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MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Mahindra and Mahindra (M&M) rose over 2 per cent to Rs 795 on the BSE, while Tata Motors gained 1 per cent to Rs 195. Infosys rose 1.5 per cent to Rs 677

SI Reporter  |  New Delhi 

The BSE lit up for Diwali in Mumbai on Tuesday. The markets will open for muharat trading  on Wednesday  	Photo: Kamlesh D Pednekar
The BSE lit up for Diwali in Mumbai on Tuesday. The markets will open for muharat trading on Wednesday Photo: Kamlesh D Pednekar

The benchmark indices rallied to their best trade session gains in 10 years, settling over 0.5 per cent higher in the session of led by a rise in automobile and information technology (IT) The S&P had gained 5.86 per cent in trades on October 28, 2008 (Samvat 2065).

The S&P ended at 35,238, up 246 points (0.70 per cent) and the 50 index rose 68 points (0.65 per cent) to settle at 10,598 levels. 

Among individual stocks, Mahindra & Mahindra (M&M) rose over 2 per cent to Rs 795 on the BSE, while Tata Motors gained 1 per cent to Rs 195. Infosys rose 1.5 per cent to Rs 677.

GLOBAL MARKETS

Wall Street stock futures and Asian held earlier gains on Wednesday after Democrats won control of the US House of Representatives, boosting the party's ability to block President Donald Trump's political and economic agenda.

The Democrats' House win creates a clear hurdle for Republicans to easily pass legislation through both chambers of Congress, clouding the outlook for some of Trump's key economic proposals.

While both outcomes were broadly in line with market expectations, a reason did not sell off, the prospect of political gridlock creates some uncertainty for investors. The dollar weakened against most of its major counterparts.

In equities markets, US S&P500 futures rose 0.3 per cent, MSCI's broadest index of Asia-Pacific outside Japan rose 0.3 per cent and Japan's Nikkei gained 1.2 per cent.

OIL PRICES

Oil prices were soft after a 2 per cent fall the previous day, with US crude futures hitting an eight-month low as Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it has so far been able to sell as much oil as it needs to.

US West Texas Intermediate (WTI) crude futures traded 0.5 per cent lower at $61.91 a barrel having hit a low of $61.31 on Tuesday, the weakest price since March 16.

(with Reuters inputs)

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Gainers and losers in Muhurat trade on the BSE Sensex

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Market at close The S&P BSE Sensex ended at 35,238, up 246 points (0.70 per cent) and the Nifty 50 index rose 68 points (0.65 per cent) to settle at 10,598 levels.

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

MARKET COMMENT Mahesh Nandurkar, executive director and India Strategist at CLSA We maintain our cautious view on the market due to a combination of continued premium valuation, despite the correction coupled with the triple macro worries of rising rates, depreciating INR and political uncertainties. Thus, we maintain our large-cap bias in top picks. Notwithstanding the recent underperformance, we continue to believe that Reliance Industries (RIL) is a good stock to own in the times of market turmoil as the business fundamentals continue to be strong and the under-ownership should protect downside

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Manappuram Finance gains 6% post Q2 results Shares of Manappuram Finance have moved higher by 6% to Rs 87.40 per share on the BSE after the company reported 41% year-on-year (Y-o-Y) jump in consolidated net profit at Rs 2.24 billion for the quarter ended September 30, 2018 (Q2FY19). It had a profit of Rs 1.59 billion in the year-ago quarter.   Total consolidated operating income during the quarter grew 22% Y-o-Y at Rs 10.14 billion against Rs 8.31 billion reported in the year-ago quarter. Consolidated assets under management (AUM) grew 25 % to Rs 172 billion from Rs 137 billion in the year-ago quarter. READ MORE

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

MARKET COMMENT Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas   We feel general and state election will continue to keep the markets volatile in the coming weeks. Earnings season so far has mainly been lack luster this quarter. Investors with a longer term horizon can use the volatility to their benefit to get into quality companies, where there is earnings visibility and valuation comfort. We prefer export-oriented companies such as TCS and Biocon, we also like the private banking space with Axis Bank and HDFC Bank being our preferred picks.

