MARKET WRAP: Sensex jumps 629 pts; realty, auto rise, India VIX eases 10%
The S&P BSE Sensex jumped 629 points or 1.79 per cent to settle at 35,779, with HeroMoto Corp being the top gainer and Asian Paints the worst performer on the index.
 "SMEs, banks, foreign exchange, markets, forex, small and medium price industries,")
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)
Adding to Tuesday's gains, the domestic equity market surged nearly 2 per cent on Wednesday, led by across-the-board buying and supportive global cues. The S&P BSE Sensex jumped 629 points or 1.79 per cent to settle at 35,779, with HeroMoto Corp being the top gainer and Asian Paints the worst performer on the index. The broader Nifty50 index of National Stock Exchange (NSE) reclaimed the crucial 10,700 mark to settle at 10738, up 188 points or 1.79 per cent.
Investor sentiment got a boost after Shaktikanta Das was appointed as the 25th governor of the Reserve Bank of India after the sudden resignation of Urjit Patel from the post. Financial stocks rallied in the trade on the hopes the new RBI governor will take up measures to relax the current prompt corrective action (PCA) norms.
In the broader market, the S&P BSE MidCap index gained 371 points or 2.53 per cent to settle at 15,041 while the S&P BSE SmallCap ended at 14,404, up 345 points or 2.46 per cent.
VOLATILITY INDEX EASES 10%
Volatility index India VIX eased 10 per cent to 16.13, signalling decline in volatility in the market. India VIX is a volatility index computed by NSE based on the order book of NIFTY Options. Higher the India VIX values, higher the expected volatility and vice versa.
In the broader market, the S&P BSE MidCap index gained 371 points or 2.53 per cent to settle at 15,041 while the S&P BSE SmallCap ended at 14,404, up 345 points or 2.46 per cent.
VOLATILITY INDEX EASES 10%
Volatility index India VIX eased 10 per cent to 16.13, signalling decline in volatility in the market. India VIX is a volatility index computed by NSE based on the order book of NIFTY Options. Higher the India VIX values, higher the expected volatility and vice versa.
BANK STOCKS RALLY
Shares of public sector undertaking (PSU) banks were in focus on Wednesday, with Nifty PSU Bank index gaining 2.8 per cent on hopes of relaxation of Prompt Corrective Action (PCA) norms for the state-owned banks. The government appointed Shaktikanta Das as the new governor of the Reserve Bank of India (RBI) on Tuesday after market hours.
Corporation Bank, Bank of Maharashtra, United Bank of India, Indian Overseas Bank, Dena Bank, Bank of India, Central Bank of India and UCO Bank were up in the range of 3% to 6% on the National Stock Exchange (NSE). READ HERE
GLOBAL CUES
Asian stock markets rallied as US President Donald trump sounded upbeat about a trade deal with China, while sterling struggled with the risk of an imminent party coup against British Prime Minister Theresa May. Japan’s Nikkei led the way with a jump of 2 per cent, while Shanghai blue chips trailed with just 0.2 per cent. E-Mini futures for the S&P 500 added 0.5 percent and spreadbetters pointed to gains for European bourses.
(with Reuters input)
3:45 PM
Sectoral gainers of the day on NSE
3:43 PM
Top gainers in S&P BSE Sensex
3:32 PM
Market at close
The S&P BSE Sensex ended at 35,779, up 629 points or 1.79 per cent, while the broader Nifty50 index settled at 10,738, up 188 points or 1.79 per cent.
3:15 PM
Beaten down stocks rally; Godawari Power, Indiabulls Venture up over 15%
Over a dozen of beaten down stocks have rallied by up to 20% on Wednesday after a two percentage point jump in mid and small-cap indices. Tata Steel BSL (formerly Bhushan Steel), Indo Rama Synthetics (India), Godawari Power & Ispat, Indiabulls Ventures, Hubtown, Aptech, Housing Development & Infrastructure (HDIL) and Manpasand Beverages were trading higher in the range of 15% to 20% on the BSE. READ MORE
2:57 PM
Top gainers in BSE500
» More on Top Gainers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
| INDIABULLS VENT. | 394.95 | 56.25 | 16.61 | 328757 |
| H D I L | 24.20 | 3.35 | 16.07 | 2219313 |
| MANPASAND BEVER. | 94.65 | 12.95 | 15.85 | 318691 |
| INDBULL.REALEST. | 78.70 | 7.15 | 9.99 | 303788 |
| ADITYA BIR. FAS. | 201.50 | 17.75 | 9.66 | 919797 |
2:45 PM
NEWS ALERT Bandhan Bank to open 5 new branches today & 40 before December 31. Total branches of the bank to rise to 978 from 938 by year end, reports CNBC TV18
2:42 PM
British PM May to face leadership challenge over Brexit
Embattled British Prime Minister Theresa May will face a vote of no confidence on Wednesday over her controversial Brexit deal. The challenge to May's leadership was triggered after 48 Conservative Members of Parliament submitted letters demanding a vote to the 1922 Committee, which represents rank-and-file Conservative MPs in the House of Commons. Read more
2:28 PM
All 30 stocks on S&P BSE Sensex are trading in the green
2:24 PM
NEWS ALERT UK PM Theresa May to face vote of no confidence in her leadership
2:14 PM
ACC gains 3% as board approves Rs 30 billion expansion plan
Shares of ACC moved higher by 3.5% to Rs 1,485 on BSE, after the cement manufacturer said its board approved Rs 30 billion expansion plan. The company said its board has granted its approval for setting up a Greenfield integrated cement plant at Ametha, Madhya Pradesh along with expansion of the existing grinding unit in Tikaria, Uttar Pradesh and a third grinding unit in Uttar Pradesh. Read more
2:03 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,583.63 | +433.62 | +1.23 |
| S&P BSE SENSEX 50 | 11,171.35 | +131.93 | +1.20 |
| S&P BSE SENSEX Next 50 | 31,916.74 | +593.81 | +1.90 |
| S&P BSE 100 | 10,942.31 | +140.27 | +1.30 |
| S&P BSE Bharat 22 Index | 3,353.23 | +45.78 | +1.38 |
1:47 PM
Opioid treatment drug ban buzz drags Dr Reddy's 6% in a firm market
Dr Reddy’s Laboratories has dipped 6% to Rs 2,536 on the BSE in intra-day trade on back of heavy volumes on reports that the US appeals court rejected the drug firm’s request that would have allowed the company to sell a generic version of Indivior Plc’s Suboxone Film - a drug used for opioid addiction treatment - in the American market immediately. Read more
1:38 PM
Nifty Realty index extends gain, up 3.80%
1:32 PM
Patel's resignation highlights risks to RBI's policy priorities: Fitch
Fitch Ratings Wednesday said the resignation of Urjit Patel as Reserve Bank Governor highlights the risks to RBI's policy priorities and increased government influence on the central bank could undermine the efforts to address bad loan problems. Patel resigned abruptly from the post of the Governor on December 10, nine months before his term was scheduled to come to an end in September 2019. READ MORE
1:14 PM
Zydus Wellness rises over 4% as CCI clears deal with Heinz India
Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business. The stock gained 4.36 per cent in early trade to Rs 1,360.9. At noon, the scrip was trading at Rs 1,359, up 4.22 per cent from the previous close. On NSE, the stock increased 4.45 per cent to touch a high of Rs 1,363.9. READ MORE
Topics :
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Dec 12 2018 | 8:06 AM IST