Closing bell: Sensex surges 551 points, Nifty ends at 10,386 led by NBFC stocks
10 min read.Updated: 31 Oct 2018, 04:05 PM ISTNirav Vyas
The BSE Sensex closed 550.92 points up at 34,442.05, while the Nifty 50 ended 188.20 points higher at 10,386.60. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 advanced over 1.5% after a volatile session on Wednesday after the government said that it respects the Reserve Bank of India’s autonomy. The statement from finance ministry came after media reports suggested that tensions between the central bank and the government worsened after Tuesday’s FSDC meeting. Moreover, shares of financial services companies gained after PNB Housing Finance disclosed fund raising via commercial papers. Meanwhile, shares of Tech Mahindra, Bank of Baroda and Cummins India gained after positive September-quarter numbers.“After a volatile start, market sharply rebounded led by clarity over the independence of RBI by the Govt. Rupee pared some losses while strong global cues and stock specific actions supported the market to remain positive. Signs of rising oil supply and gradual consolidation in yield may ease liquidity concerns,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd. “However, the focus will be more on the results outcome as there is a fear of further downgrade in earnings in H2FY19.”In global markets, European stocks opened higher after a rebound across Asia, while US futures extended gains. Shares in Tokyo outperformed, while benchmarks in Australia and South Korea reversed losses and those in China and Hong Kong rose. Moreover, reports that the Reserve Bank of India’s governor Urjit Patel plans to step down made investors cautious. Here are the highlights from the markets:
31 Oct 2018, 03:35:00 PM IST
Closing bell: Sensex, Nifty gain 1.6%
The BSE Sensex closed 550.92 points, or 1.63%, up at 34,442.05, while the Nifty 50 ended 188.20 points, or 1.85%, higher at 10,386.60. The BSE MidCap and SmallCap indices rose 1.56% and 1.38%, respectively.All the sectoral indices on BSE, except metal, posted gains with IT and teck rising over 3% followed by finance, consumer durables and healthcare, which advanced over 2%. Metal declined 1.4%.HDFC, IndusInd Bank, Infosys, Yes Bank, Tech Mahindra and Indiabulls Housing Finance were among the top gainers on the key indices, whereas Coal India, Tata Steel, Dr. Reddy’s Labs, Maruti and Adani Ports led losses.“Volatility and choppiness is likely to remain high led by uncertain global cues and muted domestic sentiments. Further, stock specific action is likely to remain high on the back of on-going Q2FY19 results,” said Jayant Manglik, President, Religare Broking Ltd. “Market participants would actively track Auto sector as Auto companies would be announcing its sales numbers tomorrow.”
31 Oct 2018, 03:25:00 PM IST
PNB Housing Finance shares surge after fund raise
Shares of PNB Housing Finance surged 9.14% to Rs 798 per share after the company said it has raised Rs 2,450 crore through commercial papers. Shares of other financial services companies also gained. The Nifty Financial Services Index was up 2.2% led by Indiabulls Housing Finance, which rose 8.07%, IIFL 6.4% and HDFC 5.9%.
31 Oct 2018, 03:05:00 PM IST
Lupin shares rise 4% after Q2 results
Lupin shares rose as much as 4.27% to Rs 914 per share. The company posted a 41.5 percent fall in second-quarter profit on Wednesday, hurt by higher expenses. Net profit was Rs 266 crore in the quarter ended Sept. 30, compared with a profit of Rs 455 crore a year earlier, Lupin said. Analysts on average had expected a profit of 2.73 billion rupees, according to Refintiv data.
31 Oct 2018, 02:55:00 PM IST
Tata Motors shares trade lower ahead of Q2 results
Tata Motors shares traded 0.54% down at Rs 176.35 per share ahead of its second-quarter earnings due later in the day. Tata Motors is expected to report a consolidated net loss of Rs874.4 crore on consolidated net sales of Rs72,976.7 crore, according to a Bloomberg poll of six analysts.
Adani Enterprises, Cochin Shipyard gain after Q2 earnings
Adani Enterprises Ltd reported a consolidated net profit of Rs 172 crore in the quarter ended September 30, compared to a profit of Rs 59.08 crore last year. Consolidated revenue from operations stood at Rs 9,155 crore in the September quarter, up from Rs 8,546 crore in the same period last year. Shares traded 0.95% up at Rs 170.60 per share.Ramco Industries Ltd reported a net profit after tax of Rs 26.3 crore in the September 2018 quarter compared to a profit of Rs 22.05 crore a year ago. The quarter’s income from operations was Rs 187 crore in the quarter ended September 30, compared to Rs 161 crore a year ago. Shares rose 0.42% to Rs 190.90 per share.Cochin Shipyard Ltd’s September-2018 quarter profit rose to Rs 148 crore compared to Rs 100 crore in the same period last year. Revenue from operations came it at Rs 799 crore in the quarter versus Rs 583 crore a year ago. Shares jumped 2.06% to Rs 389.
