Sensex ends 276 pts higher, Nifty above 9,850; realty and banks lead

Catch all that happened in the market here

3:52 PM

Analyst View

Vinod Nair, Head of Research at Geojit Financial Services says: After a range bound movement the market suddenly spiked up towards the last hour of trade supported by renewed buying in beaten down stocks. Banking stocks grabbed investor’s attention on account of cabinet nod to oversee PSU banks consolidation. Global market remains supportive ahead of Jackson Hole meeting tomorrow which may hold the market direction in the absence of major domestic cues.

3:50 PM

Nifty chart for the day

Source: NSE

3:48 PM

Banking and financial stocks rally

Banking and financial also contributed to the rally. Among private banks IndusInd Bank and ICICI Bank gained over 1.5% each while among PSU Banks PNB and Canara Bank were up 2.6% and 3.3% respectively. Nifty PSU Banks gained over 2% for the day.

Photo: Shutterstock

3:44 PM

Realty index up over 3%

The realty index was the top sectoral gainer, up 3.2% led by gains in IndiaBulls Real Estate, DLF, Delta Corp and HDIL

Source: NSE

3:42 PM

Top gainers and losers of Sensex

Source: BSE

3:38 PM

Broader Markets

Broader makrets outperformed the frontline indices with BSE Midcap and BSE Smallcap up over 1% each

3:36 PM

Markets at close

The Sensex and Nifty were ended higher on Wednesday, gaining for second straight session with Nifty reclaiming the 9,850-mark, led by realty, banking and financial stocks. The gains, however, remained range-bound for want of fresh triggers after a tepid results season.  

The S&P BSE Sensex ended the day at 31,568, up 276 points while the broader Nifty50 index settled at 9,852, up 87 points

3:25 PM

Tata Power's Q1 profit from renewable business jumps 339% to Rs 142 cr

 

Tata Power on Wednesday said its renewable portfolio recorded a 329% jump in consolidated net profit at Rs 142.18 crore in the quarter to June 30, against the corresponding three months a year ago.

 

The renewable business capacity of Tata Power crossed 2,000 MW and non-fossil fuel portfolio stood at 3,144 MW, a 92 per cent increase from a year ago, it said in a statement.

3:18 PM

SMS Pharma surges

SMS Pharmaceuticals has surged 20% to Rs 87.60 on BSE in intra-day trade after the successful inspection of Telengana plant by Japanese regulator.

 

The company successfully completed inspection by Pharmaceuticals and Medical Devices Agency (PMDA) Japanese Authorities for the manufacturing facility-Unit II, located in Hyderabad – Telangana.

3:10 PM

Bearish operators tightening grip over gold futures

 

As gold prices hover around $1300 per ounce and Rs 29,000 per 10 gram in India, bearish operators are tightening their grip by raising speculative short bids in gold futures. Gold has faced resistance above $1300 last week and since then it fell below that while remaining in the tight range. 

 

Hopeful of a rise in prices, Indian traders have increased bearish bets with open interest surging to above 11,000 lots from 9,000 in August. Out of these, top 10 long side open positions are 3,691 lots while short positions of top 10 traders are at 6,334 lots. Gold futures are actively traded on Multi Commodity Exchange(MCX). 

Click here for full report

Representative Image

3:00 PM

Asian markets

In Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan inched up to a two-week high, before pulling back.

 

Financial markets have been buffeted in recent weeks by heightened tensions on the Korean peninsula, turmoil in the White House, and growing doubts about Trump's ability to fulfill his economic agenda.

 

Australian stocks were down 0.3% and South Korea's KOSPI gave back earlier modest gains to slip 0.1%.

 

Japan's Nikkei bucked the trend and rose 0.3%, lifted as the dollar strengthened against the yen.

2:53 PM

Investors want Nilekani back on Infosys board

Domestic Institutional Investors (DIIs) have written a letter to Infosys seeking the return of co-founder Nandan Nilekani on the company’s board. Nilekani left Infosys in 2009 to take charge at the Unique Identification Authority of India (UIDAI), the implementing agency of Aadhaar. 

 

The letter mentioned that Nilekani would be the right person to have a “resolution” to the ongoing issues between the board and the management as he is considered a credible leader among customers, employees and all the other stakeholders.

 

Read the full letter here

2:41 PM

Banks lead

Banks were among the top gainers with private-sector lender IndusInd Bank rising 1.6%. Among state-run peers PNB and Canara Bank rose over 2.5% each.

2:30 PM

Vedanta earnings

Diversified miner Vedanta Resources said its quarterly core earnings rose about 48% as zinc production at its Indian unit jumped.

