Closing Bell: Sensex, Nifty end higher, midcaps outperform##Closing Bell: Sensex, Nifty end higher, midcaps outperform
The Sensex ended 118 points higher, or 0.34 percent, at 35,560, while the Nifty settled above the crucial 10,600 mark, at 10,617, up by 40 points, or 0.38 percent. Broader markets outperformed with the Nifty MidCap rising nearly half a percent, while the BSE MidCap surged nearly 0.75 percent. Adani Ports, Titan, Eicher Motors, Kotak Mahindra, Hero MotoCorp, Tata Motors and Axis Bank were among major index gainers, surging by up to 4.28 percent. Grasim, Yes Bank, Indiabulls Housing Finance, NTPC, Bharti Infratel, ONCG, Sun Pharma and TCS were major laggards, falling by up to 8 percent.
Indian banks report lowest net loss in last 4 quarters##Indian banks report lowest net loss in last 4 quarters
CNBC-TV18 had mentioned in Q1FY19 result analysis that the worst is over for the Indian banking sector in terms of pain in earnings and slippages in Q4FY18. The second quarter net loss of Rs 3,731 crore for the banking sector is the lowest in the last four quarters. The losses are down for more than 90 percent from the Q4FY18 numbers. The public sector undertaking (PSU) banks reported a decline of 77 percent in net loss, while 45 percent growth in profit of private banks from Q4FY18 to Q2FY19. Read more
Most Asia indices end up on Brexit deal, US-China talks##Most Asia indices end up on Brexit deal, US-China talks
Most benchmark Asian share indices ended higher today on reports that the European Union has called a summit later this month to sign off a new proposed deal for UK's exit from the bloc, and on news that US-China trade talks have resumed. Hong Kong's Hang Seng and China's Shanghai Composite were the major gainers in the region due to hope of easing trade tensions between the US and China. Japan's Nikkei 225 index was the sole loser, ending with losses of 0.2 percent.
Market update: Sensex, Nifty sustain gains, midcaps outperform##Market update: Sensex, Nifty sustain gains, midcaps outperform
The Sensex traded at 35,207, higher by 165 points, or 0.47 percent, while the Nifty gained 50 points, or 0.48 percent, to 10,625 at 3.11 pm. Midcaps outperformed with the Nifty MidCap surging by 0.60 percent, while the BSE MidCap surged by 0.82 percent.
Jet Airways jumps 17%, IndiGo, SpiceJet trade under pressure##Jet Airways jumps 17%, IndiGo, SpiceJet trade under pressure
Shares of Jet Airways jumped more than 17 percent to hit an intra-day high of Rs 302.40. At 2.45 pm, the stock traded at Rs 298.35, higher by 15.75 percent on the BSE. The stock has been gaining for the last 3 days and has risen nearly 24 percent during the period. For the year, however, the stock has declined by nearly 64 percent. The stock traded higher than its 20 day, 50 day and 100 day moving average, but lower than its 200 day moving average of Rs 440.42. IndiGo, owned and operated by InterGlobe Aviation ltd, shares traded mildly weak, down by 0.44 percent, at Rs 1044 at 2.52 pm. The BSE-listed SpiceJet shares slipped 1.61 percent to trade at Rs 82.35 at 2.51 pm.
Tata Power-backed Resurgent buys 75% stake in Prayagraj Power##Tata Power-backed Resurgent buys 75% stake in Prayagraj Power
Tata Power and Resurgent have signed a share purchase agreement to buy a 75 percent stake in Prayagraj Power. Resurgent Power is backed by Tata Power Co. Ltd and ICICI Venture Funds Management Co. Praveer Sinha, MD & CEO of Tata Power spoke to CNBC-TV18 about the agreement.
“The transaction has been closed yesterday whereby we have signed the share purchase agreement with SBI and the other 17 lenders and based on that 75.01 percent stake has been taken over by Renascent which is a subsidiary of Resurgent Power. That transaction will give us a foothold in Uttar Pradesh (UP) to run this power plant,” Sinha said. Read more
Yes Bank sinks; chairman Ashok Chawla's departure heightens concerns##Yes Bank sinks; chairman Ashok Chawla's departure heightens concerns
Yes Bank Ltd shares fell sharply on Thursday, a day after non-executive independent chairman Ashok Chawla resigned, further fuelling the uncertainty over the management of the country's fifth largest private-sector lender. Yes Bank shares fell as much as 9.1 percent to Rs 202.25, in their biggest single-day fall since October 26.
Motherson Sumi continues downtrend post Q2 results##Motherson Sumi continues downtrend post Q2 results
Shares of Motherson Sumi fell further on Thursday after brokerages cut their earnings estimates and target prices post weak earnings on Wednesday. The auto ancillary major's stock hit an intra-day low of Rs 148 today, falling by 3.65 percent. The decline comes after Wednesday's 7 percent fall as the market reacted negatively to Motherson Sumi's July-September quarter results. Brokerage firm Citi maintains "sell" call on the stock, cutting its target price on the stock to Rs 135 from Rs 173 per share on weak earnings trajectory. Nomura has retained "buy" call but at a revised target price of Rs 197 from Rs 249 per share. Motherson Sumi shares were the biggest drag on the Nifty Auto index wherein 11 stocks advanced against 5 declining.