31 Oct 2018, 02:27:00 PM IST
Market update: Sensex, Nifty rise over 1%
The BSE Sensex rose 369.91 points, or 1.09%, to 34,261.04, while the Nifty 50 gained 128.80 points, or 1.26%, to 10,327.20.
31 Oct 2018, 02:05:00 PM IST
European stocks advance at open
European stocks opened higher after a rebound across Asia, while US futures extended gains. Futures on the S&P 500 Index advanced 0.5%. The Stoxx Europe 600 Index increased 1.1% to the highest in more than a week. The U.K.’s FTSE 100 Index gained 1.2% to the highest in three weeks. Germany’s DAX Index climbed 1.1% to the highest in more than a week. The MSCI Asia Pacific Index climbed 1.5% to the highest in a week. The MSCI Emerging Market Index climbed 1.4%. Bloomberg
31 Oct 2018, 01:45:00 PM IST
Escorts shares rise after Q2 earnings
Escorts Ltd reported a net profit of Rs 103 crore in the quarter ended September 30, compared to a profit of Rs 77.56 crore in the last year. Revenue from operations rose to Rs 1,398 crore in the September quarter from Rs 1,212 crore in the same period last year. Shares gained 1.6% to Rs 614 per share.
31 Oct 2018, 01:39:00 PM IST
Govt says autonomy of RBI essential
The finance ministry in a statement said that the autonomy for the central bank within the framework of the RBI Act, is an essential and accepted governance requirement and governments in India have nurtured and respected this.“Both 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,” the finance ministry stated. Read more
31 Oct 2018, 01:05:00 PM IST
Dabur India shares struggle after Q2 numbers
Dabur India reported a consolidated net profit of Rs 377 crore in the quarter ended September 30, compared to a profit of Rs 362 crore last year. Consolidated revenue from operations stood at Rs 2,125 crore in the September quarter, up from Rs 1,959 crore in the same period last year. Share traded 0.39% down at Rs 391.55 per share.
31 Oct 2018, 12:57:00 PM IST
Govt’s Coal India OFS opens for institutional buyers, shares down 3%
The Government’s three per cent stake sale in Coal India at a floor price of Rs 266 apiece opened for bidding by institutional investors today with a subscription of over 24 per cent shares on offer in initial hours of trade. Coal India shares traded 3.23% down at Rs 266.90 per share.
31 Oct 2018, 12:43:00 PM IST
FDC shares up after USFDA clears Aurangabad facility
FDC Ltd shares rose 2.63% to Rs 207 per share after the company said it has received an EIR from the USFDA for its Aurangabad facility, indicating that the site is considered to be acceptable with regards to current Good Manufacturing Practices.
31 Oct 2018, 12:30:00 PM IST
Bank of Baroda shares off day’s high
Bank of Baroda shares traded 1.82% up at Rs 112 per share, down from day’s high of Rs 115.05. The bank on Tuesday reported a 20% jump in its net profit to Rs 425 crore in September quarter from Rs 3.55 crore a year ago.Prabhudas Lilladher said, “We believe, return ratios should improve over FY19-FY21 substantially as asset quality improves and hence valuations of 0.8x FY20 is very attractive with only risk being larger capital call in lieu with merger with Vijaya/Dena.” The brokerage upgraded the stock to “Buy” from “Accumulate” with revised TP of Rs 161 per share.Motilal Oswal said, “Merger with Dena and Vijaya Bank will present its own set of challenges in the near term, particularly as the NPL cycle is in the early stages of recovery.”
31 Oct 2018, 11:52:00 AM IST
Tech Mahindra shares jump 8% on Q2 results
Tech Mahindra shares surged as much as 8.31% to Rs 740.50 per share. The company on Tuesday posted a better-than-expected 27.3% rise in second-quarter net profit, as it clocked more deals in the July-September period. Net profit was Rs 1,064 crore in the three months ended 30 September, compared with Rs 836 crore a year earlier.Motilal Oswal maintained “Buy”, with TP of Rs 800. “The softness in Enterprise offsets the strong performance and commentary on Telecom, driving a minor downward revision to our revenue estimates. However, the strong margins performance comes in as equipoise, leaving earnings unchanged,” said Motilal Oswal in a note.Prabhudas Lilladher retained “Buy” on the stock, with TP of Rs 885. “We believe that 5G led uptick can be a potential trigger for Communication vertical in FY20E. We see scope for cyclical upturn in Telecom vertical (41% of Tech M’s total revenues) in FY20E which could swing consolidated revenue growth trajectory in FY20E,” it added.
