Mkts end at record high: Sensex up 435 pts, ends above 33K, Nifty at 10,295

All that happened in the market today

3:50 PM

Market rundown by Vinod Nair, Head of Research of Geojit Financial Services 

 

"Market touched a new high led by the Government’s ideal plan to fix the credit growth and lack of private investment in the country, which was a key drag on the broad economic system. Ultimately it is giving a remedy to the NPA issues and capital adequacy of banks, which is an essential for credit growth."

 

3:48 PM

Nifty Infra at 7-year high

Source: NSE

3:40 PM

Nifty Bank gained 3%

Source: NSE

3:38 PM

PSU Banks rally

Source: NSE

3:36 PM

Top Sensex gainers and losers

Source: BSE

3:35 PM

Broader Markets

Broader markets underpeerformed the benchmark indices with BSE midcap index up 0.4% and BSE Smallcap index down 0.2%

3:33 PM

Markets at Close

The Indian market soared to a fresh record high on Wednesday as investors cheered mega recapitalisation package for banks and a Rs 7 lakh crore infra booster ahead of October F&O expiry.

 

S&P BSE Sensex ended over 33,000 for the first time ever. The index settled at new closing high of at 33,042 up 435 points for the day. Nifty50, on the other hand, also achieved new milestone, ending at fresh closing high of 10,295, up 87 points.

3:21 PM

Sectoral Trend

Source: NSE

3:11 PM

Infosys Q2 results: Wealth creation story of large IT stocks is over

 

Infosys’ Q2FY2018 results are in line with the large peers in the industry – year-on-year growth in revenues and net profit stand at 1.5% and 3.3% respectively. TCS and Wipro have also posted poor single digit yoy growth in revenues or profits.

 

It is quite unfortunate that three key issues have been impacting the large IT companies including Infosys – first of all the ‘base effect’. Today India’s IT export basket of nearly $110 billion cannot maintain the kind of growth momentum the industry used to maintain in 1990s or a decade ago. IT export growth also got impacted by growing restrictive practices from the US government. 

 

The problems of the industry further compounded by appreciation of rupee in 2017 – so far in this year, rupee has appreciated by 4.5%. Such significant appreciation of currency has partly led not only to Infosys’ revenue in rupee terms growing in poor single digit, but also significantly lower than the dollar revenue growth. READ MORE

3:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,054.06	+446.72	+1.37
S&P BSE SENSEX 50	10,685.35	+96.55	+0.91
S&P BSE SENSEX Next 50	35,364.55	+401.86	+1.15
S&P BSE 100	10,709.00	+100.65	+0.95
S&P BSE MidCap	16,209.32	+27.59	+0.17