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MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Among sectoral indices, the Nifty Bank index settled 0.7 per cent higher led by a rise in YES Bank and State Bank of India (SBI).

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE
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The benchmark indices recovered sharply from their day's low to settle slightly higher on Monday led by a rise in the banking and OMC stocks.

The S&P BSE ended at 34,474, up 97 points, while the broader Nifty50 index settled at 10,348, up 32 points.

Among sectoral indices, the Bank index settled 0.7 per cent higher, led by a rise in YES Bank and State Bank of India (SBI). On the other hand, IT index fell 1.8 per cent led by fall in Tata Elxsi, Tata Consultancy Services (TCS) and Infosys.

During the day, the slipped below the crucial 74 per dollar mark for the second time in two days hitting 74.09 against the greenback as the Reserve Bank of India (RBI) kept interest rates unchanged on Friday, surprising the that had expected a rate hike to support the tumbling and combat inflationary pressures from high oil prices.

Shares of oil & gas and state-run oil marketing companies (OMCs) rose on Monday, after witnessing heavy sell-off in the last two trading sessions. Reliance Industries rose 5.5 per cent to Rs 1,108 on the BSE, while HPCL rose over 8 per cent to Rs 178.
 
Global Markets

Shares in Asia slumped Monday as China’s stumbled in their first trading day after a one-week holiday even though Beijing’s central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. Asian shares were also hit on Monday as investors in Chinese stocks reacted for the first time to new pressure from Washington and a report that Chinese spies had compromised US hardware.

China’s blue-chip CSI300 index was 3.5 per cent lower while the main Shanghai Composite Index was down 2.9 per cent. The tech-heavy ChiNext board fell 3.08 per cent. The losses in China dragged down MSCI’s broadest index of Asia-Pacific shares outside Japan, which was 0.9 per cent lower.

(with wire inputs)

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Sectoral gainers and losers on NSE

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

S&P BSE Sensex: Top gainers & losers

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Market at close   The S&P BSE Sensex closed 97 points higher at 34,474 while the broader NSE's Nifty50 index settled at 10,348, up 32 points.

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Gold slips as dollar gains after China eases policy Gold fell on Monday as the dollar firmed after China's central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth. Spot gold was down 0.6 per cent at $1,195.61 an ounce. US gold futures fell 0.5 per cent to $1,199.8 an ounce.

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Time to increase gold allocation in your portfolio this Dussehra   This Dussehra can be different for your gold investment. Analysts are increasingly becoming positive on the outlook of gold over the next few months with oil prices rising and the risks in the global economy increasing. Last week, international gold prices crossed $1,200 after Italy said it will run a higher budget deficit that threatened the European currency. The ongoing trade tensions between the US and China has been increasing in impacting currencies. Read More  

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

NBFCs slip as RBI plans to strengthen norms; Edelweiss Financial cracks 13%   Shares of a few non-banking financial companies (NBFCs) took a hit on Monday after the Reserve Bank of India (RBI) said on Friday it was looking at strengthening guidelines for such entities to avoid rollover risks. Dewan Housing Finance Corporation Ltd's stock fell as much as 12.3 per cent, while that of Edelweiss Financial Services Ltd tumbled as much as 13.9 per cent. Shares of JM Financial Ltd and IIFL Holdings Ltd declined as much as 11.1 per cent and 11 per cent, respectively. Read More

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

The exchange rate is the shock absorber Foreign capital inflows finance the gap between investment and savings. The exchange rate is the price that adjusts to ensure that the capital inflow is exactly as large as is required. An important part of the capital flows into India is debt flows.   When the perceived credit risk of borrowing entities worsens, overseas debt investors become uncomfortable, and there is a shortfall of inbound capital. Rupee depreciation makes Indian assets more attractive, and compensates for deterioration in domestic credit quality. READ MORE

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

RBI gives nod for True North to pick up 26% stake in Federal Bank's NBFC   The Reserve Bank of India (RBI) has given its nod to private Equity firm True North to pick 26 per cent stake in Fedbank Financial Services Ltd (Fedfina), a subsidiary of Kerala-based Federal Bank. The deal value is estimated to be around Rs 4 billion, for 26 per cent stake, while True North can further acquire additional equity shares of Fedfina, constituting up to 45 per cent of the share capital in the company. Read More

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 34,245.89 -131.10 -0.38   S&P BSE SENSEX 50 10,761.43 -37.49 -0.35   S&P BSE SENSEX Next 50 29,723.81 -369.32 -1.23   S&P BSE 100 10,488.35 -50.14 -0.48   S&P BSE Bharat 22 Index 3,213.44 -33.96 -1.05 (Source: BSE)

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

DHFL skids over 16 percent

MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Q2FY19 result preview Profit for our coverage universe excluding volatile components such as commodities and corporate banks is likely to decelerate from 13% YoY in Q1FY19 to -1% YoY in Q2FY19. Barring IT, retail banks and NBFCs, almost all sectors are likely to witness a slowdown in profit growth. The slowdown is more pronounced in domestic auto, which is likely to post flat profit growth (versus 20% average growth over the past four years). Apart from this, growth in cement, pharma and industrials is likely to remain weak (<5%). Export auto, corporate banks, telecom and airlines are likely to report deep profit contraction (Source: Edelweiss Securities)

First Published: Mon, October 08 2018. 08:15 IST
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MARKET WRAP: Sensex rises 97 pts, Nifty settles at 10,348 as banks rally

Among sectoral indices, the Nifty Bank index settled 0.7 per cent higher led by a rise in YES Bank and State Bank of India (SBI).

The benchmark indices recovered sharply from their day's low to settle slightly higher on Monday led by a rise in the banking and OMC stocks.

The S&P BSE ended at 34,474, up 97 points, while the broader Nifty50 index settled at 10,348, up 32 points.

Among sectoral indices, the Bank index settled 0.7 per cent higher, led by a rise in YES Bank and State Bank of India (SBI). On the other hand, IT index fell 1.8 per cent led by fall in Tata Elxsi, Tata Consultancy Services (TCS) and Infosys.

During the day, the slipped below the crucial 74 per dollar mark for the second time in two days hitting 74.09 against the greenback as the Reserve Bank of India (RBI) kept interest rates unchanged on Friday, surprising the that had expected a rate hike to support the tumbling and combat inflationary pressures from high oil prices.

Shares of oil & gas and state-run oil marketing companies (OMCs) rose on Monday, after witnessing heavy sell-off in the last two trading sessions. Reliance Industries rose 5.5 per cent to Rs 1,108 on the BSE, while HPCL rose over 8 per cent to Rs 178.
 
Global Markets

Shares in Asia slumped Monday as China’s stumbled in their first trading day after a one-week holiday even though Beijing’s central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. Asian shares were also hit on Monday as investors in Chinese stocks reacted for the first time to new pressure from Washington and a report that Chinese spies had compromised US hardware.

China’s blue-chip CSI300 index was 3.5 per cent lower while the main Shanghai Composite Index was down 2.9 per cent. The tech-heavy ChiNext board fell 3.08 per cent. The losses in China dragged down MSCI’s broadest index of Asia-Pacific shares outside Japan, which was 0.9 per cent lower.

(with wire inputs)

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