31 Oct 2018, 11:33:00 AM IST
Strides Pharma struggles after results
Strides Pharma Science Ltd reported a consolidated loss of Rs 12.01 crore in the quarter ended September 30 versus a profit of Rs 8.59 crore last year. Consolidated revenue from operations stood at Rs 733 crore in the September quarter compared to Rs 769 crore in the same period last year. Shares fell over 4% to Rs 394.20 per share after results, but soon recovered to trade 0.31% up at Rs 414.50 per share.
31 Oct 2018, 10:47:00 AM IST
Tata Steel shares down 6% as EU probes JV with Thyssenkrupp
Tata Steel shares fell as much as 6.19% to Rs 530.10 per share. The European Commission has opened a deeper investigation into Thyssenkrupp’s planned steel joint venture with Tata Steel over concerns that it could raise prices and harm competition, reported Reuters.The Commission identified three areas where the combination of both companies’ specialty flat carbon steel and electrical steel products could give them a dominant position: steel for the automotive sector, metallic coated steel for packaging and grain oriented electrical steel, according to the report.
31 Oct 2018, 10:27:00 AM IST
Market Update: Sensex, Nifty extend losses
The BSE Sensex falls 272.24 points, or 0.80%, to 33,618.89. The 30-shares index hit a high of 34,050.12 and a low of 33,587.24. The Nifty 50 was down 76.35 points, or 0.75%, at 10,122.05 after shuttling between 10,246 and 10,105.The BSE MidCap and SmallCap declined 0.35% and 0.24%, respectively. All the sectoral indices on BSE, barring IT and teck, traded in red with metal and telecom fell 2.83% and 2.08%, respectively. Basic materials, utilities, FMCG, Bankex and power were down over 1%.
31 Oct 2018, 09:54:00 AM IST
Bank of Baroda shares gain after Q2 results
Bank of Baroda shares rose 4.6% to Rs 115.05 per share after the bank reported a 20% jump in its net profit to Rs 425 crore in September quarter from Rs 3.55 crore a year ago. However, the stock trimmed early gains and traded 1.05% up at Rs 111.15 per share.
31 Oct 2018, 09:33:00 AM IST
Cummins India jumps 14% after quarterly results
Shares of Cummins India Ltd surged 14% to Rs 768.5 per share after the company reported a 38.4% increase in its September-quarter net profit to Rs 211.60 crore. Revenues were up 29% to Rs 1486.90 crore.
31 Oct 2018, 09:27:00 AM IST
Dr Reddy’s shares down 6% after USFDA issue observations
Shares of Dr Reddy’s Laboratories Ltd fell as much as 6.64% to Rs 2,425 per share after the company disclosed that it has received a Form-483 with eight observations by the USFDA completed the audit of the company’s manufacturing facility at Duvvada, Visakhapatnam..
31 Oct 2018, 09:23:00 AM IST
Coal India shares fall 4% on govt stake sale plan
Coal India shares declined 4.38% to Rs 263.80 per share after the government said it will sell 3% stake in the company with an over subscription option of selling additional 6% stake as offer for sale to public. The floor price is set at Rs 266 per share. The amount to be raised would be around Rs 14861 crore, including the green shoe option. Offer will open on Oct. 31 and end on Nov. 1.
31 Oct 2018, 09:18:00 AM IST
Rupee, bond prices fall as RBI-govt spat seen widening
The Indian rupee and bond prices fell on Wednesday as traders were worried on the future of RBI governor after news reports suggested that the spat between the central bank and the government worsened after 30 October Financial Stability and Development Council (FSDC) meeting. At 9.15am, the rupee was trading at 73.92 a dollar, down 0.33% from its Tuesday’s close of 73.68. The currency opened at 73.90 a dollar and touched a low of 73.93. The 10-year gilt yield stood at 7.882% from its previous close of 7.831%
31 Oct 2018, 09:00:00 AM IST
Asian stocks gain; Tokyo outperforms
Asian stocks gained on the last day of a bruising month after a topsy-turvy U.S. session that eventually saw equities rally. Treasury yields pushed higher and the dollar edged up. Shares in Tokyo outperformed, while benchmarks in Australia and South Korea reversed losses and those in China and Hong Kong rose. Earlier, the S&P 500 Index twice erased gains that topped 1% before finally securing a rebound in the last hour of trading. Chinese markets are in focus after calls from authorities to encourage funds to invest spurred a rally Tuesday, while the yuan held near the weakest level in a decade against the greenback.Japan’s Topix index rose 1.2% as of 10:27 a.m. in Tokyo. Hong Kong’s Hang Seng advanced 1%. Australia’s S&P/ASX 200 index added 0.2%. South Korea’s Kospi index gained 0.3%. Shanghai Composite Index rose 0.3%. S&P 500 futures gained 0.2%. The S&P 500 Index rose 1.6%. Bloomberg