Sensex ended 216 points higher at 37,752
Sensex ended 216 points higher at 37,752

Sensex extends gains to 3rd day; Bank Nifty hits record high, again

  • IndusInd Bank, HDFC Bank and Yes Bank were among the top gainers in banking pack
  • The broader markets struggled today, with BSE midcap and smallcap indices ending lower

Indian markets ended higher for the third day, driven by gains in banking stocks. The Sensex ended 216 points higher at 37,752 while Nifty settled at

11,341, up 40 points. Banking stocks hogged the limelight again, with Bank Nifty, or the index for banking stocks, hitting a new high for the second straight day. Bank Nifty rose 1.5%, with IndusInd Bank rising 4.3%, Yes Bank 3.5%, HDFC Bank 2.7% and SBI 2.4%.

Markets were also supported by gains from heavyweights like HDFC and Reliance Industries, both rising over 1%. 

The broader markets, which have outperformed in this recent leg of rally, struggled today. The BSE midcap and smallcap indices fell 0.4% and 0.3% respectively.

Despite markets seeing a sharp run-up this month, Sahaj Agrawal, head of research for derivatives at Kotak Securities, expects Nifty to remain strong going ahead. "Nifty has given a strong breakout. Broad-based participation is seen which supportive of the positive outlook. Any meaningful correction should be used an as opportunity to buy/accumulate," he said. "Banking, industrials and metal stocks are expected to outperform," he adds. 

13 Mar 2019, 02:53:00 PM IST

Bank Nifty extends gains

Banking stocks hogged the limelight today, with Bank Nifty up over 1.5%. Yes Band and IndusInd Bank were up over 4% while HDFC Bank rose 2.5% and SBI 1.3%. 

13 Mar 2019, 01:47:22 PM IST

HDFC Bank crosses ₹6 trillion market cap for first time

India's most valued lender HDFC Bank Ltd on Wednesday crossed 6 trillion market capitalisation for the first time, making it only the country's third firm to achieve this milestone. In intraday trade, the stock touched a fresh record high of 2,227.40 on the BSE, up 2.62% from its previous close. At 1.30 pm, the scrip was trading at 2224.40, up 2.48% with a market cap of 6.06 trillion. In comparison, the Sensex was up 0.35% to 37,667.48 points.

13 Mar 2019, 01:38:10 PM IST

Just Dial shares zoom 9% amid heavy volumes

Shares of Just Dial zoomed 9% to 607.45 on NSE with 86,11,022 shares changing hands so far during the day. 

13 Mar 2019, 12:57:23 PM IST

Asian Granito India to raise ₹90 crore via preferential warrants issue

Tile manufacturer Asian Granito India Limited is planning to issue 50 lakh convertible warrants on preferential basis to promoter and non-promoter group at 180 per share. The company is expected to raise 90 crore through the warrants issue and proceeds will be utilized to fund its expansion plans, among others. Shares were up 2% at 233 in noon trade. 

13 Mar 2019, 11:45:59 AM IST

Benign inflation to create room for further easing: Kotak Institutional Equities

Kotak Institutional Equities in a note said that retail inflation, despite reaching a four-month high of 2.57% in February, remains benign and "reaffirms our belief that monetary policy committee would cut the repo rate by another 25 bps to 6% in April. We also cannot rule out the possibility of another 25 bps rate cut later as our estimates suggest that inflation is likely to remain below the RBI’s target of 4% through October 2019."

13 Mar 2019, 11:12:10 AM IST

Midcap, smallcap stocks struggle

The broader markets struggled today in line with their largecap peers. The BSE midcap and smallcap indices were down 0.14% and 0.20% respectively. On the BSE, 923 stocks advanced while 1,244 fell.

13 Mar 2019, 10:34:29 AM IST

ONGC, Coal India, NTPC down over 2%

Shares of many PSU companies were trading lower after Press Trust of India reported that government plans to launch a follow-on sale in the CPSE Exchange Traded Fund on March 19, seeking to raise 3,500 crore.

