Sensex leaps 394 pts, Nifty ends at 19,811; Auto stocks gain most, PSBs dip

Stock market highlights on Wednesday, October 11: The BSE Sensex closed 394 points higher at 66,473 after easing from the day's high of 66,592. The NSE Nifty ended at 19,811, up 120 points

4:04 PM

COMMENT:: Market rises on hopes Israel-Hamas conflict may be limited to the region

"The total market breadth was strong, as investors believe that the Middle East skirmish will be contained within the region and should not impact the crude price. Amid dovish comments from the US federal reserve, the US 10-year bond yield traded lower. Sequentially, the September India CPI is expected to cool due to ease in food and fuel inflation. And Q2 earning season will kick-start with the IT sector, which has a moderate expectation, however the broad corporates are expected to provide a bumper result."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:02 PM

VIEW:: Bank Nifty needs to break above 44,700 for further gains

"The index experienced a consolidation phase on the day of expiry, with support evident at 44,400 and resistance at 44,700 levels. The overall undertone of the index remains bullish, suggesting that a "buy on dip" approach is appropriate. If the index manages to break above the 44,700 level, it is likely to see further upside potential toward the 45,000 mark."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:01 PM

Infosys Q2FY24 preview: Subdued earnings on cards despite mega deal wins

Infosys' net profit may rise just 3.8 per cent on-year to Rs 6,252 crore, while revenue may see a 5 per cent uptick to Rs 38,437 crore. READ MORE

4:00 PM

This Dolly Khanna-owned iron & steel stock has zoomed over 100% in 3 months

Shares of Prakash Industries rallied 10 per cent on the BSE amid heavy volumes. In the past three days, the stock of the iron & steel company has surged 25 per cent. It was quoting at its highest level since June 2018. READ MORE

3:57 PM

HBL Power hits hits new high on healthy outlook; up 208% in 6 months

CARE Ratings expects total operational income of HBL to grow over 25% YoY (backed by strong demand) in FY24 along with sustaining its operating margins. READ MORE

3:56 PM

Paper stocks rally; Pakka, TNPL, Star, West Coast, JK Paper zoom up to 20%

The Indian paper industry is poised for growth, with increasing demand driven by population growth, urbanisation, and rising literacy rates. READ MORE

3:54 PM

Oriental Hotels hits new high; up 27% in 1 week on hopes of strong earnings

Growth in the industry is largely expected from domestic demand which is expected to remain strong through FY24 even as international travel has shown green shoots of recovery. READ MORE

3:52 PM

Stock of this state-owned defense company has zoomed over 150% since April

Shares of MIDHANI hit a record high of Rs 476.40, as they zoomed 17% on the BSE in Wednesday's intra-day trade and has recorded its sharpest intra-day rally since April 7, 2020. READ MORE

3:50 PM

Market breadth was fairly positive; 2,353 stocks advanced v/s 1,334 declining shares on the BSE

3:48 PM

Nifty Auto index jumps almost 1%; Hero MotoCorp, Motherson, Ashok Leyland lead

3:46 PM

BSE Smallcap Heatmap:: Asian Tiles, JK Tyre, Midhani soar up to 16%

3:45 PM

BSE Midcap Heatmap:: Voda Idea zooms 7%; Torrent Power, Ramco Cement shine

3:43 PM

Broader Market Check:: MidCaps, SmallCaps gain in tandem with Nifty50; India VIX falls

3:41 PM

Nifty 50 Losers:: HCL Tech slips 1.7%; Coal India, LTIMindtree decline

3:39 PM

Nifty 50 Gainers:: Hero Moto soars 4%; Grasim, Wipro, UltraTech Cement jump over 2%

3:36 PM

Sensex 30 Heatmap:: 24 Gainers v/s 6 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 settles 122 pts higher at 19,811

3:33 PM

CLOSING BELL:: S&P BSE Sensex extends higher for second straight day; gains 394 pts at 66,473

3:17 PM

ALERT:: US stock futures marginally positive

Source: Investing.com

3:08 PM

Sebi probing ties between Adani Group and Gulf Asia fund, says report

India's market regulator is investigating the relationship between the Adani Group and a fund incorporated in the British Virgin Islands to see if there has been a violation of share ownership rules, two sources with direct knowledge of the matter said. READ MORE

2:54 PM

Reliance Retail to open luxury stores under 'Swadesh' brand globally

Reliance Retail is preparing to launch a chain of luxury stores for ethnic handicrafts under its Swadesh brand, both in India and internationally, according to a report by The Economic Times. These stores will feature upscale ethnic handicrafts, fusion clothing, jewellery, blue pottery, silverware, home decor, and carpets. READ MORE

2:41 PM

Infosys Q2FY24 preview: Subdued earnings on cards despite mega deal wins

Infosys' net profit may rise just 3.8 per cent on-year to Rs 6,252 crore, while revenue may see a 5 per cent uptick to Rs 38,437 crore. READ MORE

2:26 PM

Hotels to steel: India Inc unlocks subsidiaries' value with mergers, splits

The buzzword in India’s corporate boardrooms is creating assets through mergers and splits, with such deals rising sharply in the third quarter of this financial year (Q3 FY24). READ MORE

2:14 PM

Israel-Hamas conflict may end up helping Russia in war against Ukraine

The conflict may, at the very least, work to distract US and European attention from the war in Ukraine, the people said, even while Russia has concerns about its escalation. READ MORE

2:02 PM

ALERT:: Lemon Tree announces opening of Hotel at Sonmarg, J&K; stock up 1%

Lemon Tree in an exchange filing today annoucned the opening of Lemon Tree Hotel, Sonmarg, Jammu & Kashmir, featuring 38 well-appointed rooms and suites. The property will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels.

 

 

1:49 PM

Stock of this state-owned defense company has zoomed over 150% since April

Shares of MIDHANI hit a record high of Rs 476.40, as they zoomed 17% on the BSE in Wednesday's intra-day trade and has recorded its sharpest intra-day rally since April 7, 2020. READ MORE

1:35 PM

China's CLSA ups India exposure on supportive macroeconomic outlook

CLSA has increased its India allocations citing a supportive macro outlook. The brokerage owned by China’s CITIC Securities has assigned a weightage of 18.2 per cent to India, 20 per cent higher than the country’s weight of 15.1 per cent in the MSCI All Country Asia Pacific ex Japan index. READ MORE

1:22 PM

LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate

The Life Insurance Corporation of India (LIC) has received a Goods and Services Tax (GST) demand order accruing to nearly Rs 37,000 for paying taxes at 12 per cent instead of 18 per cent for some invoices during the assessment year 2019-2020. READ MORE

1:10 PM

ALERT:: L&T's Hydrocarbon Business wins mega order in Middle East; stock up marginally

The Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) of Larsen & Toubro (L&T) has recently secured a Letter of Intent for a Mega onshore project from a prestigious client in the Middle East, the company said in an exchange filing.

1:02 PM

Paper stocks rally; Pakka, TNPL, Star, West Coast, JK Paper zoom up to 20%

The Indian paper industry is poised for growth, with increasing demand driven by population growth, urbanisation, and rising literacy rates. READ MORE