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CNBC TV18 Market Highlights: Sensex closes 980 points higher, Nifty ends at 9,291; private banks outperform, rise upto 8%

CNBC-TV18 Market Highlights: Sensex closes 980 points higher, Nifty ends at 9,291; private banks outperform, rise upto 8%

CNBC-TV18 Market Highlights: Sensex closes 980 points higher, Nifty ends at 9,291; private banks outperform, rise upto 8%
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Summary

Indian equity market ended the week with gains after the last hour of sudden profit booking. The Sensex ended 3.2 percent higher at 31,588, ending the week with gains of 1.4 percent, while the Nifty 50 index ended with gains of 3 percent at 9,266. In the final hour, private banks index jumped upto 8 percent followed by financials and auto. Gains were led by private banks with Axis Bank and ICICI Bank ending with gains of 13 and 9.5 percent respectively. Positive global sentiment and RBI's move to ease liquidity in the economy improved domestic investors sentiment today.

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Here are the key highlights from today's trading session along with an overall weekly performance##Here are the key highlights from today's trading session along with an overall weekly performance

1. Financials lead market gains with Nifty Bank surging more than 7 percent

2. All Nifty Bank constituents higher; ICICI, HDFC Bank & Axis Bank top gainers 

3. ICICI Bank, Reliance Industries & HDFC Bank contribute over 50% to Nifty’s gains

4. Nifty gains 274 Points to 9,267 and Sensex 986 Points to 31,589

5. Nifty Bank advances 1,281 Points to 20,681 and Midcap 286 Points to 13,047

6. 38 Nifty stocks close higher; Axis Bank, Eicher Motors, ICICI Bank top gainers

7. FMCG and Pharma indices close lower; Nestle, HUL, Sun Pharma major losers

8. Volatility Index, India VIX slips 8% to end at a one-month closing high

9. TCS closes with a gain of 5 percent on positive management commentary

Weekly Performance Update:

1. Market gains for the 2nd consecutive week; Nifty and Sensex up 2 percent each

2. Nifty Bank and Midcap Index gain 4 percent each this week

3. Metal Index gains the most amongst indices this week, up 7 percent

4. IndusInd Bank, Hindalco, L&T, UPL and Axis Bank top gainers this week

5. Bajaj Finance, Hero MotoCorp, Kotak Bank top index losers this week

Apr 17, 2020 3:55 PM

TLTRO is positive for auto and housing finance sector, says SP Tulsian##​TLTRO is positive for auto and housing finance sector, says SP Tulsian

TLTRO seems positive for two primary sectors- auto ancillary and housing finance companies, said SP Tulsian.

Coming to housing finance companies, HDFC Limited continues to remain in the lead, in terms of investment. We also have our focus on pure HFCs like LIC Housing Finance, CanFin Homes, GIC Housing Finance, Repco Home Finance and PNB Housing Finance. These 4-5 stock seems good for investment, added Tulsian. 

The Reserve Bank today announced a second Targeted Long Term Repo Operation of Rs 50,000 crores to start with, to ensure funds for NBFCs and microfinance institutions that were unable to get liqudity in the first round of TLTRO so far. The TLTRO amount may be increased as per requirements later.

Apr 17, 2020 3:40 PM

JK Lakshmi Cement's shares jump 11% after it resumes some operations in its grinding units situated in Gujarat##JK Lakshmi Cement's shares jump 11% after it resumes some operations in its grinding units situated in Gujarat

Apr 17, 2020 3:19 PM
Apr 17, 2020 3:02 PM

Decision to cut reverse repo rate will encourage banks to look for lending opportunities, says Umesh Revankar of Shriram Transport Finance##Decision to cut reverse repo rate will encourage banks to look for lending opportunities, says Umesh Revankar of Shriram Transport Finance

“RBI`s announcement to infuse liquidity into the system is extremely welcoming and a big relief to NBFC borrowers. The decision to cut the reverse repo rate by 25 bps will encourage banks to look for lending opportunities. We would appreciate if banks reciprocate positively to NBFCs  request on moratorium to manage cash flow smoothly. All in all we think it is a positive step taken by the RBI  to overcome the challenges faced by the economy", said Umesh Revankar, MD & CEO of Shriram Transport Finance.

