 2.3% and CC tailwind of 80 bps. We expect lower cross currency tailwinds based on the assumption of lower forex gains from revenue hedges, they said in a note.
 
The company’s profit after tax (PAT) is expected to come in at around Rs 36,00 crore, up 1.8% yoy, but down 1.5% on a sequential basis, estimated analysts at Motilal Oswal Securities. JM financial sees 2.75 sequential jump in Q2 PAT at Rs 35,78 crore.

Infosys
 

3:24 PM

  • Nifty 50 Gainers/ Losers
  • Most active 
 

3:21 PM

From Diwali picks to Muhurat trading tips, market outlook for Samvat 2074
 
The new Samvat 2074 is likely to take the market through a path of uncharted territory as the curtain calls to an eventful Samvat 2073. From Narendra Modi-led demonetisation drive to the implementation of goods and services tax (GST) bill, the markets went through jitters, yet the Nifty 50 notched up gains of around 17 per cent. READ MORE

3:20 PM

Nifty PSU Bank index hits fresh 9-month low
 
Shares of public sector banks (PSBs) came under pressure with the Nifty PSU Bank index hitting fresh nine-month low on the National Stock Exchange (NSE). The index hit an intra-day low of 2,958 - its lowest level since January 6, 2017 - and has slipped 20% from its recent closing high of 3,723 on July 31, 2017.
 
By comparison, the benchmark Nifty 50 was up 1.4%, while Nifty Bank (down 3%) and Nifty Private Bank index (down 1%) were down less than 4% during the period CLICK HERE FOR MORE

3:19 PM 'Dr Doom' commentator Marc Faber faces backlash over racist remarks

Marc Faber, the Swiss investor based in Thailand, provoked a backlash from business television and investment management firms on Tuesday after comments in his latest newsletter suggested the United States had only prospered because it was settled by white people.
 
The investor and commentator, known as "Dr Doom" for bearish calls on stocks and the economy, was dismissed from the boards of Canadian fund manager Sprott Inc, NovaGold Resources Inc and Ivanhoe Mines Ltd after his remarks. READ THE FULL STORY HERE

3:03 PM

Centrum Broking on DCB Bank
 
We retain Hold on DCB Bank (DCBB) with target price at Rs172. While Q2’18 results were ahead of our estimates on revenue front (+30% YoY); higher than expected operating expenses saw PAT grow (21.5% YoY), in-line with our estimates. NIM dipped sequentially and we expect the trend therein to continue in H2FY18. Sequentially lower slippages, positive commentaries on growth and continued focus at containing operating costs remain key positives. While we remain positive on DCBB, valuations at 2x FY19E ABV offer limited near term upside.

3:00 PM Markets at 3pm

Index Current Pt. Change % Change
 
S&P BSE SENSEX 32,619.67 +10.51 +0.03
 
S&P BSE SENSEX 50 10,608.78 -12.22 -0.12
 
S&P BSE SENSEX Next 50 34,911.43 -69.39 -0.20
 
S&P BSE 100 10,622.59 -13.67 -0.13
 
S&P BSE MidCap 16,134.95 +20.45 +0.13


(Source: BSE)

3:00 PM

Edelweiss on ACC September quarter results
 
Industry is reeling under challenges of subdued volume growth and pricing pressure, which we believe poses risks to earnings estimates of incumbents. But, ACC seems to be an exception – its impressive performances in Q3CY17 (EBITDA surged 47% YoY) and 9mCY17 (EBITDA up 24% YoY) is driving ~6% upgrade to our CY17 EBITDA estimates. 
 
Q3CY17 EBITDA was steered by: 1) Strong volume growth of 17.6% versus our 15.6% estimate, led by capacity expansion and negative base; 2) Better than expected realisation (adjusted realisation dipped ~1% QoQ versus 2% estimate; and 3) Tight leash on costs. 
 
Given the volume trajectory, we estimate Q4CY17 also to be strong. Going ahead, we remain optimistic on recovery in cement demand and prices and hence see limited risk to our CY18 estimates. Maintain ‘BUY’ with a target price of Rs 1,914 on FY19E.

2:57 PM

ICICI Securities on banks
 
South-based private sector banks are poised to register accelerated earnings growth going ahead as we believe asset quality ratios for most of them have peak out at current levels and loan growth is likely to revive after remaining muted over the past couple of years. Niche positioning in the respective home states, expertise in small-ticket loans to the self-employed segment and impeccable relationship-based banking model would ensure higher-than-industry growth for South-based banks. 
 
