MARKET WRAP: Sensex surges 580 pts on strong Asian cues; auto, banks rally
Nifty Auto index rose 4.2 per cent led by a rise in Maruti Suzuki, Tata Motors and Hero MotoCorp. The Nifty Bank index, too, ended 1.5 per cent led by IndusInd Bank and Axis Bank
 "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)
The benchmark indices settled over 1.5 per cent higher on Friday led by a sharp rise in automobile stocks amid a jump in the Asian markets which rose as China and the United States expressed optimism about resolving their bruising trade war.
The S&P BSE Sensex ended at 35,012, up 580 points (up 1.8 per cent), while the broader Nifty50 index settled at 10,553, up 173 points (up 1.7 per cent). The indices ended over 5 per cent higher this week, making it the biggest weekly gain since May 2016.
Among the sectoral indices, Nifty Auto index rose 4.2 per cent led by a rise in Maruti Suzuki, Tata Motors and Hero MotoCorp. The Nifty Bank index, too, ended 1.5 per cent led by IndusInd Bank and Axis Bank.
The S&P BSE Sensex ended at 35,012, up 580 points (up 1.8 per cent), while the broader Nifty50 index settled at 10,553, up 173 points (up 1.7 per cent). The indices ended over 5 per cent higher this week, making it the biggest weekly gain since May 2016.
Among the sectoral indices, Nifty Auto index rose 4.2 per cent led by a rise in Maruti Suzuki, Tata Motors and Hero MotoCorp. The Nifty Bank index, too, ended 1.5 per cent led by IndusInd Bank and Axis Bank.
In stocks, the oil and gas companies rallied led by BPCL which rose 6.4 per cent to Rs 301 on the BSE while IOC ended nearly 5 per cent higher at Rs 148.
The rupee firmed against the US dollar, reclaiming the 72-per-dollar levels. The Indian currency rose to 72.53 against the greenback in intra-day trade, up from its previous close of 73.45 per dollar.
GLOBAL MARKETS
Asian shares jumped to three-week highs on Friday and US equity futures rebounded on a report that US President Donald Trump has asked officials to draft terms for a potential trade deal with China following a phone call with leader Xi Jinping.
MSCI's broadest index of Asia-Pacific shares outside Japan extended morning gains and was up 2.5 per cent by early afternoon at its highest level since Oct. 10. Japan's Nikkei stock index was 2.4 per cent higher. Chinese blue-chips gained 3.0 per cent, and its start-up board added 3.8 per cent, also buoyed by President Xi's pledge on Thursday of more support for private firms.
(with Reuters input)
3:39 PM
Sectoral gainers and losers on NSE
3:39 PM
S&P BSE Sensex: Top gainers and losers
3:35 PM
Market at Close
The S&P BSE Sensex jumped 580 points or nearly 2 per cent to settle at 35,012 while NSE's Nifty50 index reclaimed 10,550 mark to settle at 10,553, up 173 points or nearly 2 per cent.
3:17 PM
PNB falls 13% from day's high level on disappointing Q2 results
Shares of Punjab National Bank (PNB) dropped 8% to Rs 68.20, falling 13% from intra-day high level, after the state-owned bank reported higher- than-expected net loss in September quarter (Q2FY19), due to higher provisioning for bad loans. The stock touched a high of Rs 78.60 on the BSE in early morning trade, before the announcement of results. READ MORE
3:03 PM
Gold prices fall Rs 150 on weak global cues, muted demand
Gold prices drifted lower by Rs 150 to Rs 32,630 per 10 grams Friday, breaking its three-day rising spell, amid weakening global trend and fading demand from the local jewellers. Silver, however, recovered by Rs 310 to Rs 39,500 per kg backed by increased offtake by coin makers.
Bullion traders said sentiment turned somewhat weak largely in tandem with a subdued trend overseas. READ MORE
2:44 PM
S&P BSE Sensex top gainers and losers
2:29 PM
Indiabulls Housing Finance Ltd spurts 3.13%, rises for third straight session
The stock is quoting at Rs 877.05, up 3.13% on the day on the NSE. Indiabulls Housing Finance Ltd is down 28.05% in last one year as compared to a 1.08% gain in NIFTY and a 3.13% gain in the Nifty Financial Services index. Indiabulls Housing Finance Ltd rose for a third straight session today. The stock is quoting at Rs 877.05, up 3.13% on the day as on the NSE. Read more
2:15 PM
No need to pay customs duty on imported gifts valued below Rs 5,000
When Neeti Korgaonkar received a parcel from her sister in Australia, the postman asked her to pay about Rs 4,000 as customs duty. Trivedi was surprised as the duty came to about 70 per cent of the value all items her sister had sent, which included clothes and soft toys for Trivedi’s two-year-old daughter. Above all, this was a gift for personal use and not a commercial transaction. Customs duty is applicable on all items that are ‘imported’ in the country. Read more
2:05 PM
Indian Oil second-quarter profit drops on higher forex, raw material costs
State-run refiner Indian Oil Corp Ltd posted a 12.2 percent fall in second-quarter profit on Friday, missing estimate by a wide margin, dented by forex expenses and raw material costs.
Net profit came in at 32.47 billion rupees ($446.92 million) in the quarter ended Sept. 30, compared with 36.96 billion rupees a year earlier, IOC said. READ MORE
1:59 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,166.32 | +734.35 | +2.13 |
| S&P BSE SENSEX 50 | 11,089.46 | +225.42 | +2.07 |
| S&P BSE SENSEX Next 50 | 32,172.50 | +745.98 | +2.37 |
| S&P BSE 100 | 10,887.31 | +226.03 | +2.12 |
| S&P BSE Bharat 22 Index | 3,490.36 | +62.30 | +1.82 |
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First Published: Nov 02 2018 | 8:07 AM IST