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

STOCKS TO BUY IN SAMVAT 2075 Here's a list of stocks recommended by top brokerage houses that can light up your portfolio this Diwali CLICK HERE FOR MORE Diwali Samvat 2075 logo

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Markets got US midterms right, no violent repricing was needed; what next? For once, the consensus came true. Markets got it right and no violent repricing in equities was needed. A divisive episode of U.S. politics came and went, and investors are exactly where they were before. The question for bulls: can it actually last?   “This was our base case,” said Ben Phillips, chief investment officer of EventShares, which oversees the U.S. Policy Alpha ETF. “As far as markets are concerned, it is actually a decent outcome.” READ MORE HERE

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

MARKET COMMENT Raamdeo Agrawal, co-founder and joint managing director, Motilal Oswal Financial Services The current market scenario is not very comfortable. While the frontline indices have slipped around 13 per cent each, market-wide losses are quite deep. Individual portfolios have been hurt much more. Bulk of the retail portfolios are down around 25 – 30 per cent. The loss for foreign investors will be more given the rupee’s fall. Moreover, market are concerned about the outcome of the state polls. Though better management of economy helps, in India, politics does create volatility but does not change the fortune of the companies. The Nifty50 should hover around the current levels for now

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

MARKET COMMENT Gautam Chhaochharia, head of India research, UBS Securities   The market has de-rated from 19x 1yr fwd PE to 16x. We do not expect the recent liquidity squeeze to turn into a prolonged credit crunch, though the era of easy money of the last 3-4 years is behind us. The worst of INR depreciation vs. GEMs may also be over.    However, two risks remain: 1) Will Modi win in 2019?; and 2) retail flows. 2HFY19 may also not enthuse markets, as the base effect is wearing off and the impact of tight liquidity is being felt.    We revise our Nifty scenarios: 9500 as our base case for Mar-19 and 11100/8300 as upside / downside scenarios. The base case is premised on 13%/17% earnings growth in FY19/FY20 (7-9% lower than Street estimates) and 16x PE, in line with the last 5 year average GAUTAM CHHAOCHHARIA

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

TOP CONTRIBUTORS TO SENSEX COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT MKT CAP (RS CR) CONTRIBUTION (POINTS) INFOSYS 674.95 8.15 1.22 253417.87 33.35 ITC 279.45 2.05 0.74 339640.24 27.02 H D F C 1816.40 13.95 0.77 309561.77 25.49 RELIANCE INDS. 1110.10 6.65 0.60 377688.95 24.51 ICICI BANK 356.00 2.80 0.79 227323.05 19.40 M & M 794.25 16.05 2.06 77396.66 17.19 CLICK FOR MORE

MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Opening gainers on BSE Sensex

First Published: Wed, November 07 2018. 16:00 IST
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MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Mahindra and Mahindra (M&M) rose over 2 per cent to Rs 795 on the BSE, while Tata Motors gained 1 per cent to Rs 195. Infosys rose 1.5 per cent to Rs 677

The benchmark indices rallied to their best trade session gains in 10 years, settling over 0.5 per cent higher in the session of led by a rise in automobile and information technology (IT) The S&P had gained 5.86 per cent in trades on October 28, 2008 (Samvat 2065).

The S&P ended at 35,238, up 246 points (0.70 per cent) and the 50 index rose 68 points (0.65 per cent) to settle at 10,598 levels. 

Among individual stocks, Mahindra & Mahindra (M&M) rose over 2 per cent to Rs 795 on the BSE, while Tata Motors gained 1 per cent to Rs 195. Infosys rose 1.5 per cent to Rs 677.

GLOBAL MARKETS

Wall Street stock futures and Asian held earlier gains on Wednesday after Democrats won control of the US House of Representatives, boosting the party's ability to block President Donald Trump's political and economic agenda.

The Democrats' House win creates a clear hurdle for Republicans to easily pass legislation through both chambers of Congress, clouding the outlook for some of Trump's key economic proposals.

While both outcomes were broadly in line with market expectations, a reason did not sell off, the prospect of political gridlock creates some uncertainty for investors. The dollar weakened against most of its major counterparts.

In equities markets, US S&P500 futures rose 0.3 per cent, MSCI's broadest index of Asia-Pacific outside Japan rose 0.3 per cent and Japan's Nikkei gained 1.2 per cent.

OIL PRICES

Oil prices were soft after a 2 per cent fall the previous day, with US crude futures hitting an eight-month low as Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it has so far been able to sell as much oil as it needs to.

US West Texas Intermediate (WTI) crude futures traded 0.5 per cent lower at $61.91 a barrel having hit a low of $61.31 on Tuesday, the weakest price since March 16.

(with Reuters inputs)

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