MARKET WRAP: Sensex gains 255 pts ahead of Govt-FPI meeting; autos rally
Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months
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Indices remained buoyed on Friday, ahead of the government's meeting with foreign portfolio investors (FPIs) and representatives from the financial sector, which was scheduled later in the day. Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months along with measures to relieve real estate sector.
The benchmark S&P BSE Sensex soared 480 points intra-day to 37,807.5 level, while the Nifty50 zoomed 149 points to 11,181 mark.
At close, the Sensex settled 255 points, or 0.68 per cent, higher at 37,582 levels lifted by gains in auto and banking counters. Maruti Suzuki, Vedanta, Bajaj Finance, and HDFC Bank were the top gainers while YES Bank, Tech Mahindra, Tata Steel, and ITC were the top laggards. The broader Nifty50, too, ended at 11,110 mark, up 77 points, or 0.7 per cent.
Sectorally, metal, information technology (IT), pharma and public sector bank (PSBs) indices ended in the red while auto, private bank, realty, and FMCG scrips ended with gains. Nifty auto index was the top gainers, up 2 per cent, while Nifty metal index slipped 0.68 per cent.
In the broader market, the S&P BSE mid-cap index ended 104 points, or 0.77 per cent, higher at 13,670 level. The S&P BSE small-cap index, on the other hand, settled 125 points, or 1 per cent, higher at 12,699 level.
GLOBAL CUES
Asian shares inched up on Friday, helped by Wall Street’s rally, but fresh concerns about Sino-U.S. trade ties capped gains in the region.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2 per cent higher but on track to lose 2.3 per cent for the week. Japan’s Nikkei average gained 0.44 per cent, while Australian stocks added 0.3 per cent and South Korean shares climbed 1.1 per cent.
(With inputs from Reuters)
3:38 PM
Sectoral gainers and losers on the NSE
3:38 PM
Top gainers and losers on the S&P BSE Sensex
3:35 PM
CLOSING BELL
The S&P BSE Sensex gained 255 points or 0.68 per cent to settle at 37,582 while NSE's Nifty50 index ended at 11,110, up 77 points or 0.70 per cent.
3:31 PM
YES Bank turns volatile post QIP launch, plunges 9%
YES Bank was down 9 to Rs 81.20 in intra-day trade, slipping 12 per cent from its early morning high of Rs 92.40 on the BSE. The stock opened 2 per cent higher at Rs 91 against Thursday’s close of Rs 89.15. At the time of writing this report, it was trading close to its 52-week low of Rs 79.50 touched on August 5, 2019. READ MORE
3:21 PM
NEWS ALERT | Govt to announce relief measures within 7-10 days: CNBC TV18, quoting sources
3:20 PM
NEWS ALERT | Govt likely to announce relief measures for auto, MSMEs & financial markets soon: sources to CNBC TV18
-- Announcements likely to be consolidated & bundled together
-- Govt to push bank lending
-- Govt to push bank lending
3:08 PM
Centrum Broking on Zensar Technologies
While company has a higher portfolio concentration (Top account contributes to 25% of total revenues) as well a relatively different vertical mix ( vs other Midcap peers), company has gradual shown a pivot in business trajectory. We trim our target price by 3.5 per cent to Rs265 (14x June 21E EPS vs 14x FY21 earlier). Retain BUY
3:07 PM
Sobha jumps 5% after June quarter profit rises 72% YoY
3:04 PM
MARKET CHECK | Top gainers on the BSE at this hour
| SUZLON | 4.38 | +0.41 | +10.33 |
| FCONSUMER | 31.15 | +3.00 | +10.66 |
| DEEPAKFERT | 90.60 | +9.35 | +11.51 |
| ENDURANCE | 832.85 | +89.80 | +12.09 |
| NAVKARCORP | 27.85 | +4.00 | +16.77 |
2:46 PM
NEWS ALERT | Govt may approach GST council to relieve auto-sector from tax for 3-6 months: CNBC TV18
2:46 PM
Nifty PSU Bank index is trading 0.6 per cent lower
2:45 PM
NEWS ALERT | Govt may look to flush out auto, housing inventory with minimum revenue impact: sources to CNBC TV18
-- Home-buyers centric incentive may be considered to clear unsold inventory
2:44 PM
NEWS ALERT | Govt may look at temporary GST relief for auto industry: sources to CNBC TV18
2:39 PM
Earnings Alert | GAIL Q1 results
-- Consolidated revenue at Rs 18,467 crore
-- Consolidated net profit Rs 1,504 crore
-- Consolidated Ebitda at Rs 2,537.6 crore
-- Consolidated Ebitda margin at 12.8%
2:34 PM
Earnings Alert | MRF Q1
-- Consolidated net profit at Rs 273.3 crore
-- Cons revenue at Rs 4471 crore
-- Cons EBITDA at Rs 612.3
-- Cons revenue at Rs 4471 crore
-- Cons EBITDA at Rs 612.3
Topics : Markets MARKET WRAP
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First Published: Aug 09 2019 | 7:17 AM IST
