First Published: IST
Indian markets ended sharply higher on Wednesday after the government issued a statement on its rift with the RBI. Benchmark indexes, the BSE Sensex and the NSE Nifty50, started mildly positive tracking gains in Asian markets , which took cues from a sharp recovery on Wall Street. But, indexes turned volatile amid reports that RBI governor Urjit Pately likely will resign over the ongoing rift between the monetary regulator and the Modi government. Bulls have got support largely from IT and financials, but bearish trend in metals, auto, pharma have impacted indexes negatively. The rupee has also traded higher against the US dollar with the home currency touching 74 per dollar mark. Here are the main highlights from the stock markets today:
Tata Motors reports Q2 earnings with consolidated net loss of Rs 1,048 crore##Tata Motors reports Q2 earnings with consolidated net loss of Rs 1,048 crore
Closing Bell: Sensex ends 551 points higher, Nifty eyes 10,400##Closing Bell: Sensex ends 551 points higher, Nifty eyes 10,400
The Sensex gained 551 points, or by 1.63 percent, to close at 34,442, while the Nifty ended the day near 10,400, at 10,386, rising by 188 points, or 1.85 percent. Broader markets also gained with the Nifty MidCap rising 1.92 percent, or by 323 points, while the BSE MidCap surged 1.56 percent. Among top gainers, Tech Mahindra was leading as the top percentage gainer, rising 8.58 percent, followed by Indiabulls Housing Finance at 8.51 percent. UPL shares also surged nearly 6 percent. HDFC and HCL Tech gained, 5.82 percent and 5.05 percent, respectively. Volumewise, HDFC, Infosys and ICICI Bank majorly helped indexes along with TCS, Axis Bank, L&T, IndusInd Bank, SBI, Sun Pharma and Hindustan Unilever. Among top percentage losers, Coal India fell the most by 3.52 percent, while Dr Reddy's Labs, Tata Steel, Hindalco, Maruti Suzuki fell by up to 2 percent. Coal India, Maruti Suzuki, Tata Steel, Kotak and HDFC Banks were the biggest drag on indexes.
Lupin reports Q2 consolidated net profit at Rs 265 crore##Lupin reports Q2 consolidated net profit at Rs 265 crore
Lupin shares recover post Q2 results, Sensex, Nifty extend gains ahead of close##Lupin shares recover post Q2 results, Sensex, Nifty extend gains ahead of close
Shares of Lupin recovered after the company posted a Q2 consolidated net profit of Rs 265 against a CNBCTV18 poll of Rs 260.3 crores. Lupin shares traded at Rs 885, up by nearly a percent on the NSE at 3.18 pm. Meanwhile, the Nifty traded at 10,388, trading higher by 190 points, or 1.86 percent, while the Sensex extended gains by 558 points, or 1.65 percent, trading at 34,449.40.
Hindustan Zinc at 3-month low as stock trades ex-dividend##Hindustan Zinc at 3-month low as stock trades ex-dividend
Shares of Hindustan Zinc fell nearly 9 percent to a three-month low of 261.50 rupees as the stock traded ex-dividend. Shares generally trade weak when the stock goes ex-dividend, as stock prices fall by nearly the same amount as the dividend announced. The company has announced special interim dividend of Rs 20 per share. So far today, over 2.6 million shares of the company have been traded on the NSE, sharply higher than their six-month average daily volume of 1.9 million shares. At 2.49 pm, the stock was down 8.4 percent at Rs 262.95. (Cogencis)
PMO India may consider asking Finance Ministry to prepone planned capital infusion in PSBs of Rs 45,000 crore##PMO India may consider asking Finance Ministry to prepone planned capital infusion in PSBs of Rs 45,000 crore
Escorts reports Q2 earnings with net profit up 32.4% at Rs 102 crore##Escorts reports Q2 earnings with net profit up 32.4% at Rs 102 crore
Market update: Sensex surges 360 points, Nifty crosses 10,300##Market update: Sensex surges 360 points, Nifty crosses 10,300
Benchmark indexes surged higher on Wednesday afternoon after the government issued its statement on reports of rift with the RBI. The Sensex traded at 34,251.18, gaining 360.05 points, or 1.06 percent. The Nifty also crossed the 10,300 level, at 10,313.95, rising by 115.55 points, or 1.13 percent.
