MARKET WRAP: Fiscal stimulus, US-China trade talk hopes lift Sensex 793 pts
S&P BSE mid-cap index settled 207 points, or 1.5 per cent, higher at 13,409 level. Similarly, S&P BSE small-cap index, too, closed at 12,387 level, up 201 points or 1.68 per cent.
 "MARKET LIVE: Indices extend gains, Sensex jumps 700 pts, Nifty tops 11,000")
Markets staged impressive gains on Monday lifted by banking, NBFCs, and realty stocks. Fiscal stimulus announced by the government on Friday, August 23, lifted sentiment at D-Street where investors rejoiced rollback of super-rich tax on FPIs, upfront capitalisation of public sector banks, and deferment of hiked registration fees for automobiles. That apart, the sentiment was also aided by a possible resumption in trade talks between the United States and China.
The benchmark S&P BSE Sensex vaulted 843 points in the intra-day trade before settling at 37,494 level, up 793 points or 2.16 per cent. HDFC twins, ICICI Bank, ITC, and Larsen and Toubro were the top contributors towards the gains.
HDFC, YES Bank, Bajaj Finance, and ICICI Bank were the top gainers at the 30-share index, while Vedanta, Sun Pharma, and Hero Moto Corp dipped the most. Meanwhile, the broader Nifty50 jumped 241 points in the intra-day deals to close above the psychological mark of 11,000 after three trading sessions. The 50-share index ended at 11,058 level, up 229 points or 2.11 per cent.
HDFC, YES Bank, Bajaj Finance, and ICICI Bank were the top gainers at the 30-share index, while Vedanta, Sun Pharma, and Hero Moto Corp dipped the most. Meanwhile, the broader Nifty50 jumped 241 points in the intra-day deals to close above the psychological mark of 11,000 after three trading sessions. The 50-share index ended at 11,058 level, up 229 points or 2.11 per cent.
While early morning gains were sold-into after weak global cues due to trade war concerns caught up with the investors, indices rallied again after US President Donald Trump said China wanted to resume trade talks.
The news helped to trim losses at the Nifty metal index, which closed at 2,255 level, down 0.97 per cent. All other sectoral indices ended in the green. Nifty Financial Services index settled 4 per cent higher, followed by Nifty Realty index (up 3.74 per cent), Nifty Bank index (up 3.68 per cent), and Nifty private bank index (up 3.65 per cent).
In the broader market, S&P BSE mid-cap index settled 207 points, or 1.5 per cent, higher at 13,409 level. Similarly, S&P BSE small-cap index, too, closed at 12,387 level, up 201 points or 1.68 per cent.
3:40 PM
Sectoral gainers and losers on the NSE
3:39 PM
Gainers and losers on the S&P BSE Sensex
3:38 PM
CLOSING BELL
The S&P BSE Sensex zoomed 793 points or 2.16 per cent to settle at 37,494 while NSE's Nifty50 index gained 229 points or 2.11 per cent to end at 11,058.
3:18 PM
NEWS ALERT | Govt mulling moving a cabinet note to pass FPI surcharge rollback: sources to CNBC TV18
-- Govt mulling various options to operationalise surcharge rollback
-- Govt mulling moving an amendment in the upcoming Winter session
-- Govt mulling FPI surcharge rollback via Ordinance
-- Govt mulling moving an amendment in the upcoming Winter session
-- Govt mulling FPI surcharge rollback via Ordinance
3:11 PM
Buzzing | Hatsun Agro Products sheds 15%
2:53 PM
Dow Futures up 200 pts
Source: Bloomberg
2:50 PM
Market check | Profit-booking at higher levels drag indices lower
2:47 PM
World's largest wealth manager turns bearish on stocks as trade war deepens
UBS Global Wealth Management, which oversees more than $2.48 trillion in invested assets, has gone underweight on equities for the first time since the Eurozone crisis. The Swiss asset manager cut its stock positioning relative to high-grade bonds to reduce its exposure to trade wars and political uncertainty, Global Chief Investment Officer Mark Haefele wrote in a note to investors. READ MORE
2:39 PM
Adani Ports surges 6% on announcement of buyback schedule
Shares of Adani Ports and Special Economic Zone (APSEZ) climbed 6 per cent to Rs 371 in intra-day trade on the BSE on Monday after the company announced that the proposed share buyback offer will open on September 6, 2019, and close on September 20. In June, APSEZ had announced its plan to buy back up to 39.2 million equity shares, representing 1.89 per cent stake, at Rs 500 per share, each payable in cash for an amount aggregating up to Rs 1,960 crore on a proportionate basis, through the tender offer route. READ MORE
2:39 PM
NEWS ALERT | Lupin’s South Africa arm, ‘Pharma Dynamics’ signs agreement with Creso Pharma for hemp oil-based 'CannaQIX'
2:34 PM
Economic slowdown: Steel consumption set for slowest growth in three years
Demand for steel in India could grow at the slowest pace in three years as an economic slowdown in the global industry’s bright spot deepens. Steel consumption in India is likely to increase by less than 6 per cent this fiscal year, according to ICRA Ltd., the local arm of Moody’s Investors Service. That would make it the slowest pace since a 3.1 per cent increase in the year ended March 2017. READ MORE
2:32 PM
Jtekt India hits 20% upper circuit
2:28 PM
Oil in longest losing run in five weeks as US-China trade war deepens
Oil fell for a fourth day, set for the longest run of declines in more than five weeks, after the latest escalation in the trade war blindsided investors and worsened an already-shaky global demand outlook. Futures in New York dropped as much as 2.2 per cent after closing down 2.1 per cent on Friday as Beijing said it would impose retaliatory tariffs on another $75 billion of US goods, including oil for the first time. READ MORE
2:27 PM
Market check
2:22 PM
Market check | Sensex rallies over 800 pts
Topics : Markets MARKET WRAP
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First Published: Aug 26 2019 | 7:15 AM IST
