Closing bell: Sensex rises 580 points, posts biggest weekly gain in 2 years
12 min read.Updated: 02 Nov 2018, 04:08 PM ISTNirav Vyas
The BSE Sensex closed 579.68 points, or 1.68%, up at 35,011.65, while the Nifty 50 ended 172.55 points higher at 10,553. Here are the latest updates from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 advanced 2% on Friday led by gains in shares of auto and oil companies. Intraday, the Sensex surged 758.23 points to 35,190.20, and the Nifty 50 soared 226.5 points to 10,606.95. The rupee strengthened against the US dollar after crude oil prices declined. Auto shares advanced over positive October vehicle sales data, while falling oil prices boosted shares of oil marketing companies such as BPCL, HPCL and Indian Oil. The gains were however limited after PSU bank stocks fell, dragged by Punjab National Bank, which reported a net loss for the third straight quarter.“Expectation of global trade deal and cheer in domestic auto sales numbers supported the market to extend its rally. Any consensus in US- China trade negotiation could settle global market volatility and will attract investors to the beaten down stocks. Additionally, continued fall in oil prices & drop in yield eased liquidity concerns,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.In global markets, stocks extended gains on the back of fresh hopes for trade between the world’s two biggest economies after Bloomberg reported that US President Donald Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the G20 summit in Argentina this month. Oil prices are set for the biggest weekly loss since February as fears over a supply disruption eased as the US was said to agree on giving waivers to eight nations to continue importing Iranian crude after sanctions. Here are the latest updates from the markets:
02 Nov 2018, 03:35:00 PM IST
Closing bell: Sensex, Nifty close higher
The BSE Sensex closed 579.68 points, or 1.68%, up at 35,011.65, while the Nifty 50 ended 172.55 points, or 1.66%, higher at 10,553. Intraday, the Sensex surged 758.23 points to 35,190.20, and the Nifty 50 soared 226.5 points to 10,606.95. For the week, the Sensex rose 1,662.34 points. or 5%, and the Nifty 50 added 523 points, or 5%.The BSE MidCap and SmallCap indices rose 0.78% and 0.76%, respectively. All the sectoral indices on BSE, barring IT and teck and healthcare, ended higher, with auto gaining most at 4.46%. Basic materials and metal rose over 3%.Maruti Suzuki India, Tata Motors, Vedanta, BPCL and IndusInd Bank were among the top gainers on the key indices, whereas Wipro, Tech Mahindra, TCS, Dr. Reddy’s, SBI and Infosys were major losers.“A series of events has led this recovery but it’s early to call reversal. We’ve seen decline in crude oil prices and strengthening of rupee earlier also but only for the short duration,” Jayant Manglik, President, Religare Broking Ltd. “Improvement in global sentiment combined with support from earnings is required for sustained recovery else it’ll fizzle out in no time. We advise keeping positive yet cautious approach and focusing more the trade management aspects.”
02 Nov 2018, 03:07:00 PM IST
NTPC Q2 profit falls marginally, shares up
NTPC Ltd reported a marginal fall in September-quarter profit on Friday, missing estimates, as higher expenses weighed. Profit came in at Rs 2,426 crore for the three months ended 30 September, compared with Rs 2,439 crore a year earlier. Shares traded 0.7% up at Rs 157.90 per share.
02 Nov 2018, 02:48:00 PM IST
PSU bank stocks fall after PNB posts loss in Q2
Shares of PUS banks declined after Punjab National Bank a loss of Rs 4,532 crore in the quarter ended September due to substantial increase in provisions for bad debts, as against a loss of Rs 940 crore in the previous quarter and a profit of Rs 560 crore in the year-ago period. PNB shares fell as much as 8% to Rs 68.15 per share.