Dabur India reports Q2 earnings with net profit at Rs 377.5 crore##Dabur India reports Q2 earnings with net profit at Rs 377.5 crore
Here's the full text of Department of Economic Affairs' statement on reports of rift with the RBI
"The autonomy for the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Governments in India have nurtured and respected this. Both the Government and the Central bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy. For the purpose, extensive consultations on several issues take place between the Government and the RBI from time to time. This is equally true of all other regulators. Government of India has never made public the subject matter of those consultations. Only the final decisions taken are communicated. The Government, through these consultations, places its assessment on issues and suggest possibles solutions. The Government will continue to do so."
DEA & DFS Secretaries say that the Govt will issue a statement##DEA & DFS Secretaries say that the Govt will issue a statement
Tech Mahindra shares surge 8% on strong Q2 results##Tech Mahindra shares surge 8% on strong Q2 results
Tech Mahindra shares jumped 8.3% on Wednesday on the back of strong Q2 results. The stock touched an intra-day high of Rs 740.50, surging 8.32 percent, continuting its uptrend from the last four day, rising nearly 12 percent during the period. Tech Mahindra, on Tuesday posted 27 percent year-on-year (YoY) rise in net profit at Rs 1,064.33 crore for the quarter ended September 30, 2018 as it clocked more deals in the July-September period. CNBC-TV18 poll had predicted profit at Rs 1,041 crore for the quarter under review. At 12.05 pm, Tech Mahindra shares traded at Rs 733.60, down by 7.08 percent on the NSE.
Torrent Power surges as Jul-Sep consol PAT up 30% on year##Torrent Power surges as Jul-Sep consol PAT up 30% on year
Shares of Torrent Power gained 12 percent after the company reported a 29.8 percent on-year growth in consolidated net profit to 4.12 bln rupees for the September quarter. More than 4.2 million shares of the company were traded on the NSE, much higher than its three-month average daily traded volume of 1.3 million shares. Shares of the company traded at Rs 254.80, higher by 11.88 percent on the NSE at 11.48 am. Meanwhile, the 50-share benchmark Nifty traded flat at 10,196.60, down by 2 points. The Sensex was lower by 51 points, or 0.15 percent, at 33,840. Indexes recovered after broader market indices rose with the Nifty MidCap up by nearly half a percent and the BSE MidCap higher by 0.3 percent.
L&T Q2 earnings preview: Analysts expect double-digit topline growth##L&T Q2 earnings preview: Analysts expect double-digit topline growth
Larsen & Toubro (L&T) will report its second-quarter earnings on Wednesday and Dalal Street is expecting good set of numbers this time around. Read more
Renuka Sugars down 3% as Q2 net loss widens##Renuka Sugars down 3% as Q2 net loss widens
Shares of Shree Renuka Sugars traded over 3 percent lower at Rs 12.75 as the company's net loss widened to Rs 2.75 billion in July-September quarter from Rs 1.5 billion a year ago. Revenue from operations for the quarter fell 32.6 percent on year to Rs 9.21 billion. The company's operating loss was at Rs 921 million in July-September as against an operating profit of Rs 44 million a year ago. So far in 2018, the stock has declined 21.7 percent. (Cogencis)
Market update: Sensex, Nifty fall 0.75% as RBI vs Govt rift widens##Market update: Sensex, Nifty fall 0.75% as RBI vs Govt rift widens
Indian shares turned jittery after reports of growing rift between the Modi government and RBI Governor Urjit Patel poured in, with the government reportedly holding consultations to invoke the Section 7 of the RBI Act. Benchmark indexes turned lower as selling gripped Dalal Street. The Sensex plunged 256 points, or 0.76 percent, to trade at 33,634.81 at 10.22 am. The Nifty traded at 10,121.45, down by 76.95 points, or 0.75 percent. Broader markets also underperformed with the Nifty MidCap down by 0.24 percent and the BSE MidCap lower by 0.37 percent. Among index gainers, Tech Mahindra, Indiabulls Housing Finance, Infosys, HDFC, UPL, Hero MotoCorp, and Sun Pharma traded higher by up to 3.8 percent. The laggards were Tata Steel, Dr Reddy's Labs, Bharti Airtel, Coal India, Hindalco, Maruti Suzuki and Power Grid Corp, falling by up to 5.5 percent.
