Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain
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 "Nifty")
Source: BSE
The benchmark indices settled at record closing highs on Monday as state-owned lenders extended a rally from the last week sparked by the government’s announcement of a Rs 2.11 lakh crore recapitalisation plan, while energy firms gained on higher crude prices.
State-run lenders drove the indices higher, with the Nifty PSU bank index rising as much as 4.3%. Its 30% gain last week was much larger than a 0.8% rise in the Nifty private bank index over the same period.
The Nifty50 rallied as much as 61 points to hit its fresh high of 10,384, while the Sensex rose 184 points to log its record high of 33,340 in intraday trade.
Overseas, European markets were trading sideways as earnings rolled in, while Asian markets climbed as the euro loitered around a 3-month low after the European Central Bank's decision to extend its stimulus further fattened the dollar's yield advantage.
3:51 PM
Market wrap-up by Nikhil Kamath, Co-Founder and Head of Trading, Zerodha
Markets closed the session up for the day, on the back of domestic liquidity and positive global cues. FIIs continued to be net sellers, overall. YES Bank and Bharti Infratel were the best performers of the session, while cement and autos seemed to hold up. The overall market trend continues to remain bullish with the indices notching up fresh highs on a regular basis. Geopolitical tensions seem to have eased and the focus now remains on earning season. We expect the overall bullish trend to continue going into November, we would advocate caution at this juncture and not recommend entering fresh longs at this point.
Markets closed the session up for the day, on the back of domestic liquidity and positive global cues. FIIs continued to be net sellers, overall. YES Bank and Bharti Infratel were the best performers of the session, while cement and autos seemed to hold up. The overall market trend continues to remain bullish with the indices notching up fresh highs on a regular basis. Geopolitical tensions seem to have eased and the focus now remains on earning season. We expect the overall bullish trend to continue going into November, we would advocate caution at this juncture and not recommend entering fresh longs at this point.
3:47 PM
Anand James, Chief Market Strategist, Geojit Financial Services
Domestic indices marched to a new record high on continuing positivity from the PSU banks and support from Asian peers. But, volatility resurfaced at the record heights especially as investors await key IPO listings.
3:46 PM
Broader markets outperform
Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices gaining over 1% each.
3:43 PM
Sensex heatmap at close
Source: BSE
3:38 PM
Markets at close
The S&P BSE Sensex settled at 33,266, up 109 points, while the broader Nifty50 ended at 10,363, up 40 points.
The S&P BSE Sensex settled at 33,266, up 109 points, while the broader Nifty50 ended at 10,363, up 40 points.
3:29 PM
Centrum Research on Mahindra Logistics IPO
At the higher end of the price band of Rs 429, the issue is priced at P/E of 66.9x (post dilution) on FY17 basis, which appears to be expensive given the low financial performance (FY15-17 - revenue and PAT CAGR of 18% and 8%, respectively, with negative operating cash flows in the last 2 years. Even if money raised at such valuations was flowing into the company, it would have ultimately belonged to shareholders. But in this case 100% of the money raised is going to the selling shareholders and not into the company.
Recommendation: As already mentioned, the issue is at an expensive valuation. Clubbing that with the lackluster performance of other M&M group companies – it becomes difficult to logically recommend subscribing to the issue.
Issue opens on Tuesday and closes on Thursday.
Recommendation: As already mentioned, the issue is at an expensive valuation. Clubbing that with the lackluster performance of other M&M group companies – it becomes difficult to logically recommend subscribing to the issue.
Issue opens on Tuesday and closes on Thursday.
3:18 PM
HDFC Securities on ITC
ITC is a market leader in cigarettes (~70% market share), notebooks, valued-added paperboards and a critical player in biscuits. The company operates at EBITDA margin of 36%, along with core RoCE of ~40%. We have BUY rating with a target price of Rs 358, based on 32x Sep-19EPS.
Near-term outlook: With anticipation of improvement in operating performance, we expect healthy upside in the near-term too.
3:13 PM
Top five gainers on Nifty
Source: NSE
3:06 PM
European markets
Spanish equities opened 1.4% higher on Monday, reassured by weekend demonstrations for a unified Spain and a poll showing a lead for parties opposed to Catalan independence.
Broader European shares traded sideways.
The pan-European STOXX 600 index was down 0.1%, but Spain’s IBEX benchmark rose, led by Caixabank and Banco de Sabadell, shares in which rose 4.2% and 3.6%, respectively.
3:03 PM
Markets check
At 3:00 pm, the S&P BSE Sensex was trading at 33,293, up 136 points, while the broader Nifty50 was ruling at 10,371, up 48 points.
At 3:00 pm, the S&P BSE Sensex was trading at 33,293, up 136 points, while the broader Nifty50 was ruling at 10,371, up 48 points.
2:47 PM
Buzzing stock
Lupin rose 7% to Rs 1,074 on the BSE after the pharmaceutical company reported a consolidated net profit of Rs 455 crore for the quarter ended September 2017 (Q2FY18). The analyst an average had expected profit of Rs 433 crore for the quarter. READ MORE
Lupin rose 7% to Rs 1,074 on the BSE after the pharmaceutical company reported a consolidated net profit of Rs 455 crore for the quarter ended September 2017 (Q2FY18). The analyst an average had expected profit of Rs 433 crore for the quarter. READ MORE
2:36 PM
Offshore India funds, ETFs pump in $6 bn in Jan-Sep
Optimistic of the country's long-term growth prospects, India-focussed offshore funds and exchange-traded funds (ETFs) have pumped in nearly $6 billion in the first nine months of the year. READ FULL REPORT
2:15 PM
Nifty Energy index up nearly 1%
Source: NSE
1:47 PM
Mukesh Ambani on Indian economy
India represents the biggest investment opportunity in the world right now and its economy will treble in size to $7 trillion from $2.5 trillion in the next decade, Reliance Industries Chairman Mukesh Ambani said on Sunday. READ DETAILS HERE
1:30 PM
Markets check
At 1:30 pm, the S&P BSE Sensex was trading at 33,303, up 146 points, while the broader Nifty50 was ruling at 10,372, up 49 points.
At 1:30 pm, the S&P BSE Sensex was trading at 33,303, up 146 points, while the broader Nifty50 was ruling at 10,372, up 49 points.
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First Published: Oct 30 2017 | 3:36 PM IST