02 Nov 2018, 02:40:00 PM IST
Future Enterprises, Aditya Birla Fashion shares gain after Q2 results
Future Enterprises Ltd reported a net profit of Rs 6.99 crore in the quarter ended September 30, compared to a loss of Rs 1.94 crore a year ago. Revenue from operations rose to Rs 1,214 crore from Rs 1,111 crore in the same period last year. The stock jumped 5.23% to Rs 41.25 per share.Aditya Birla Fashion and Retail Ltd reported a net PAT of Rs 42.73 crore in the September 2018 quarter, compared to a loss of Rs 9.96 crore a year ago. Revenue from operations stood at Rs 20.07 crore in the quarter ended September 30, up from RS 18.04 crore last year. Shares traded 2.88% up at Rs 193 per share. Indiabulls Ventures rated the stock “buy” with the TP of Rs 220. Reuters
02 Nov 2018, 02:20:00 PM IST
Europe stocks set for best week since 2016
European equities climbed, poised for their biggest weekly advance since the end of 2016, as reports about the U.S. President Donald Trump’s interest in reaching a trade pact boosted appetites for mining and automaker shares.The Stoxx Europe 600 Index climbed 1.2%, hitting the highest in more than three weeks with its fifth consecutive advance. Futures on the S&P 500 Index gained 0.9%. The MSCI All-Country World Index increased 0.8%. The U.K.’s FTSE 100 Index advanced 1%. Germany’s DAX Index increased 1.5%. The MSCI Emerging Market Index climbed 2.9% to the highest in four weeks on the largest increase in more than two years. Bloomberg
02 Nov 2018, 02:05:00 PM IST
Hindalco Q2 profit beats estimate, shares rise 6%
Hindalco Industries Ltd posted a 21.4% decline in September-quarter net profit, dragged down by rising input costs, but marginally beat estimate. Standalone profit after tax came in at Rs 309 crore in the second quarter, compared with Rs 393 crore a year earlier, Hindalco said. Eleven analysts on an average had expected the company to report a profit of Rs 307 crore, according to Refinitiv data. Revenue from operations for the company rose about 5% to Rs 10,833 crore. Hindalco shares jumped as much as 5.7% to Rs 244.20 per share.
02 Nov 2018, 01:54:00 PM IST
Market update: Sensex, Nifty extend gains
The BSE Sensex rose 693.79 points, or 2.01%, to 35,125.76, while the Nifty 50 gained 205.30 points, or 1.98%, to 10,585.75. Intraday, the Sensex surged 698.57 points to 35,130.54, and the Nifty 50 soared 212.2 points to 10,592.65.The BSE MidCap and SmallCap indices advanced 1.81% and 1.64%, respectively. All the sectoral indices on BSE traded higher with auto gaining most at 4.46% followed by metal and basic materials, which rose over 3%.
02 Nov 2018, 01:37:00 PM IST
Indian Oil Q2 profit falls, shares up over 5%
Indian Oil Corp Ltd posted a 12.2% fall in second-quarter profit, missing estimate by a wide margin, dented by forex expenses and raw material costs. Net profit came in at Rs 3,247 crore in the quarter ended Sept. 30, compared with Rs 3,696 crore a year earlier, IOC said. Analysts on average had expected a profit of Rs 5,088 crore, according to Refinitiv data. Average gross refining margin for the April-Sept period - the difference between the cost of crude oil processed and the prices of refined products - dropped to $8.45 per barrel from $6.08 per barrel a year earlier. Revenue from operations rose nearly 37% to Rs 1.52 trillion. Shares traded 5.41% up at Rs 149 per share
02 Nov 2018, 01:28:00 PM IST
US said to give India, 7 other nations oil waivers under Iran sanctions
The waivers are only temporary, and the U.S. will expect countries that get them to keep cutting Iranian imports in the months aheadhttps://t.co/loT9CAsDa2
Punjab National Bank shares fell as much as 1.68% to Rs 73 per share after the company reported a third straight quarterly loss. PNB’s net loss came in at Rs 4,532 crore for the quarter ended September 30, compared with a profit of Rs 561 crore a year earlier. The loss was much bigger than an estimated average loss of 14.38 billion rupees based on the views of 13 analysts, according to Refinitiv data. The shares fell from day’s high of Rs 78.60 per share. Read more
02 Nov 2018, 12:50:00 PM IST
Maruti Suzuki shares rise over 5% after October sales data
Shares of Maruti Suzuki India traded 5.35% up at Rs 7068.25 per share. The stock surged as much as 5.57% intraday to Rs 7,083.70 per share. India’s largest passenger carmaker on Thursday reported a marginal drop in domestic sales of passenger cars in October to 122,280 units, against 122,459 a year ago. These figures do not include sales of commercial vehicles and vans. The compact segment comprising Baleno, Swift and Ignis hatchbacks clocked sales of 64,789 units, posting the highest rise of 3.7% over the year ago, among other categories. According to Kotak Institutional Equities, demand and customer footfalls have started to improve in the passenger vehicle segment, and it will have positive impact on Maruti.