Against the above backdrop, we initiate coverage on Federal Bank (FB), City Union Bank (CUBK) and Karur Vysya Bank (KVB) with BUY recommendation, with potential upside of 18%, 19% and 18% respectively. We recommend HOLD for South Indian Bank (SIB) and Lakshmi Vilas Bank (LVB) with (1%) and 5% upside respectively.

2:41 PM Markets off day's low 

At 2:40 pm, the S&P BSE Sensex was trading at 32,623, up 14 points, while the broader Nifty50 was ruling at 10,224, down 10 points.

2:32 PM Nifty PSU Bank top sectoral loser 

PSU-Bank
Source: NSE



2:22 PM

From Diwali picks to Muhurat trading tips, market outlook for Samvat 2074
 
The new Samvat 2074 is likely to take the market through a path of uncharted territory as the curtain calls to an eventful Samvat 2073. From Narendra Modi-led demonetisation drive to the implementation of goods and services tax (GST) bill, the markets went through jitters, yet the Nifty 50 notched up gains of around 17 per cent. READ MORE

2:16 PM

Edelweiss Securities on Wipro
 
Wipro’s Q2FY18 performance was better than Street’s estimates with IT services revenue at $2,014 mn (up 2.1% QoQ, estimate 1.7%) and EBIT margin at 16.8% (up 80bps QoQ, estimate 15.8%). Key highlights: 1) Revenue grew 0.3% QoQ CC; 2) Muted revenue growth guidance of 0-2% for Q3FY18; 3) Positive commentary on BFSI and consumer verticals; 4) From Q4FY18 management expects industry-level growth; and 5) FY18E margins to remain at FY17 levels. 
 
We believe that with key verticals facing challenges, FY19E revenue growth will at best be at industry levels. In the past one year, the stock has given ~22% returns and is currently trading at 14.5x FY19E EPS. With revenue/EPS CAGR estimated at 6.8%/6.9% over FY17-19, the stock trades expensive. Hence, we downgrade to ‘HOLD’ with a revised target price of Rs 280 (earlier Rs 290).

1:55 PM

14 stocks that rallied over 50% each in last three Samvat years
 
Bajaj Finance, Dwarikesh Sugar Industries, V2 Retail, Motilal Oswal Financial Services and Caplin Point Laboratories are among 14 stocks from the BSE Smallcap and BSE-500 index that rallied over 50% each in last three Samvat years between 2071 and 2073. READ MORE DETAILS 

Photo: Shutterstock

1:25 PM

IIFL on Axis Bank
 
We slash FY18/19 ABV estimates by 5‐10% factoring increased operational challenges and a larger deterioration in NPL situation. This credit cycle for Axis Bank is turning out to be deeper and stickier. We expect operational profitability and credit performance to stabilize only from H2FY19. Some of the ongoing favorable franchise trends would resonate fully in core profitability from FY20. 
 
The stock may extend its underperformance considering that RoA/RoE could remained depressed in the near‐to‐medium term and that valuation is not cheap at 2.1x FY19 P/ABV. While retaining Accumulate rating, we lower the 12‐month price target on Axis Bank to Rs 562.

1:05 PM Broader markets little changed 

The BSE Midcap was trading flat at 16,114 levels, while the BSE Smallcap was up 0.1% at 17,085. 

1:04 PM Markets check 

At 1:00 pm, the S&P BSE Sensex was trading at 32,556, down 52 points, while the broader Nifty50 was ruling at 10,208, down 26 points.

1:03 PM

Edelweiss Securities on Bajaj Finserv
 
We are enthused by improvement in operating variables across businesses. Bajaj Finserv is going strong with 35% plus asset and earnings surge. There has also been significant value discovery in life and general insurance businesses over past couple of quarters. Incorporating this in our target multiples for BALIC & BAGIC and also factoring in strong performance and capital raising at BFL, we revise our SOTP-based TP to Rs 5,337 (Rs 4,892 earlier). However, recent stock outperformance limits upside; hence, we maintain ‘HOLD/SP’.