Apr 17, 2020 2:48 PM

Rupee Update: Indian Rupee ends higher at 76.39/$ v/s Thursday's close##Rupee Update: Indian Rupee ends higher at 76.39/$ v/s Thursday's close

Indian Rupee ended higher on Friday at 76.39 against the US dollar as compared to Thursday's close of 76.86, after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. Forex traders said positive domestic equities and weakening of the American currency in the overseas also supported the rupee.

Apr 17, 2020 2:38 PM
Debt incurred over fiscal spending due to coronavirus could mean doubled-down recession
The economic meltdown brought on by the coronavirus pandemic has governments deploying historically vast fiscal spending packages to support millions of their citizens and businesses.
CNBC-TV18 Market Highlights: Sensex closes 980 points higher, Nifty ends at 9,291; private banks outperform, rise upto 8%
Apr 17, 2020 2:26 PM

S&P Global lowers ICICI Bank, Axis Bank rating outlook to Negative##S&P Global lowers ICICI Bank, Axis Bank rating outlook to Negative

S&P Global Ratings has revised the rating outlooks on Axis Bank and ICICI Bank to Negative from Stable due to heightened economic risks facing India's banking system that may affect the creditworthiness of these banks.

“In our base case, other private-sector peers such as HDFC Bank and Kotak Mahindra Bank have stronger asset quality and would be able to withstand the weakness in operating conditions,” S&P Global said. READ MORE 

Apr 17, 2020 2:20 PM

SEBI Update: Companies can now intimate exchanges about board meetings till July 31. No penal provisions for informing late about loss of share certificates till May 31. Digital signature to be considered authentic till June 30 for exchanges filing, says the regulator##SEBI Update: Companies can now intimate exchanges about board meetings till July 31. No penal provisions for informing late about loss of share certificates till May 31. Digital signature to be considered authentic till June 30 for exchanges filing, says the regulator. 

Apr 17, 2020 2:02 PM

Graphite India's share price locked in an upper circuit over resuming partial operations, interim dividend payout##Graphite India's share price locked in an upper circuit over resuming partial operations, interim dividend payout

Graphite and carbon products manufacturer Graphite India was locked in an upper circuit of 5 percent at Rs 197 on the NSE. 

According to the company's press release, Graphite India announced resuming partial manufacturing operations at its graphite electrode plant in Satpur, Nashik, Maharashtra, engaging minimum labour.

The company also declared interim dividend payout of Rs 2 per share to all its shareholders. 

Apr 17, 2020 1:45 PM
Apr 17, 2020 1:31 PM

European Markets Update: European stocks opened sharply higher on Friday after a report that a drug developed by Gilead Sciences was showing effectiveness in treating the coronavirus. DAX, FTSE100 and CAC surged over 3 percent while the Stoxx600 jumped 2.6 percent in early trade.

Apr 17, 2020 1:15 PM

Rupee Update: Indian rupee erases some gains but trading higher at 76.51 per dollar, after RBI governor announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic.

Apr 17, 2020 1:01 PM

'In the midst of darkness, light persists': RBI's Shaktikanta Das invokes Gandhi before launching stimulus 2.0##'In the midst of darkness, light persists': RBI's Shaktikanta Das invokes Gandhi before launching stimulus 2.0

Reserve Bank of India Governor Shaktikanta Das today said 'humanity was facing the trial of its time' even as he invoked Mahatma Gandhi by adding that 'in the midst of darkness, light prevails'.

Das' sudden press conference was to announce a series of fresh measures to help the economy recover from the coronavirus-induced lockdown shock, especially non-banking financial companies, farmers, real estate companies and small businesses. Continue reading here 

Apr 17, 2020 12:39 PM

4 signs that market recovery may have set in##4 signs that market recovery may have set in

It's well understood currently that we have a stock market decline and a recession on our hands.

The only thing that's left to understand is whether the market has bottomed out. And while that may be difficult to predict, according to Elara Cap, there are some signs of a recovery.

In its recent report, Elara highlighted four signs that the market was on the mend even though it added that a full recovery may take as much as 6 months. To read more about this report, click here

Apr 17, 2020 12:25 PM

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