MARKET WRAP: Sensex up 1,075 pts, reclaims 39K-mark; Nifty ends at 11,603
All that happened in markets today.
 "Markets, Up, Down, BSE, NSE, Stocks")
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The breathtaking rally in markets continued on Monday with the benchmark indices ending nearly 3 per cent higher, thus logging their best ever two-day gains. Equities have been on fire since Friday after Finance Minister Nirmala Sitharaman announced reduction in effective corporation tax rates to 25 per cent from 35 per cent, earlier.
The benchmark S&P BSE Sensex rallied 1,075 points or 2.83 per cent to settle at 39,090.03, with Bajaj Finance (up nearly 9 per cent) being the biggest gainer and Infosys (down 5 per cent) the worst performer. HDFC duos, ICICI Bank, L&T, ITC and Axis Bank contributed the most to the index's gains.
On NSE, the Nifty50 index ended at 11,603.40, up 329 points or 2.92 per cent. The Nifty Bank index gained 1,566.90 points or 5.41 per cent to end at 30,548.45 levels.
Volatility index India VIX zoomed nearly 11 per cent to 17.05 levels.
Both the frontline indices -- Sensex and Nifty -- have surged 8 per cent in two trading sessions.
Both the frontline indices -- Sensex and Nifty -- have surged 8 per cent in two trading sessions.
Sectorally, IT and pharma counters bled in an otherwise strong market. The Nifty IT index dropped 2.88 per cent to 15,044.70 levels. Similarly, the Nifty Pharma index lost over 2 per cent to settle at 7,810.65 levels.
In the broader market, the S&P BSE MidCap index gained 434 points or 3 per cent to close at 14,554.46 and the S&P BSE SmallCap index added 361 points or 2.73 per cent to end at 13,565.
GLOBAL MARKETS
Most Asian share markets slipped on Monday as investors waited for more clarity on Sino-US trade talks, while oil gained more than 1 per cent as Middle East tensions remained elevated. Chinese shares were in the red, with Shanghai’s SSE Composite stumbling 1.5% while the blue-chip index was down 1.65 per cent. Hong Kong’s Hang Seng index was 0.8 per cent weaker while South Korea’s KOSPI ended flat. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent at 510.04 points.
In Europe, pan-region Euro Stoxx 50 futures easing 0.3 per cent in early European trade and Germany’s DAX futures off 0.2 per cent. London’s FTSE futures were, however, a tad higher. E-mini futures for US S&P 500 and the Dow climbed nearly 0.4 per cent each.
(With inputs from Reuters)
3:54 PM
MARKET COMMENT :: Devang Mehta, Head – Equity Advisory, Centrum Wealth Management
Markets for the second day in a row, after the historic decision to cut corporate tax, witnessed a stellar rally. Lot of buoyancy has come from the fact that these measures will boost the profitability of a number of companies, which will either be used to stimulate demand by lowering prices, payouts to shareholders in the form of dividends or using it for capital expenditure. Along with short covering, a lot of pent up demand to buy good businesses was also visible. Market is also sensing a meaningful rate cut from the RBI in its bimonthly monetary policy due in the first week of October
3:48 PM
Nifty Pharma index slips nearly 2.2%
3:46 PM
Financials among top gainers today
Contribute most to Sensex's gain
3:43 PM
Oracle Financial, Infosys, TCS, Wipro among top IT losers
(Image source: NSE)
3:42 PM
Pharma, IT stocks slip
3:41 PM
Sensex heat map
3:40 PM
CLOSING BELL
The S&P BSE Sensex jumped 1,075 points or 2.83 per cent to end at 39,090.03 while NSE's Nifty50 index ended at 11,603, up 329 points or 2.92 per cent.
3:24 PM
NEWS ALERT | BSE-listed companies' m-cap rises by Rs 10.4 trn in two days
3:23 PM
Zee Entertainment slips for sixth straight day, loses 10% to hit a 5-yr low
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3:04 PM
BUZZING STOCK | Bajaj Finance gains nearly 9%
3:03 PM
NEWS ALERT | Govt is aiming for Rs 50,000-60,000 cr revenue via privatisation in FY20: sources to Reuters
-- PMO is looking for investment by foreign companies in PSUs under current norms
-- PMO expresses reservations on sale of PSUs to other PSUs
-- PMO wants BPCL, Concor, Air India's stake sale to be completed in FY20
-- PMO expresses reservations on sale of PSUs to other PSUs
-- PMO wants BPCL, Concor, Air India's stake sale to be completed in FY20
3:00 PM
NEWS ALERT | Govt expects close to Rs 1.2 trillion direct tax collection shortfall: sources to CNBC TV18
-- Poor growth, demand slowdown, coporate tax cut some of the reasons for shortfall
2:56 PM
NEWS ALERT | New Direct Tax report recommends major overhaul in income tax: sources to CNBC TV18
-- New Direct Tax Report recommends introducing 35% tax for income of Rs 2 cr and above
-- Recommends continuing exemptions under 80c with certain changes in types of concessions
-- Recommends dropping surcharge and cess
-- Recommends removing tax rebate on principal payment of home loan
-- Increase in threshold of Rs 2.5 lakh income not suggested
2:51 PM
NEWS ALERT | New Direct Tax report recommends major overhaul in income tax: sources to CNBC TV18
-- Income slab of Rs 5-20 lakh imp to revive consumption demand
-- Propose 10% tax rate (vs 20% rate) for Rs 5-10 lakh slab
-- Propose 20% tax rate (vs 30% rate) for Rs 10-20 lakh slab
-- Propose 30% tax rate for income of Rs 20 lakh and above
Alert: FM says Govt hasnt yet thought of rate rationalisation
Alert: FM says Govt hasnt yet thought of rate rationalisation
2:38 PM
Buzzing | Sagar Cements locked in 20% upper circuit band
Topics : Markets MARKET WRAP
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First Published: Sep 23 2019 | 7:05 AM IST