Rupee back at 74 per dollar mark after a weak start##Rupee back at 74 per dollar mark after a weak start
Dr Reddy's slumps as Duvvada unit fails US FDA re-audit##Dr Reddy's slumps as Duvvada unit fails US FDA re-audit
Shares of Dr Reddy's Laboratories fell nearly 7 percent after the company late on Tuesday said that its facility in Duvvada was issued eight observations by the US Food and Drug Administration following a re-inspection during October 22-30. The Duvvada facility of the company has been under the US FDA's warning for the past three years and failed a similar re-inspection in March 2017, when it was issued 13 observations. Duvvada is a critical manufacturing unit of the company catering to its export market in the US and the European Union. At 9.25 am, shares of Dr Reddy's traded 5.7 percent lower at Rs 2,445.
Yes Bank shares surged more than 2%, Dr Reddy's falls nearly 6%##Yes Bank shares surged more than 2%, Dr Reddy's falls nearly 6%
Opening Bell: Sensex, Nifty start higher led by IT, bank shares##Opening Bell: Sensex, Nifty start higher led by IT, bank shares
The Sensex traded at 33,956, higher by 65 points, or 0.2 percent at 9.20 am, while the Nifty was up by 22 points, or 0.2 percent, to trade at 10,219. Broader markets outperformed frontline indexes with the Nifty MidCap up by 0.64 percent, while the BSE MidCap also surged 0.58 percent. Among top index gainers, Yes Bank, Infosys, HDFC, HPCL, Gail, Wipro, ONGC shares moved higher by up to 1.57 percent, while the top laggards included Dr Reddy's Labs, Coal India, Zee Entertainment, Tata Steel, Adani Ports, PowerGrid Corp, falling by more than 6 percent.
Rupee opens weak at 73.92 against the US dollar, Sensex, Nifty set for green start##Rupee opens weak at 73.92 against the US dollar, Sensex, Nifty set for green start
The Indian rupee opened weaker at 73.92 against the US dollar on Wednesday. The domestic currency closed at 73.67 against the greenback on Tuesday. Meanwhile, Indian equities look set for a green opening with both benchmark indexes settling marginally higher in the pre-open trade. At 9.08 am, the Sensex was up by 71 points, or 0.2 percent, to 33,962. The Nifty was also up by 11 points, or 0.1 percent, to 10,209.
Here's a list of stocks to watch out for today##Here's a list of stocks to watch out for today
Top stocks to watch out for on October 31: IL&FS, Tech Mahindra, Tata Steel, Bank of Baroda##Top stocks to watch out for on October 31: IL&FS, Tech Mahindra, Tata Steel, Bank of Baroda
Fortis Healthcare: Anti-trust regulator Competition Commission of India (CCI) has approved the IHH Healthcare’s acquisition of a controlling stake in Fortis Healthcare.
IL&FS Transportation Network: IL&FS Transportation Network, an entity of the crippled IL&FS group, Tuesday said it has again defaulted on interest payments on six of its NCDs. The company in a regulatory filing said all the payments were due between October 29 and 30, 2018.
ITC: Diversified conglomerate ITC Limited has decided to enhance its dairy portfolio by entering the paneer and milkshakes segments within two months, a company official said on Tuesday.
Punjab National Bank: Sebi on Tuesday exempted the government from making an open offer to the shareholders of Punjab National Bank (PNB) following the proposed equity infusion that will hike its stake in the state-owned lender by nearly six per cent. The central government, a promoter of PNB, has proposed to infuse capital worth Rs 5,431 crore against allotment of equity on preferential basis.
State Bank of India: The country's largest lender SBI has halved the daily cash withdrawal limit from ATMs for certain debit-card holders to Rs 20,000 from Wednesday.
10 things you need to know before the opening bell##10 things you need to know before the opening bell
Asia: MSCI's broadest index of Asia-Pacific shares outside Japan added 0.05 percent, but it was still on track to fall roughly 11 percent this month. The index had dropped to its lowest level since February 2017 on Monday as worries over corporate profits weighed heavily on US equities.
