Closing Bell: Sensex, Nifty end 0.4% higher, midcaps outperform##Closing Bell: Sensex, Nifty end 0.4% higher, midcaps outperform
The BSE Sensex jumped 131.52 points, or 0.38 percent, to close at 34,865.10, while the NSE Nifty50 ended at 10,512.50, up by 40 points, or 0.38 percent. Broader markets outperformed frontline indexes with the Nifty MidCap rising 0.93 percent and the BSE MidCap gaining 0.62 percent. Nifty Bank ended flat, while PVT Bank ended 0.37 percent lower. Nifty Auto and Metal ended weak by up to 0.55 percent. Pharma stocks rallied 2.61 percent, while IT, Media and FMCG also gained.
Dr Reddy's Laboratories gets USFDA approval, shares up 5%##Dr Reddy's Laboratories gets USFDA approval, shares up 5%
The company received approval for Aspirin and Extended-Release Dipyridamole Capsules, a therapeutic equivalent generic version of Aggrenox (aspirin and extended-release dipyridamole) Capsules in the United States market from the US Food and Drug Administration (USFDA). The Company is working towards launching the product. Shares traded at Rs 2,573, jumping 5 percent on the NSE at 3.25 pm.
Market update: Sensex, Nifty trade positive, HDFC Bank, IT, pharma shares gain##Market update: Sensex, Nifty trade positive, HDFC Bank, IT, pharma shares gain
The BSE Sensex traded at 34,835.23, rising by 101.65 points, or 0.29 percent, while the NSE Nifty50 was trading at 10,498.90, up by 26.40 points, or 0.25 percent at 3.08 pm. Dr Reddy's Labs, Cipla, ITC, Infosys, BPCL, ONGC, HDFC Bank, TCS shares rose by up to 4.55 percent. Bajaj Finserv, HPCL, Hindustan Unilever, M&M, UltraTech Cement, IndusInd Bank, ICICI Bank, and Axis Bank dipped 3.33 percent.
IT companies gain as sharp fall in rupee lifts sentiment##IT companies gain as sharp fall in rupee lifts sentiment
Shares of information technology companies rose as a sharp depreciation in the rupee against the US dollar boosted sentiment for such companies. Depreciation in the rupee is beneficial for such companies as they earn most of their revenue in dollars. The Nifty IT index was up 1.2 percent and was the second best performer among the sectoral indices on NSE, in an otherwise weak session. The index outperformed the benchmark Nifty 50 index, which was down 0.1 percent. Shares of Mindtree, Tata Consultancy Services, Tata Elxsi, Infosys, Tech Mahindra, Wipro, and HCL Technologies traded 0.1-2.4 percent higher. At 2.30 pm, Nifty IT index was 1.1 percent higher at 14,696.35 points. (Cogencis)
Market update: Sensex, Nifty turn positive led by gains in LargeCaps##Market update: Sensex, Nifty turn positive led by gains in LargeCaps
Indian shares turned positive led by gains in Reliance Industries, Infosys, ITC, HDFC twins and TCS among others. The BSE Sensex traded at 34,776, up by 42 points, or 0.12 percent, while the Nifty edged up to 10,478.60, rising by 6.10 points, or 0.06 percent at 1.10pm. Hindustan Unilever, ICICI Bank, IndusInd Bank, M&M and Axis Bank remain top laggards. Broader markets traded positive with both the BSE MidCap and SmallCap trading higher by 0.40 and 1.04, respectively. BSE LargeCap traded flat. Nifty Midcap surged more than half a percent.
Network 18 shares rise 2.5%, Company declares Q2 earnings##Network 18 shares rise 2.5%, Company declares Q2 earnings
Network 18 Media & Investments shares traded higher by 2.51 percent at Rs 44.95 at 12.53 pm. The stock opened at Rs 44 and touched the day's high of Rs 46.70. Network18 reported a consolidated net loss at Rs 67.9 crore for July-September quarter against a loss of Rs 13.2 crore on QoQ basis.
Maruti Suzuki falls as brokerages cut price target on margin concerns##Maruti Suzuki falls as brokerages cut price target on margin concerns
Shares of Maruti Suzuki India Ltd fell as much as 2.2 percent to Rs 7126.05. Shares traded at Rs 7,242.05, down by 0.62 percent at 12.48 pm on the NSE. Benchmark indexes traded flat, with the Nifty down by 5 points, to trade at 10,467. The Sensex was marginally up by 9 points, to 34,742.
Wholesale inflation rises to 5.13% in September##Wholesale inflation rises to 5.13% in September
India's wholesale price index (WPI) based inflation rose to 5.13 percent in September 2018 as against 4.53 percent of August 2018, the government data released on Monday said. Wholesale inflation in food rose to 0.14 percent as against a negative 2.25 percent in August 2018. WPI inflation in primary articles also rose to 2.97 percent versus negative 0.15 percent in the previous month. Read more
Avenue Supermarts down 7% as July-September PAT below estimate##Avenue Supermarts down 7% as July-September PAT below estimate
Shares of Avenue Supermarts fell 7 percent as the company's net profit of Rs 2.26 billion for the September quarter fell short of analysts' estimate. The company's operating margin contracted to 8.00 percent in July-September from 9.07 percent a year ago led by decline in sales. However, revenue from operations for the quarter surged 38.9 percent to Rs 48.73 billion. Brokerage firm Prabhudas Lilladher remains positive on the growth potential of Avenue Supermarts, given strong cluster-based strategy of the company. At 11.40 am, shares of the company traded 5.5 percent lower at Rs 1,333.55. (Cogencis)
Bandhan Bank rises on regulatory relief to trim promoter stake##Bandhan Bank rises on regulatory relief to trim promoter stake
Shares of Bandhan Bank Ltd gained as much as 3 percent to Rs 482. The private sector lender said on Friday the country’s securities regulator, SEBI, has exempted it from a restriction on promoters selling shares for one year after listing. India central bank - the Reserve Bank of India - had earlier barred Bandhan from opening new branches and froze its chief executive officer’s salary for failing to bring down its main shareholder’s stake to below 40 percent. Up to Friday’s close, stock down over 17 percent after the RBI withdrew the lender’s permission on September 28 to open new branches. (Reuters)
Bandhan Bank shares traded at Rs 469.10, marginally up by 0.28 percent at 11.36 am on the NSE.
This is a bear market and we might have pullback rallies, says Udayan Mukherjee##This is a bear market and we might have pullback rallies, says Udayan Mukherjee
According to CNBC-TV18 Consulting Editor Udayan Mukherjee, we might see pullback rallies but it would be unwise to say that markets have bottomed out.
"It is conceivable that the market tries to form a bit of a range for a while; 10,200 might hold as a base for the moment but I am not brave enough to say that we have made a final bottom and market is about to rally from here on significantly," Mukherjee told CNBC-TV18 on Monday.
“We might have pullback rallies. I am calling this a bear market; bear markets have strong rallies, we could get up to 10,700-10,800 kind of levels if global markets are supportive,” he added. Read more on why Mukherjee believes that the macros are still tricky.