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

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SI Reporter  |  New Delhi 

Benchmark indices ended the day at fresh highs with Nifty settling above 10,300 for the first time ever and Sensex above 33,000 following a mega recapitalisation package for banks and a Rs 7 lakh crore infra booster ahead of October F&O expiry. With economic revival being big on the agenda, the government on Tuesday unveiled a Rs 2.11-lakh crore support for public sector banks (PSBs), struggling with mounting bad loans, in order to spur “genuine” infrastructure lending for upcoming mega projects. The government will pump in Rs 1.35 lakh crore of this ...

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

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."  

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

Nifty Infra at 7-year high Source: NSE

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

Nifty Bank gained 3% Source: NSE

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

PSU Banks rally Source: NSE

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

Top Sensex gainers and losers Source: BSE

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

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

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

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.

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

Sectoral Trend Source: NSE

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

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

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

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

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

Edelweiss on Jindal Stainless (Hisar)   Rating - BUY CMP - Rs 205  Target - Rs 329   We expect company's net sales/EBIDTA/PAT to grow at a CAGR of 15%/19%/46% respectively between FY17-19E We believe, higher RoCE of JSHL (22%) (even on WACC adjusted basis) compared to European players (8-10%), burnished demand prospects and market leadership should lead to at par/premium valuation for the company with respect to European players. We are valuing the stock at par with European listed counterparts at 7x EV/EBIDTA, yielding value of Rs 289/share. Additionally, we value the company’s investments in JSL (36.5% stake) at Rs 41/share to arrive at target price of Rs 329.

First Published: Wed, October 25 2017. 15:30 IST
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Mkts end at record high: Sensex up 435 pts, ends above 33K, Nifty at 10,295

All that happened in the market today

Benchmark indices ended the day at fresh highs with Nifty settling above 10,300 for the first time ever and Sensex above 33,000 following a mega recapitalisation package for banks and a Rs 7 lakh crore infra booster ahead of October F&O expiry. With economic revival being big on the agenda, the government on Tuesday unveiled a Rs 2.11-lakh crore support for public sector banks (PSBs), struggling with mounting bad loans, in order to spur “genuine” infrastructure lending for upcoming mega projects. The government will pump in Rs 1.35 lakh crore of this ...

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