MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Nifty PSU Bank index post sharpest single-day gain in past one year, surging 8 per cent led by Oriental Bank of Commerce and Canara Bank.

4:18 PM

MARKET COMMENT Jayant Manglik, President, Religare Brokin

Markets started the week on robust note and posted decent gains in the end. Among the benchmark indices, Nifty opened with an uptick and gradually inched higher, tracking encouraging earnings announcements. Banking and pharma led the rebound and others also joined in as session progressed. Besides, recovery in broader market indices further boosted the sentiment. Nifty finally settled around 10,250; up by over two percent.

 

We may see further rebound ahead but upside seems capped. We reiterate our view maintaining stock specific trading approach and focusing more on position management. Earnings and global cues would largely dictate the market trend in near future

3:37 PM

Sectoral gainers and losers on NSE

3:37 PM

S&P BSE Sensex: Top gainers & losers

3:34 PM

Market at close
 

The S&P BSE Sensex gained 718 points or 2.15 per cent to settle at 34,067 while NSE's Nifty50 index rallied 221 points or 2.21 per cent to end at 10,251. 

3:32 PM

NEWS ALERT Nifty PSU Bank index post sharpest single day gain in past one year

3:27 PM

Wrong time to fight? RBI-govt dispute can further damage investor sentiment

Long-simmering discord between the Indian central bank and the government is turning into a very public brawl. The timing couldn’t be more awful for markets.

 

In a hard-hitting speech Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010. READ MORE

3:21 PM

NEWS ALERT Sensex reclaims 34,000 mark

3:00 PM

Tata Power second-quarter profit soars 88.5 per cent

 

Tata Power Co Ltd posted an 88.46 percent surge in second-quarter profit on Monday, underpinned by higher revenue from its power business. Net profit came in at 3.36 billion rupees ($42.65 million) for the quarter ended Sept. 30, up from 1.78 billion rupees a year earlier, the power generator and distributor said. Read more

2:47 PM

Oil prices fall as investors wary of trade slowdown

 

Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies. Front-month Brent crude oil futures were trading down 46 cents, or 0.6 percent, at $77.16 a barrel. Read more

 

2:30 PM

After years of global success, Mukesh Ambani's RIL faces oil shock at home

 

Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market. Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan. Read more

2:20 PM

Time to buy good businesses, says Devangshu Datta

 

The failure of the Infrastructure Leasing & Financial Services (IL&FS) rights issue could mean an escalation of problems for the financial sector. The rights issue could have acted as a sort of backstop although the defaulting non-banking financial company (NBFC) would need a great deal more than the Rs 45 billion (bn) that the issue was supposed to raise. The group has debt of about Rs 910 bn on the books — it’s hard to tell due to the number of subsidiaries. Read more

2:10 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,826.50	+477.19	+1.43
S&P BSE SENSEX 50	10,649.16	+156.00	+1.49
S&P BSE SENSEX Next 50	30,439.04	+693.32	+2.33
S&P BSE 100	10,431.63	+165.51	+1.61
S&P BSE Bharat 22 Index	3,349.13	+84.65	+2.59

2:03 PM

EARNINGS IMPACT

2:00 PM

NEWS ALERT Tata Power reports Q2 earnings with net profit at Rs 3.93 bn

1:48 PM

FPIs take a shine to health care and IT services companies in Q2

 

Foreign portfolio investors (FPIs), the biggest non-promoter shareholders in the Indian stock market, increased their allocation in health care and information technology (IT) services companies in the quarter ended September, while reducing holdings in banks. An analysis of Capitaline data for 492 companies from the BSE 500 universe that have disclosed their shareholding pattern for the quarter shows FPIs raised their stake in 175 companies and decreased their holding in 251 companies on a quarter-on-quarter basis. Read more

1:32 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
ADANI POWER	41.70	6.20	17.46	7617111
TATA POWER CO.	79.20	10.25	14.87	2462899
DIVI'S LAB.	1432.90	179.00	14.28	270534
ORIENTAL BANK	73.65	7.75	11.76	567470
INTELLECT DESIGN	253.20	25.20	11.05	125937

