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MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Nifty PSU Bank index post sharpest single-day gain in past one year, surging 8 per cent led by Oriental Bank of Commerce and Canara Bank.

SI Reporter  |  New Delhi 

The benchmark indices settled over 2 per cent higher on Monday, as investors lauded a solid set of September-quarter earnings in large-cap companies such as ICICI Bank and Dr. Reddy’s Laboratories. The S&P BSE Sensex reclaimed the 34,000-mark, ending at 34,067, up 718 points, while the broader Nifty50 index settled at 10,251, up 221 points. Among key stocks, ICICI Bank settled over 11 per cent to Rs 351.45 on the National Stock Exchange (NSE) after the private sector lender reported better-than-expected results for the September quarter of ...

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MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

MARKET COMMENT Jayant Manglik, President, Religare Brokin Markets started the week on robust note and posted decent gains in the end. Among the benchmark indices, Nifty opened with an uptick and gradually inched higher, tracking encouraging earnings announcements. Banking and pharma led the rebound and others also joined in as session progressed. Besides, recovery in broader market indices further boosted the sentiment. Nifty finally settled around 10,250; up by over two percent.   We may see further rebound ahead but upside seems capped. We reiterate our view maintaining stock specific trading approach and focusing more on position management. Earnings and global cues would largely dictate the market trend in near future

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Sectoral gainers and losers on NSE

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

S&P BSE Sensex: Top gainers & losers

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Market at close   The S&P BSE Sensex gained 718 points or 2.15 per cent to settle at 34,067 while NSE's Nifty50 index rallied 221 points or 2.21 per cent to end at 10,251. 

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

NEWS ALERT Nifty PSU Bank index post sharpest single day gain in past one year

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Wrong time to fight? RBI-govt dispute can further damage investor sentiment Long-simmering discord between the Indian central bank and the government is turning into a very public brawl. The timing couldn’t be more awful for markets.   In a hard-hitting speech Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010. READ MORE

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

NEWS ALERT Sensex reclaims 34,000 mark

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Tata Power second-quarter profit soars 88.5 per cent   Tata Power Co Ltd posted an 88.46 percent surge in second-quarter profit on Monday, underpinned by higher revenue from its power business. Net profit came in at 3.36 billion rupees ($42.65 million) for the quarter ended Sept. 30, up from 1.78 billion rupees a year earlier, the power generator and distributor said. Read more

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Oil prices fall as investors wary of trade slowdown   Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies. Front-month Brent crude oil futures were trading down 46 cents, or 0.6 percent, at $77.16 a barrel. Read more  

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

After years of global success, Mukesh Ambani's RIL faces oil shock at home   Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market. Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan. Read more

MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Time to buy good businesses, says Devangshu Datta   The failure of the Infrastructure Leasing & Financial Services (IL&FS) rights issue could mean an escalation of problems for the financial sector. The rights issue could have acted as a sort of backstop although the defaulting non-banking financial company (NBFC) would need a great deal more than the Rs 45 billion (bn) that the issue was supposed to raise. The group has debt of about Rs 910 bn on the books — it’s hard to tell due to the number of subsidiaries. Read more

First Published: Mon, October 29 2018. 08:06 IST
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MARKET WRAP: Sensex surges 718 pts, reclaims 34,000-mark; PSU banks rally

Nifty PSU Bank index post sharpest single-day gain in past one year, surging 8 per cent led by Oriental Bank of Commerce and Canara Bank.

The benchmark indices settled over 2 per cent higher on Monday, as investors lauded a solid set of September-quarter earnings in large-cap companies such as ICICI Bank and Dr. Reddy’s Laboratories. The S&P BSE Sensex reclaimed the 34,000-mark, ending at 34,067, up 718 points, while the broader Nifty50 index settled at 10,251, up 221 points. Among key stocks, ICICI Bank settled over 11 per cent to Rs 351.45 on the National Stock Exchange (NSE) after the private sector lender reported better-than-expected results for the September quarter of ...

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