02 Nov 2018, 12:30:00 PM IST
Dilip Buildcon signs contract with Madhya Pradesh Metro Rail Company
Dilip Buildcon Ltd said that it has executed a contract agreement with Madhya Pradesh Metro Rail Co. Ltd for metro rail projects in the state. Shares traded 1.57% up at Rs 443 per share.
02 Nov 2018, 12:10:00 PM IST
Bulls are back as Asia stocks surge, thanks to one phone call
There's no shortage of superlatives to describe this equity rally. And all it took was one telephone conversation between the leaders of the world's two largest economieshttps://t.co/ffhT4T6EvO
PC Jeweller shares surged as much as 16.9% to Rs 81.35 per share on high volume. Around 30.13 lakh shares changed hands on BSE, compared to 2-week average of 17.66 lakh shares.
02 Nov 2018, 11:20:00 AM IST
HDFC shares up over 2%; Brokerages maintain positive view
HDFC shares rose as much as 2.11% to Rs 1,799 per share. The company on Thursday reported a standalone net profit to Rs 2,467.08 crore in second quarter ended September 30, compared to Rs 1,978.19 crore in the year-ago quarter. Total income during the September quarter stood at Rs 11,256.96 crore, up from Rs 9,007.37 crore last year.Motilal Oswal said, “HDFC’s loan growth is impressive, despite intense competition and a high base. The current liquidity situation presents HDFC with the opportunity to gain market share as competitive intensity moderates.” It added, “With its recent rate hikes across the portfolio, HDFC will be able to manage spreads better than peers.” The brokerage rated the stock “buy” with SOTP-based TP of Rs 2,140.Edelweiss Securities said, “While challenges in the real estate market amid tight liquidity pose risks to housing finance companies, we believe well-run business models with strong balance sheets and limited vulnerability to earnings such as HDFC would emerge stronger.” The brokerage maintained “buy” on the stock, saying the lender will benefit from slackening competition amid prevailing systemic risk aversion.Prabhudas Lilladher reiterated “buy” with TP of Rs 2,265 per share, based on “resilient balance sheet, best asset quality.” The brokerage added, “With Q2 incremental growth trend standing weaker, 2HFY19 growth should slow closing FY19 at 16% YoY, inching 17-18%: FY20-21E.”
Indraprastha Gas shares rise on approval of Haryana City Gas Distribution purchase
Indraprastha Gas shares traded 2.02% up at Rs 284.75 per share. Intraday, the stock rose as much as 5.3% to Rs 293.95, their highest since Sept. 3, after the company on Thursday said the Supreme Court has enabled the takeover of Haryana City Gas Distribution Ltd based on an independent valuation by Deloitte Haskins and Sells LLP.Nomura analysts said access to Gurgaon can boost volume outlook higher and longer, adding that the company could fast-track development of its network in Gurgaon.Citi analysts said that Indraprastha Gas “offers steady volume growth, sustained pricing power, and high earnings visibility; in addition, besides this latest development, it could also benefit from further policy actions to address Delhi’s rising pollution problems.” Citi rated the stock “buy” with PT of Rs 320. Reuters
02 Nov 2018, 10:25:00 AM IST
Marico shares surge 5% after Q2 results
Marico shares jumped as much as 5.13% to Rs 336.75 per share. The company reported a 17.95% increase in consolidated net profit at Rs 218.26 crore for the second quarter ended September, compared to Rs 185.04 crore in the year-ago period. Revenue from operations in the quarter stood at Rs 1,836.82 crore, compared with Rs 1,536.29 crore in the same period last year.
Marico Q2 results: The firm must choose carefully how it plays the pricing game on the way downhttps://t.co/UUfnw49673
Larsen and Toubro said its construction unit has received orders worth Rs 1,329 crore. LT shares traded 1.42% up at Rs 1,351.75 per share.