During the last offering in November, the government mopped up 17,000 crore, the biggest disinvestment transaction through ETF. Shares of ONGC, Coal India and NTPC were down over 2%.

13 Mar 2019, 09:35:49 AM IST

SpiceJet shares fall 5%, Jet Airways down 2%

Budget airline SpiceJet Ltd has 13 Boeing 737 Max aircraft in its fleet while Jet Airways (India) Ltd has five. "SpiceJet has suspended Boeing 737 Max operations following DGCA's decision to ground the aircraft," said a SpiceJet spokesperson. The Directorate General of Civil Aviation (DGCA) late on Tuesday night grounded all Boeing 737 Max planes in India, in line with similar pre-emptive moves across the world following Sunday's Ethiopia plane crash. SpiceJet shares were trading nearly 5% lower at 75 on BSE. Jet Airways, which has already grounded several of its planes due to financial issues, has not been operating any of its five Boeing 737 Max planes. Jet Airways shares were down around 2% at 240.40.

13 Mar 2019, 09:22:34 AM IST

Oil marketing companies retreat

Oil marketing companies were trading lower after crude oil rises for third sessions. Indian Oil Corp Ltd fell 4.2%, Hindustan Petroleum Corp Ltd 1.7%, and Bharat Petroleum Corp Ltd 1%.

13 Mar 2019, 08:58:58 AM IST

India bans Boeing 737 Max planes in light of Ethiopia plane crash

The Directorate General of Civil Aviation (DGCA) late on Tuesday night grounded all Boeing 737 Max planes in India, in line with similar pre-emptive moves across the world following Sunday's Ethiopia plane crash. SpiceJet Ltd and Jet Airways (India) Ltd operate Boeing 737 Max planes in India.

13 Mar 2019, 08:57:50 AM IST

L&T prepares for hostile takeover of Mindtree

Larsen and Toubro Ltd (L&T), which has been in talks to buy Cafe Coffee Day founder V.G. Siddhartha’s stake in Mindtree Ltd, is set to sign a binding agreement to close the deal, Mint reported, citing two people directly aware of the development said. The deal, which is likely to be announced in the weeks ahead, could trigger a hostile takeover bid, leading to an open offer by L&T, India’s largest engineering company, to increase its stake to 51%.

13 Mar 2019, 08:55:15 AM IST

UK parliament rejects Theresa May's revised Brexit deal

British lawmakers crushed Prime Minister Theresa May's European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay. Lawmakers voted against May's amended Brexit deal by 391 to 242 as her last-minute talks with EU chiefs on Monday to assuage her critics' concerns ultimately proved fruitless.

13 Mar 2019, 08:48:40 AM IST

February inflation picks up slightly, but April rate cut still seen

India's consumer prices rose at a faster pace than anticipated in February, and remained below the RBI's target for a seventh straight month, lending weight to expectations that the bank could again cut the key interest rate in April.

Annual retail inflation picked up in February to 2.57%, after easing to a downwardly revised 19-month low of 1.97% in January, government data showed on Tuesday.

13 Mar 2019, 08:44:31 AM IST

Asian markets retreat after two days of gains

Asian markets retreated today after two days of gains but the pound enjoyed some stability after the previous day's sharp losses sparked by Theresa May's Brexit deal being tossed out by MPs. Sterling saw wild fluctuations Tuesday as it hit a near two-year high on news the prime minister had won a last-minute revision to her agreement with the EU, then tanked to a three-week low as it was rejected later in the day at Westminster.

13 Mar 2019, 08:35:58 AM IST

Oil prices gain as Saudis trim exports

Oil prices edged higher today, supported by planned cuts to Saudi exports and a reduced forecast for US crude output. International Brent crude oil futures were at $66.93 a barrel, up 26 cents, or 0.4%, from their last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.

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