12:37 PM Markets in noon deals


Index Current Pt. Change % Change
 
S&P BSE SENSEX 32,506.65 -102.51 -0.31
 
S&P BSE SENSEX 50 10,576.44 -44.56 -0.42
 
S&P BSE SENSEX Next 50 34,870.12 -110.70 -0.32
 
S&P BSE 100 10,593.48 -42.78 -0.40
 
S&P BSE MidCap 16,105.49 -9.01 -0.06


(Source: BSE)


12:35 PM

Nirmal Bang Institutional Equities on Wipro Q2
 
Wipro has reiterated its guidance of FY18 margins being in a ‘narrow band’ vis-à-vis FY17 on constant-currency basis. We believe if that happens a large part would have been played by better INR/USD realisation on its revenues - quite unlike most of its peers - and benefits from automation. We have kept our USD revenue estimates constant but increased EBIT margins estimates by 60-100bps across the forecast period leading to improvement of EPS by ~5%. 
 
We have retained Sell rating on Wipro with a September 2018 target price of Rs244 (down 16% from CMP. Rs228 previously) based on 11.0x September 19E earnings. 11.0x P/E is at a 20% discount to the target P/E multiple assigned to Infosys/TCS. We believe our target P/E multiple is justified on a poor run in organic growth and poor return ratios. 
 
We believe it is also justified on the basis of lack of turnaround in business metrics and the fact that Wipro possibly has the worst RoIC in the industry because of poor organic growth and returns-dilutive acquisitions. We believe the stock is currently supported by the ongoing buyback (7% of outstanding equity)

12:27 PM

Buzzing stock
 
JBF Industries soared almost 20% to Rs 237 on the BSE in early morning trade after the media report suggested that the company is in discussions with potential buyers for a stake sale. READ MORE

12:09 PM

Interview of the day
 
Markets regulator Securities and Exchange Board of India (Sebi) has said a mutual fund house can have only one scheme per category. The move will impact a number of fund houses, particularly the larger ones that operate as many as a dozen schemes in some categories. Anthony Serhan, managing director, research strategy, Asia-Pacific at Morningstar, says the new rule is harsh. READ FULL INTERVIEW

Anthony Serhan, MD, research strategy (Asia-Pacific), Morningstar
Anthony Serhan, MD, research strategy (Asia-Pacific), Morningstar

11:57 AM Nifty extends losses; top five losers on the index 

losers
Source: NSE

11:33 AM

Buzzing stock 
 
Nucleus Software Exports surged 19% to Rs 389, also its 52-week high on the BSE in intra-day trade, after the company reported 36% quarter on quarter (q-o-q) growth in its consolidated net profit at Rs 15.66 crore in September quarter (Q2FY18). The IT software products company had reported profit of Rs 11.51 crore in the June quarter (Q1FY18). READ MORE

Nuke


 

11:17 AM Markets check

At 11:15 am, the S&P BSE Sensex was trading at 32,522, down 86 points, while the broader Nifty50 was ruling at 10,195, down 38 points.

11:03 AM

Sebi's new rules make mutual funds see red
 
The Securities and Exchange Board of India’s (Sebi’s) new rules on ‘categorisation and rationalisation of mutual fund (MF) schemes’ are facing a pushback from managers overseeing assets worth Rs 21 lakh crore ($320 billion). Earlier this month, the markets regulator set rules to define various investment scheme categories offered by fund houses within the debt and equity segments. READ FULL REPORT

10:46 AM

MAS Financial Services makes strong debut
 
MAS Financial Services made a strong debut by listing at Rs 660, a 44% premium against its issue price of Rs 459 per share on the National Stock Exchange (NSE) and the BSE. READ MORE

10:15 AM

Wipro gains post Q2
 
Wipro gained over 2% to Rs 298 after country's third largest software services firm said its consolidated net profit declined marginally to Rs 2,143.2 crore for the quarter ended September 30, 2017. This is against a net profit of Rs 2,163.6 crore in the July-September 2016 quarter as per Indian accounting norms (Ind AS), Wipro said in a BSE filing. READ EARNINGS DETAILS 

wipro

9:54 AM Sectoral trend: All but Nifty Metal and Nifty Realty indices were trading in red. 

sectors
Source: NSE

9:38 AM

Information nugget: Muhurat trading timimg
 
Diwali Laxmi Pujan for Equity Segment on Thursday, October 19, 2017 
 
Pre-open Session 
 
Order Entry Period#   
 
6:15 pm   -   6:23 pm
 
Order Matching & Equilibrium price determination
 
6:23 pm  -   6:30 pm
 
Continuous Trading

6:30 pm   -   7:30 pm
 
Closing

7:30 pm  -   7:40 pm
 
Post-Closing
 
7:40 pm  -  7:50 pm

9:33 AM Axis Bank top loser 

Axis Bank tanked over 7% to Rs 475 as the private lender's asset quality worsened with percentage of gross non-performing assets (NPA) increasing to 5.90% from 5.03% in the sequential quarter ended June 30, 2017. READ EARNINGS DETAILS HERE  