 

The company reported an 84% jump in mined metal content, comprised mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter ended in June 30.

 

The production jump boosted the unit's revenue by about 90% to $695 million.

2:14 PM

Buzzing Stock

BLS International Services rallied 18% to Rs 208 on BSE after the foreign institutional investor (FIIs) bought one percent point stake in the company through open market.

 

GMO Emerging Domestic Opportunities Fund had purchased 1.05 million equity shares or 1.02% stake in BLS International Services on Tuesday, August 22, at Rs 176.99 per share, the BSE bulk deal data shows.

1:57 PM

Pfizer gains

Pfizer rose 2.46% to Rs 1,796.55 on BSE after report suggested that India has granted the company a patent for its blockbuster Prevenar 13, a vaccine that helps prevent pneumonia.

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1:42 PM

European markets

European markets opened slightly lower, as traders paused for breath after a global rally spurred by gains for tech shares on Wall Street.

 

The pan-European Stoxx 600 edged 0.14% lower shortly after the opening bell with almost all sectors and major bourses in negative territory.

1:21 PM

Markets check

 

At 1:21 pm, the Sensex was trading at 31,431, up 139 points, while the broader Nifty50 was ruling at 9,798, up 32 points. 

1:04 PM

Multiple factors in favour of gas utility companies

 

After posting a strong quarterly performance, Indraprastha Gas (IGL), Gujarat Gas and Mahanagar Gas are well-placed to clock robust growth in the coming years. While low gas prices are supporting demand, together with rupee appreciation, the two factors are propping up margins. READ FULL ANALYSIS HERE

12:49 PM

Buzzing stocks

Shares of Kishore Biyani – led Future Group companies are on a roll with Future Lifestyle Fashions (up 8% at Rs 389), Future Consumer Products (up 8% at Rs 48) and Future Retail (up 5% at Rs 512) hitting their respective lifetime highs on the BSE. CLICK HERE FOR MORE

12:29 PM

Buzzing stock

DLF has moved higher by 7% to Rs 189 on BSE in intra-day trade, after the company said that its board will meet on Friday, August 25, to consider stake sale in rental arm. READ MORE

12:01 PM

ED mulls selling Vijay Mallya's shares in UB

 

The Enforcement Directorate (ED) has approached a special court under the Prevention of Money Laundering Act (PMLA) to sell the stake of beleaguered businessman Vijay Mallya in United Breweries (UB) and United Spirits (USL). READ FULL REPORT HERE

11:47 AM

Buzzing stock 

Shares of Gati rose 4% in Wednesday’s trade after the company said that its profit jumped more than three-fold to Rs 18.31 crore in June quarter. The company had reported Rs 5.11 crore profit in the corresponding quarter of last year. 

11:20 AM

What markets want to hear from Murthy

 

Can the concall inflict more damage to the already wounded Infosys?

 

Some experts do think so. At a broader level, however, they feel the call is primarily to address investor concerns and Narayana Murthy’s stand that has seen a massive erosion of shareholder wealth over the past few trading sessions.  CLICK HERE FOR REPORT 

11:15 AM

Murthy postpones investor concall 

 

Infosys co-founder N R Narayana Murthy has postponed investors’ concall to August 29, citing health reasons. CLICK HERE FOR REPORT

11:04 AM

Markets check

 

At 11:00 am, the Sensex was trading at 31,439, up 147 points, while the broader Nifty50 was ruling at 9,802, up 37 points. 

10:54 AM

Buzzing stock

Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high of Rs 996, up 4% in intra-day trade, extending Tuesday’s 3% gain on the National Stock Exchange (NSE). The stock is trading at its highest level since listing on March 21, 2017. READ MORE HERE

10:30 AM

Earnings analysis

 

Mayuresh Joshi, Fund Manager at Angel Broking writes key takeaways from Q1FY18 earnings. READ MORE 

10:15 AM

Nifty tops global markets in 2017

 

Despite falling more than 2% in August, the outperformance of the Indian market vis-à-vis other major developed and emerging continues. In 2017 so far, the benchmark Nifty has gained 26.5% in dollar terms – the highest by any major benchmark index globally. READ FULL STORY HERE 

10:00 AM

Six of 10 Nifty100 firms see earnings cut after Q1

 

Factoring in the likely disruption due to the introduction of the goods and services tax (GST), the Street had lowered its estimates for the June quarter (Q1) earnings. Yet, to the surprise of investors, the performance of more than six out of 10 CNX Nifty100 companies fell short of even these reduced estimates. READ FULL ANALYSIS HERE