02 Nov 2018, 09:58:00 AM IST
Auto stocks trade higher over October sales data
Shares of auto companies traded higher over positive October vehicle sales data. India’s top five carmakers—Maruti Suzuki India, Hyundai Motor India, Mahindra and Mahindra, Tata Motors and Honda Cars India—together sold 230,870 vehicles last month, a 2.06% rise from a year earlier. The Nifty Auto index was up 2.5% led by Hero MotoCorp and Eicher Motors.
02 Nov 2018, 09:40:00 AM IST
Market update: Sensex, Nifty rise over 1%
The BSE Sensex rose 398.44 points, or 1.16%, to 34,830.41, while the Nifty 50 gained 117.35 points, or 1.13%, to 10,497.80. The BSE MidCap and SmallCap indices surged 1.49% and 1.34%, respectively.All the sectoral indices on BSE traded in green with auto and consumer discretionary goods rising over 2%. Oil and gas, realty, industrials, consumer durables and bankex rose over 1.5%.
02 Nov 2018, 09:24:00 AM IST
HCC shares fall on write offs in real estate unit
HCC shares rose 5.55% to Rs 13.50 after the company said it provided for an exceptional loss of Rs 2,011.13 crore related to write offs of its investment in group firms HCC Real Estate Limited (HREL) and Lavasa Corporation Ltd (LCL)
02 Nov 2018, 09:20:00 AM IST
OMC stocks gains on falling oil prices
Shares of oil marketing companies were trading higher after crude oil prices fell below $73 bbl mark. Bharat Petroleum Corp Ltd rose 4.2%, Hindustan Petroleum Corp Ltd 2.2% Indian Oil Corp Ltd 3.2%.
02 Nov 2018, 09:16:00 AM IST
Bond yield hits 3-month low, rupee gains against dollar
The 10-year government bond yield on Friday fell to a near three-month low as declining crude oil prices eased concerns of inflation and fiscal slippage. The rupee strengthened for second sessions against the US dollar. At 9.15am, the 10-year gilt yield stood at 7.781% from its previous close of 7.823%. Bond yields and prices move in opposite directions. The rupee was trading at 73.43 a dollar, up 0.43% from its Thursday’s close of 73.45. The currency opened at 73.15 a dollar and touched a high of 73.13 a dollar. Read more
Oil: Oil prices fell as record crude output by the world’s three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran’s petroleum exports. Front-month Brent crude futures were at $72.50 per barrel, down 39 cents, or 0.5%, from their last close. U.S. WTI crude futures were down 37 cents, or 0.6%, at $63.32 a barrel.Gold: Global gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day. Spot gold was steady at $1,232.72 per ounce. Prices climbed to their highest since Oct. 26 at $1,237.39 per ounce on Thursday after falling for three days in a row. U.S. gold futures were down 0.4% at $1,233.8 per ounce.Metals: Shanghai copper prices rose by more than 1% in early trade on Friday, snapping a four-day losing streak after the presidents of the US and China both expressed optimism about resolving a trade row between the two countries. The most-traded December copper contract on the SFE rose as much as 1.2% to 49,450 yuan. Shanghai aluminium rose for the first session in seven in a broad base metals rally, while nickel climbed as much as 1.9% in Shanghai. Reuters
02 Nov 2018, 08:45:00 AM IST
Asian stock markets extend gains
Asian stocks extended their rebound from a rough October, and headed for the biggest weekly rally since July amid hopes for trade talks and China stimulus. Sentiment proved resilient to underwhelming news from Apple that hit U.S. Nasdaq futures.Japan’s Topix index rose 0.7%. Australia’s S&P/ASX 200 slid 0.2%. South Korea’s Kospi index surged 2.4%. The Shanghai Composite rose 1.7% earlier. The Hang Seng Index rose 2.7% earlier. Futures on the S&P 500 Index fell 0.2% after the underlying gauge increased 1.1% Thursday. Nasdaq 100 futures declined 0.9%.The yen slipped 0.1% to 112.78 per dollar. The offshore yuan was little changed at 6.9180 per dollar after advancing more than 0.8% Thursday. The Bloomberg Dollar Spot Index rose 0.1%. The euro traded at $1.1397. Bloomberg