ICICI Bank hits 52-week high, Sensex, Nifty extend gains##ICICI Bank hits 52-week high, Sensex, Nifty extend gains
Shares of ICICI Bank hit a 52-week high of Rs 371.20 in trade today, surging 1.20 percent. Shares traded at Rs 371, up by 1.20 percent on the NSE at 1.03 pm. The Nifty rose nearly 50 points, or 0.47 percent, to trade at 10,626. The Sensex also jumped 221 points, or 0.63 percent, to trade at 35,363. Midcaps continue to under perform with the Nifty MidCap higher by 0.35 percent.
Auto companies gain on hope of robust growth in October-March sales##Auto companies gain on hope of robust growth in October-March sales
Shares of automobile companies gained as analysts expect growth in passenger vehicle and two-wheeler segment to improve in October-March. Shares of Bajaj Auto, Eicher Motors, Hero MotoCorp, Maruti Suzuki India and Tata Motors rose 0.3 percent -2.4 percent.
Coffee Day Enterprises slip 6% post Q2 results, Sensex, Nifty trade higher##Coffee Day Enterprises slip 6% post Q2 results, Sensex, Nifty trade higher
Shares of Coffee Day Enterprises slipped 6 percent after company reported poor set of numbers for the quarter ended September 2018. The company's consolidated Q2FY19 net profit was down 54.7 percent at Rs 21.2 crore against Rs 46.8 crore in the same quarter last fiscal. At 11.40 am, shares traded at Rs 278.35, down by 5.5 percent on the NSE. The Nifty traded higher by 46 points, or 0.44 percent, at 10,622, while the Sensex surged 162 points, or 0.46 percent, to trade at 35,303.
PC Jeweller tanks 19% on dismal Q2 earnings, Sensex, Nifty edge up##PC Jeweller tanks 19% on dismal Q2 earnings, Sensex, Nifty edge up
Shares of PC Jeweller fell over 19 percent to hit a low of Rs 69.90 after the company reported a 38 percent year-on-year fall in net profit for the September quarter to Rs 937.2 million. The company's revenue also fell by 38 percent to Rs 16.35 billion and its operating margin expanded to 12.59 percent in July-September from 10.72 percent a year ago. So far today, over 14 million shares of the company have changed hands on the NSE. At 11.03 am, shares of the company traded 8.44 percent lower at Rs 79.20. So far this year, the stock has fallen nearly 83 percent. Meanwhile, the Nifty traded at 10,598, up by 22 points, or 0.20 percent, while the Sensex was at 35,224, higher by 82 points, or 0.23 percent.
IT companies gain on renewed buying by some mutual funds##IT companies gain on renewed buying by some mutual funds
Shares of information technology companies rose today as their recent correction prompted some mutual funds to increase their exposure towards the sector, said a mutual fund dealer. The Nifty IT index had corrected 4 percent in November as the rupee appreciated against the US dollar and concerns slowing corporate earnings in the US may hit client spending on information technology services. Analysts said valuations of some information technology companies had come off their peak making them attractive for investors. Information technology companies are expected to report strong earnings in the remainder of 2018-19 (April-March). At 10.15 am, the Nifty IT index was up 0.5 percent at 14,406.80 points. (Cogencis)
Vodafone Idea plunges 6% after weak Q2 numbers, Sensex, Nifty flat##Vodafone Idea plunges 6% after weak Q2 numbers, Sensex, Nifty flat
Shares of Vodafone Idea plunged 6.28 percent to trade at Rs 38.80 on the NSE at 10.14 am. The stock opened lower at Rs 40.15, down from its previous close of Rs 41.40. Vodafone Idea Ltd reported a second-quarter loss on Wednesday and said it is looking to raise about Rs 250 billion ($3.5 billion). The company said its board is evaluating ways to raise the capital in which promoters Vodafone Group will chip in Rs 110 billion and Aditya Birla Group Rs 72.5 billion. This is the first quarterly result since Vodafone Plc merged its Indian operations with Idea Cellular in August, creating the country’s largest telecom operator by subscribers and revenue. The company’s after-tax loss was Rs 49.74 billion in the second quarter ended September 30, which included a one-time charge of Rs 5.66 billion, mainly due to integration and merger related costs. Revenue from operations was Rs 76.64 billions. The results included numbers for Idea Cellular up to August 30 and Vodafone Idea from August 31 to September 30, and were not comparable to earlier periods, the company said in a statement.
Meanwhile, the Sensex traded at 35,163, up by 21 points, or 0.06 percent, while the Nifty was at 10,577, up by 1 points at 10.16 am.