1:14 PM

PCA rejig hope: Nifty PSU Bank index up 7%; OBC, Union Bank rally 10%

 

Shares of public sector undertaking (PSU) banks are in focus on Monday, with Nifty PSU Bank index surging 7% on the National Stock Exchange (NSE) after a media report suggest that the government expects some changes in the prompt corrective action (PCA) framework prescribed by the Reserve Bank of India (RBI) to enable more sanction of credit by PSU banks. State Bank of India (SBI), Bank of India, Indian Bank, Canara Bank, Oriental Bank of Commerce, Bank of India, Union Bank of India, Punjab National Bank, Bank of Baroda and Syndicate Bank were up in the range of 6% to 12% on the NSE. Read more

12:59 PM

Vijaya Bank shares up post Q2 earnings

12:50 PM

BHEL announces Rs 16.28 bn buyback; should you tender your shares?

 

Last week, Bharat Heavy Electricals (BHEL) announced a buyback of its 189.3 million equity shares (nearly 5.16 per cent of the paid up equity share capital) at Rs 86 apiece, amounting to Rs 16.28 billion. The buyback price is at around 28 per cent premium to the current market price of Rs 67 on the Bombay Stock Exchange (BSE). Analysts believe investors should subscribe for the buyback offer, as the long-term outlook of the business remains a concern. Given the working capital stress and the attractive buyback price, they suggest investors use the opportunity to tender their shares. Read More

12:40 PM

Paper stocks in focus on strong Q2 results; Seshasayee Paper surges 18%

 

Shares of paper companies have rallied by up to 18% on the BSE in intra-day trade after Seshasayee Paper & Boards and International Paper APPM posted a strong set of numbers for the quarter ended September 2018 (Q2FY19). Seshasayee Paper & Boards, Ballarpur Industries, JK Paper, West Coast Paper, Star Paper Mills and International Paper APPM were up in the range of 5% to 15%, as compared to 0.77% rise in the S&P BSE Sensex. Read more

12:37 PM

NEWS ALERT 1.4% equity of Ambuja Cements changes hands on NSE & BSE in 3 blocks

12:25 PM

Modi and rupee's fate in lockstep? $730-bn sovereign bond market is worried

 

One of India’s largest debt underwriter says the rupee, Asia’s worst-performing currency this year, is a bigger worry for the $730 billion sovereign bond market than a miss by the government on its budget deficit target. With the US Federal Reserve expected to continue its tightening cycle and key elections due in India later this year and next, global funds may not be keen to put money to work in the nation’s assets, Shailendra Jhingan, chief executive at ICICI Securities Primary Dealership, said in an interview. Read more

12:19 PM

Tata Power rises post Supreme Court's verdict

12:15 PM

NEWS ALERT Adani - Tata Power case

Application to be made before CERC as per high powered committee recommendations, according to TV reports

12:12 PM

NEWS ALERT Adani - Tata Power case

High Powered Committee had recommended PPA extension up to 10-years for cos, according to TV reports

12:09 PM

NEWS ALERT Adani - Tata Power case

Supreme Court allows for application to be made before CERC to amend PPA as per recommendations, according to TV reports

12:00 PM

S&P BSE Sensex top gainers and losers

11:45 AM

IndusInd Bank hits 17 month low; Bharat Financial touches 52-week low

 

Shares of IndusInd Bank and Bharat Financial Inclusion have hit their respective 52-week lows on the BSE on Monday in an otherwise firm market. IndusInd Bank (Rs 1,376) and Bharat Financial Inclusion (Rs 844), down up to 5% each today, corrected 32% from their record high levels of Rs 2,038 and Rs 1,249, respectively, reported on August 3, 2018, on the BSE in intra-day trade. Read more

11:40 AM

TECHNICAL VIEW Nifty can slip below 9,000 mark, says Reliance Securities

11:34 AM

Nifty PSU Bank index up over 4%, OBC gains 8%