Nifty Pharma index ends 2.51% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) KIOCL 226.50 188.75 37.75 20.00 DEN NETWORKS 59.60 49.70 9.90 19.92 BAJAJ HINDUSTHAN 8.50 7.15 1.35 18.88 SH.RENUKA SUGAR 14.80 12.90 1.90 14.73 BALRAMPUR CHINI 88.65 78.00 10.65 13.65 Nifty sectoral gainers and losers of the day BSE Sensex: Vedanta, Power Grid, Asian Paints among top gainers of the day Market at close The S&P BSE Sensex reclaimed the crucial 38,000 level to settle at 38,091, up 373 points or 1 per cent while NSE's Nifty50 index ended 145 points or 1.28 per cent higher at 11,515. Lesson from Lehman crisis: Stay invested in equities even in bleak times It has been 10 years since Lehman Brothers collapsed. This watershed event had an impact on financial markets and economies around the globe. In India, the benchmark Sensex shed a staggering 52.48 per cent during the calendar year 2008. Liquidity dried up within the debt market, while the real estate industry was hamstrung by lack of funding. Job losses and salary cuts led to demand contraction. A decade later, investors need to imbibe the lessons from that black swan event so that if another one of a similar magnitude strikes, they are better prepared to handle it. READ MORE Brokerages urge Sebi to modify plan to extend derivatives trading hours Brokerages are urging India’s market regulator to modify a plan to extend equity derivatives trading hours due to concerns over their readiness and the costs of implementing the proposal, according to people with knowledge of the matter. Local and foreign brokers have asked the Securities & Exchange Board of India (Sebi) to postpone until January its plan to introduce longer trading hours, citing the need for more testing, the people said. READ MORE
The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.
In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.
Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi's Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.
The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.
This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia's weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.
Investors cheered as the industrial production grew at 6.6 per cent in July on the back of good performance by the manufacturing sector and higher offtake of capital goods and consumer durables.