Axis Bank

9:25 AM Sensex heatmap at open 

heatmap
Source: BSE

9:23 AM Markets at open

At 9:20 am, the S&P BSE Sensex was trading at 32,519.36, down 90 points, while the broader Nifty50 was ruling at 10,219, down 15 points.

9:11 AM

Stocks to buy in Samvat 2074
 
Here is a compilation of the top stocks that leading research houses and brokerages have recommended for Samvat 2074 READ MORE HERE

9:10 AM

Market outlook by ICICI Securities
 
Going forward, with a positive momentum in the economy driven by reforms undertaken by the central government amid stable commodity prices, we expect earnings to stage a strong double digit recovery (15.7% CAGR) over FY17-19E. We ascribe a fair value for Sensex at 34500 i.e. 18.4x P/E on FY19E EPS with corresponding levels for the Nifty at 10750

9:08 AM

Indiabulls Ventures zooms nearly 1000% in Samvat 2073
 
A quick analysis of stock price movement in the BSE 500 segment reveals as many as 24 stocks doubled investor wealth during the last Samvat (between October 30, 2016 – October 13, 2017), with Indiabulls Ventures rallying up to 1000%. Adani Transmission, Avanti Feeds, Rain Industries, Bombay Dyeing and Future Retail gained in the range of 200% - 400% during this period, ACE Equity data show CLICK HERE FOR MORE

9:07 AM

Jefferies on Axis Bank
 
The quarter was marred by higher NPL recognition and provisions - RBI driven divergence and NCLT cases. However, the pool of below investment grade exposure is steadily trending down, at 5.9% of exposure ex retail. The new business franchise remains robust although NPL pains will be visible next 2 quarters. Roll fwd, maintain Buy with revised price target of Rs 635.
 
 

9:06 AM

Jefferies on Bajaj Auto
 
Bajaj's 2Q revenue, EBITDA and net profit were in line with our expectations but slightly ahead of consensus. Despite sharp QoQ improvement in EBITDA margin to 19.7%, we believe it will still fall short of full year guidance of 19.5% to 20%. More importantly we remain concerned on growth and market share trends in domestic 2-wheeler business. Recent trends in exports have been encouraging and look like the best source for a positive surprise in 2H, if any.
 
We value Bajaj using DCF to arrive at a price target of Rs3002 (including Rs148 on account of its 48% stake in KTM), which implies FY19 P/E of 20x. Key risks: 1> Turnaround/Further weakening in export markets 2> Beat/miss in domestic volume growth, market share 3> Beat/miss in margins 4> Entry into scooters

Bajaj Pulsar, Pulsar NSC160
(Photo courtesy: Twitter)

9:05 AM

Stay long on Nifty, with a stop at 10,125
 
The market soared in pre-Diwali trading. Strongly bullish global trends, excellent results by Reliance Industries and high liquidity translated into new highs. The Nifty hit 10,251 before seeing some profit-booking. Although foreign portfolio investors (FPIs) remained net equity sellers, retail and domestic institutional buying picked up. READ MORE

9:03 AM

Emkay Global on pharma sector
 
US president again rakes up high prescription drug prices in the US but in our opinion more of a political threat against US branded companies than generic industry. US political environment against pharma price hikes continues to turn adverse; note the laws passed by US states Maryland and California against any predatory pricing.
 
Generic sector though should worry about limited ability to raise prices in older mature products, a practice far more widespread than earlier believed. On a separate note; expect more diplomatic pressure on countries like India, which have denied branded companies complete flexibility in enforcing their global patents and pricing strategies​

9:03 AM

Emkay Global on Wipro Q2 earnings
 
Q2FY18 performance was broadly inline on operating basis. The revenues grew by 0.3% in CC terms below our estimates but commentary turns confident on improved performance going forward as indicated from Q3 guidance of 1% (midpoint growth) despite seasonality and at par performance outlook by Q4FY18.
 