US: The Dow Jones Industrial Average rose 431.72 points, or 1.77 percent, to 24,874.64, the S&P 500 gained 41.38 points, or 1.57 percent, to 2,682.63 and the Nasdaq Composite added 111.36 points, or 1.58 percent, to 7,161.65.
Crude Oil Prices: Brent crude futures had gained 36 cents, or 0.5 percent, to $76.27 a barrel by 0110 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at $75.09 a barrel. US West Texas Intermediate (WTI) crude futures advanced 27 cents, or 0.4 percent, to $66.45 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel.
BFSI commentary signals pick up; positive read-through for Indian IT space, says Axis Cap on Cognizant##BFSI commentary signals pick up; positive read-through for Indian IT space, says Axis Cap on Cognizant
Government likely to sell 3% stake in Coal India##Government likely to sell 3% stake in Coal India
The government is stepping up its divestment drive as it will sell 3 percent stake in Coal India on Wednesday for Rs 266 a share through offer for sale (OFS) route. The sale is likely to fetch the exchequer Rs 5,000 crore. The government will offer an additional 6 percent stake in case of over-subscription. The two-day OFS will open on Wednesday for institutional bidders. Retail investors, who can bid for the OFS on Thursday, will get an additional 5 percent discount. Read more
SGX Nifty in the red, indicating a tepid opening for the Indian equities##SGX Nifty in the red, indicating a tepid opening for the Indian equities
These are the stocks making the biggest buzz premarket##These are the stocks making the biggest buzz premarket
Blue Star: Board approved setting up of new manufacturing facility for water coolers and deep freezers in Maharashtra for Rs 115 crore.
IL&FS Transportation Network/Noida Toll bridge/IL&FS Engineering: K. Ramchand, has submitted his resignation as Managing Director of the company effective October 29, 2018.
Graphite India: The company updated on alleged pollution issues from Bengaluru plant after reports said that the Bengaluru plant would be completely shut down by November. The company called it baseless. The company informed the Supreme Court on October 29, 2018 that it was voluntarily willing to deposit an amount of Rs 50 lacs with the KSPCB.
Muthoot Finance: The company has completed the acquisition of M/s. Muthoot Money Private Limited.
Garden reach shipbuilders: Awarded Contract for construction and delivery of four Survey Vessel Large valuing around Rs. 2435 crore.
Coal India: GoI announced OFS up to 3 percent of stake and 6 percent under green shoe option.
Alembic Pharma: CARE assigned the credit rating of 'CARE A1+' for Commercial Paper (CP) issue of up to Rs. 500 crore.
Dr Reddy’s Labs: Audit of formulations manufacturing facility at Duvvada, Visakhapatnam, by the US FDA, has been completed with 8 observations.
Punjab National Bank: Revised MCLR w.e.f. November 1, by 50bps.
Indian Overseas Bank: ICRA ltd has assigned a rating of I [ICRA] A+ (hyb) (Negative)' for the proposed issue of Rs.300 crore. Now withdrawn as these instruments have been redeemed in full with no amount outstanding against these instruments.
Kridhan Infra: Singapore-based 100 percent subsidiary KH Foges Pte Ltd. has been awarded two new orders in Singapore worth S$ 24.63 Million (Rs 130.5 crores).
Magma Fincorp: Board meeting on November 2 for raising of funds by way of public issue of redeemable NCD.
Indiabulls Real estate: Subsidiary has entered into definitive agreement(s) to acquire a land parcel / development rights on approx. 140 acre land at Gurugram.
L&T: L&T Technology Services unveils Digital Engineering Centre in Gothenburg, Sweden.
Here's how Jefferies, Axis Capital rate Tech Mahindra post Q2 results##Here's how Jefferies, Axis Capital rate Tech Mahindra post Q2 results
Bank of Baroda second-quarter profit jumps a fifth on lower bad loans##Bank of Baroda second-quarter profit jumps a fifth on lower bad loans
Bank of Baroda Ltd posted a 19.7 percent rise in second-quarter net profit on Tuesday as the lender made lower provisions for bad loans amid strong growth in retail banking. Net profit rose to Rs 425 crore in the quarter ended September 30 from Rs 355 a year earlier, India's second-largest state-run lender by market capitalisation said in a statement. Twelve analysts, on average, had expected a profit of Rs 572 crore, according to Refinitiv data. Read more