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MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

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SI Reporter  |  New Delhi 

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Holding on to recovery for the third day in a row, the domestic equity market ended on a firm note on Tuesday. The S&P BSE Sensex added 297 points or 0.85 per cent to end at 35,162, with Mahindra & Mahindra (up 4 per cent) being the top gainer and HDFC Bank (down 1 per cent) the biggest loser. The broader NSE's Nifty50 ended at 10,585, up 72 points or 0.69 per cent. 

Positive global cues and strong quarterly earnings season boosted the investor sentiment on Dalal Street. IT major Infosys ended flat at Rs 696, down 0.4 per cent ahead of its Q2 results, due later in the day.
 
Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns capped gains.

Amid individual stocks, shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network.

MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 per cent, crawling away from a 19-month trough touched on Thursday. Japan’s Nikkei bounced 0.3 per cent following a decline of nearly 2 per cent the previous day.

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Sectoral gainers & losers on NSE

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

BSE Sensex: Top gainers & losers

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

  Future Group shares rise on reports Amazon may buy stake in Future Retail   Future Retail has soared 19% to Rs 518 on back of an over six-fold jump in trading volumes. A combined 2.37 million equity shares changed hands on the BSE and NSE till 02:59 PM. READ MORE

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

ICICI Bank gets RBI clearance to appoint Sandeep Bakhshi as its MD and CEO   Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years.   After resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals. READ MORE   Impact  

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Market check Index Current Pt. Change % Change   S&P BSE SENSEX 35,105.47 +240.37 +0.69   S&P BSE SENSEX 50 11,064.23 +74.56 +0.68   S&P BSE SENSEX Next 50 31,324.79 +354.94 +1.15   S&P BSE 100 10,822.73 +80.30 +0.75   S&P BSE Bharat 22 Index 3,368.16 +30.74 +0.92

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

How investors view Emerging Markets   I had the opportunity to spend last week in the US, meeting up with a bunch of global investors. A fascinating week amidst the turmoil roiling global markets. Some of the takeaways for me personally were as follows: 1. There is tremendous pain vis-a-vis Emerging Market (EM) assets.   Most of the smartest and most-sophisticated investors have been reducing weights in US equities and increasing EM and non-US positions over the last few years. This has not worked. Investors have taken it on the chin this year with a dramatic divergence opening up between US and EM equities. READ MORE

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

CESC: Analysts see benefits even in part demerger, stock price recovers   The long-awaited value-unlocking in CESC is finally taking place and bringing joy to investors as the stock price starts recovering. Since the multiple businesses under a single umbrella resulted in holding company discount, CESC’s decision on separate listing of all businesses should result in value unlocking for investors. Before the company’s announcement of restructuring last year, the stock had seen highs in January’18 but it thereafter trended lower. Read More

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Leading foreign bank to drag Kwality to NCLT over Rs 12 billion default KKR-backed dairy major Kwality Ltd set to be taken to National Company Law Tribunal (NCLT) over Rs 12 billion loan default. According to a report published in Hindu Businessline, the Kolkata-headquartered company has been taken to the tribunal by a leading foreign bank that will be joined by others soon after the case is filed, on October 16. According to sources, Kwality has debt of about 20 billion, of which 80 per cent has gone bad following poor business decisions, reported The Hindu Businessline. Read More

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Earnings impact: Federal Bank stock up 6% post Q2 earnings   Federal Bank's second quarter (July-September) profit grew 0.9 per cent year-on-year to Rs 2.66 billion, impacted by sharp rise in bad loans provision. Net interest income during the quarter increased 13.7 per cent year-on-year to Rs 10.22 billion with loan growth at 25.2 per cent YoY (9.8 per cent QoQ), the bank said.

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

HEG hits new high; stock zooms 56% in 6 trading sessions Shares of HEG hit a new high of Rs 4,950, up 15%, extending its gains for the past one week of over 30% on the BSE, after Bank of America Merrill Lynch (BofAML) initiated coverage of the stock with a 'Buy' rating and target price of Rs 6,700. The stock surpassed its previous high of Rs 4,560 recorded on August 2, 2018. It zoomed 55% in past six trading days from Rs 3,182 on October 8, as compared to a 2% rise in the S&P BSE Sensex. Read More

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Infosys extends gain ahead of September-quarter results Shares of Infosys was trading 1% higher at Rs 707 at 01:23 pm, extending its Monday’s 3% gain on the BSE, ahead of its results for the second quarter of the financial year 2018-19 (Q2FY19) today. The information technology major will announce September quarter results after market hours. Since July 13, 2018, post Q1FY19 results, Infosys has outperformed the market by gaining 8.5%, as compared 5% declined in the S&P BSE Sensex. The stock hit an all-time high of Rs 755 on October 1, 2018 in intra-day trade. Read More

First Published: Tue, October 16 2018. 08:08 IST
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MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

Catch all the LIVE market action here

Holding on to recovery for the third day in a row, the domestic equity market ended on a firm note on Tuesday. The S&P BSE Sensex added 297 points or 0.85 per cent to end at 35,162, with Mahindra & Mahindra (up 4 per cent) being the top gainer and HDFC Bank (down 1 per cent) the biggest loser. The broader NSE's Nifty50 ended at 10,585, up 72 points or 0.69 per cent. 

Positive global cues and strong quarterly earnings season boosted the investor sentiment on Dalal Street. IT major Infosys ended flat at Rs 696, down 0.4 per cent ahead of its Q2 results, due later in the day.
 
Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns capped gains.

Amid individual stocks, shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network.

MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 per cent, crawling away from a 19-month trough touched on Thursday. Japan’s Nikkei bounced 0.3 per cent following a decline of nearly 2 per cent the previous day.

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