Guidance for Q3 is modest (0% to 2% qoq growth) and do not enthuse much confidence even if it achieves mid-point of the band. Also given that lower band suggest no growth we believe its outlook for recovery by Q4FY18 run rate appears more aspirational than natural-traction driven base.
 
We largely retain our earnings estimates for FY19/20 as better OPM performance got negated by lower CC growth performance.  We believe the OPM performance may see further impact as Fx realisations normalize to current rate.

9:02 AM

Technical picks by Prabhudas Lilladher
 
BUY BANK OF BARODA      
 
CMP: Rs 139.15     
TARGET: Rs 152       
STOP LOSS: Rs 132
 

8:56 AM

Nifty outlook by HDFC Securities 
 
Nifty has surpassed the crucial resistance of 10,178 and registered a new all-time high above 10,250. Peak and Trough, Moving averages and Momentum Oscillators all are indicating bullish trend for the Nifty. We maintain our bullish view on Nifty with potential upside target of 10,540 in the coming weeks. Short-term support for the Nifty is seen at 10,100 and long should be protected with that stoploss.

8:55 AM

Today's Picks
 
Devangshu Datta on Nifty, Bank Nifty, Axis Bank, BPCL, Infosys
 

8:52 AM

Wall Street on Tuesday
 
The Dow Jones Industrial Average briefly broke above the 23,000-point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but finished the session just below that milestone.
 
The Dow Jones Industrial Average rose 40.48 points, or 0.18% to end at 22,997.44, a record closing high. It rose as high as 23,002.20 during the session. The S&P 500 gained 1.72 points, or 0.07% to 2,559.36, also a record high close. The Nasdaq Composite dipped 0.35 point, or 0.01% to 6,623.66.

8:51 AM Asian markets

Asian shares consolidated recent gains as investors waited to see what policies might emerge from China’s Communist Party conference. The blue-chip CSI300 index was up 0.3%, while Shanghai stocks added 0.1%. Recent economic data from the Asian giant has been generally upbeat, fuelling a tide of optimism about global growth that has benefited shares across the region.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1% near their highest since late 2007, while Australia rose 0.2%. Japan’s Nikkei added 0.1%, and was trying to string together a 12th straight session of gains.

8:49 AM Singapore Nifty indicates negative start 

At 8:47 am, SGX Nifty was trading at 10,227, down 34 points or 0.34%. 

8:47 AM Good Morning!

Welcome to Business Standard's market liveblog. 

First Published: Wed, October 18 2017. 15:40 IST
RECOMMENDED FOR YOU

Sensex ends Samvat 2073 with 17% gain, Nifty up 18%

Catch all live market action here

Catch all live market action here
Key benchmark indices opened the day on a negative note and languished in the red till afternoon trade as traders chose to book profits after Indian surged earlier in the week to hit record highs. 

Indices did, however, trade in positive territory boosted by gains in European bourses but subsequently succumbed to selling pressure. were otherwise dull ahead of a long weekend. Banking stocks were among the top sectoral losers, with the NiftyPSU Bank index slipping over 2%. The fall in the banking pack was triggered by that lost nearly 9% intra-day post its September quarter numbers that showed worsening asset quality.

Both the benchmark and the finally closed the day with losses of over 0.2%. On the sectoral front, barring the realty and FMCG indices, which traded flat, all other sectoral indices on the National Stock Exchange traded in the red.

will open on October 19 for Muhurat trading in the evening at 630pm, and remain closed on Friday on account of Diwali-Balipratipada.


image
Business Standard
177 22

Sensex ends Samvat 2073 with 17% gain, Nifty up 18%

Catch all live market action here

Key benchmark indices opened the day on a negative note and languished in the red till afternoon trade as traders chose to book profits after Indian surged earlier in the week to hit record highs. 

Indices did, however, trade in positive territory boosted by gains in European bourses but subsequently succumbed to selling pressure. were otherwise dull ahead of a long weekend. Banking stocks were among the top sectoral losers, with the NiftyPSU Bank index slipping over 2%. The fall in the banking pack was triggered by that lost nearly 9% intra-day post its September quarter numbers that showed worsening asset quality.

Both the benchmark and the finally closed the day with losses of over 0.2%. On the sectoral front, barring the realty and FMCG indices, which traded flat, all other sectoral indices on the National Stock Exchange traded in the red.

will open on October 19 for Muhurat trading in the evening at 630pm, and remain closed on Friday on account of Diwali-Balipratipada.


image
Business Standard
177 22