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Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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SI Reporter  |  New Delhi 

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 ...

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Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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.

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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.

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

Broader markets outperform    Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices gaining over 1% each. 

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

Sensex heatmap at close Source: BSE

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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. 

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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. 

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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.

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

Top five gainers on Nifty Source: NSE

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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.

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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. 

Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

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

First Published: Mon, October 30 2017. 15:36 IST
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Sensex, Nifty end at record closing highs; realty, PSU bank stocks gain

Catch all live market action here

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 ...

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