MARKET WRAP: Sensex gains 220 pts, ends above 40K as PSBs, IT stocks rally

All that happened in markets today.

4:00 PM

MARKET COMMENT | Vinod Nair, HoR, Geojit Financial Services

Market is positive in expectation of fresh reforms from the government and change in the long-term capital gain tax in the future. After a long time, market is seeing incentive to invest in equity due to reduction in taxation producing better than expected Q2FY20 result, providing a hope that earnings growth will revamp further in H2FY20. Results are adding fuel to the market  despite weakness in other global markets ahead the Fed interest rate decision and US-China trade talks agreement.

3:57 PM

Sectoral gainers and losers on the NSE

3:57 PM

Top gainers and losers on the S&P BSE Sensex

3:39 PM

CLOSING BELL

The S&P BSE Sensex added 220 points or 0.55 per cent to end at 40,052 while NSE's Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. 

3:15 PM

NEWS ALERT | GST collections for September as of Oct 29 stands at Rs 93,000 cr, reports CNBC-TV18

3:14 PM

NEWS ALERT | IDBI Bank says have sold 0.72% out of 1.5% in NSE, reports CNBC-TV18

3:03 PM

EARNINGS ALERT | Tata Chemicals Q2 profit up 10% at Rs 355 cr

3:01 PM

RESULTS IMPACT | United Bank jumps 20% post Q2 nos

2:54 PM

Earnings Alert | United Bank of India Q2 result

-- Net profit at Rs 124 cr vs loss of Rs 883.2 cr YoY

-- Gross NPA at 15.51%

-- Net NPA at Rs 5,381 cr

-- Provisions at Rs 436 cr

2:50 PM

Concall Alert | Hope govt will take balanced approach on AGR matter for long-term viability: Bharti Airtel

-- Impacted by Jio phones in bottom-end market, i.e. feature phones.

-- Recommended that Nil termination charges be deferred by 3 years

2:48 PM

Graphite India slips 5% as Q2 net profit falls 83% YoY to Rs 185 crore

Shares of Graphite India slipped 5 per cent to Rs 279 on the BSE on Wednesday after the company reported a sharp 83 per cent year-on-year (YoY) decline in the consolidated net profit at Rs 185 crore in September quarter, due to lower realisaton. The graphite electrode manufacturer had profit of Rs 1,113 crore in the year-ago quarter. READ MORE 

2:42 PM

Ahead of Earnings | Tata Global Beverages

2:28 PM

NEWS ALERT | No case for lower tax on super-rich: sources to CNBC TV18

-- Rich taxed much lower than global peers

-- Fin Min has concerns over big-ticket Direct Tax rationalisation

2:27 PM

NEWS ALERT | Pressure on govt to reduce income tax for middle class, increase on super-rich: sources to CNBC TV18

-- Revenue Dept assessing impact of rationalisation of commodities, equity taxes

2:26 PM

Sector watch | Nifty IT index rises over 1%

2:24 PM

BROKERAGE RADAR | ICICI Securities on Hindustan Zinc (HZL)

In line with the company’s guidance, we also downward revise our FY20 volume guidance. For FY20E, we downward revise our zinc and lead sales volume by ~3% and ~7%, respectively, while for FY21E we downward revise our zinc and lead sales volume by ~5% and ~6%, respectively. The recent uptick in zinc and lead prices on the LME augurs well for HZL. We value the stock at 6x FY21E EV/EBITDA and arrive at a target price of Rs 235, maintaining HOLD recommendation on the stock.

2:16 PM

NEWS ALERT | MRF Board to consider issue of NCDs on Nov 8: CNBC TV18

2:11 PM

MARKET CHECK | Top 5 gainers on the BSE at present

1:57 PM

Vodafone Idea reaches out to lenders for debt revamp as losses mount

Vodafone Group Plc’s Indian venture, reeling under $14 billion of net debt, mounting losses and dwindling subscribers, has approached creditors for better payment terms to revive the sinking carrier, people with direct knowledge of the matter said. READ MORE

1:48 PM

Market check

1:41 PM

India's economic slowdown will reverse in coming quarters: Mukesh Ambani

“As a businessman and as an investor, I am all in, in terms of investing in this country,” Ambani said.

 

“If you look at what happened, yes, there has been a slight slowdown but in my view it’s temporary,” said he. “All the reform measures that have been taken in the last few months will show the outcome. I am quite sure that in the coming quarters this will reverse,” he said. READ MORE

Reliance Industries Chairman Mukesh Ambani

1:31 PM

NEWS ALERT | GoM on e-Pharmacy to meet today & deliberate on proposed regulatory mechanism: sources to CNBC TV18

-- Draft rules for the same were released in 2018

1:26 PM

PSU banks gain; SBI, Canara Bank, Bank of Baroda and PNB rise 3%

Shares of public sector undertaking (PSU) banks were in focus, rising up to 12 per cent in the intra-day deals on Wednesday. The counters extended their past three days' upmove on the National Stock Exchange (NSE), after the State Bank of India (SBI) reported a good set of numbers for September quarter (Q2FY20). READ MORE 

1:10 PM

Indoco Remedies jumps 12% post Q2 results

12:57 PM

SBI expects corporate slippages to reduce to less than Rs 12,000 cr: Analyst Meet

Retail slippages to Rs 20,000 crore by FY21. 

12:54 PM

MARKET CHECK | Top 5 losers on the BSE at present

12:46 PM

BUZZING STOCK | M&M trades near day's high

12:43 PM

NEWS ALERT | Govt against JP Associates' proposal in Jaypee homebuyers' case: sources to CNBC TV18

-- Govt to argue against resolution proposal submitted by JP Assoc

-- Transactions of Jaypee Infratech (JIL) and Jaiprakash Associates (JAL) show companies have diverted funds

-- MCA official told CNBC TV18, govt can't risk with 25,000 homebuyers; will ensure NBCC's bids gets approved

12:24 PM

BROKERAGE RADAR | Emkay Global Financial Services on Hindustan Zinc

We roll over valuation to the average of FY21/22E EBITDA and value the stock at 6x FY21/22E EV/EBITDA. The stock is trading at 5.9x/4.9x FY21/22E EV/EBITDA est. Maintain Hold with a TP of Rs 242 (10 per cent upside). We move from UW to EW in EAP.

12:23 PM

Market check