MARKET WRAP: Sensex jumps 629 pts on broad-based buying; Nifty Bank up 3.7%

All that happened in the markets today

The benchmark indices ended over 1.5 per cent higher on Thursday amid across-the-board buying. 

Among headline indices, the S&P BSE Sensex ended 629 points, or 1.65 per cent higher at 38,697 levels while the Nifty50 index topped the 11,400-mark to settle at 11,417, up 1.5 per cent. The volatility index, India VIX, slipped nearly 6.5 per cent to 18.27 levels. 

IndusInd Bank (up over 12 per cent) and Bajaj Finance (up over 5 per cent) were the top Sensex gainers, followed by Axis Bank, ICICI Bank, and Tech Mahindra (all up 4 per cent).

On a weekly basis, Sensex gained 3.4 per cent while Nifty added 3.3 per cent. The markets will remain closed on Friday (October 2) on account of Gandhi Jayanti.

The trend among Nifty sectoral indices was positive, led by Nifty Private Bank index, up over 4 per cent. The Nifty Bank index rallied 3.7 per cent to 22,246 levels. 

In the broader market, the S&P BSE MidCap index ended 0.73 per cent higher at 14,813 levels while the S&P BSE SmallCap index ended at 14,970, up 0.69 per cent.

Global markets 

European stocks rose on Thursday as Swedish retailer H&M and French-Italian chipmaker STMicroelectronics jumped after reporting forecast-beating results, while hopes of more US stimulus aided global sentiment.

In Japan, a hardware failure shut down trading on the Tokyo Stock Exchange in the worst outage ever suffered by the world’s third-largest stock market, which said it aimed to reopen on Friday.

In commodities, oil prices fell as rising coronavirus cases dampened the demand outlook. Gold, on the other hand, rose on Thursday as an easing dollar and signs of progress in talks for fresh US stimulus measures bolstered the metal’s appeal.

(With inputs from Reuters)

4:08 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"The announcement of Unlock 5.0 guidelines gave the markets a temporary boost, and benchmark indices closed up by more than 1.5 per cent. Positive factory output data also supported the markets. Global indices were also positive on renewed hopes of a US stimulus package which can also ensure continued liquidity for emerging markets like India. Rising cases of infections, seemingly high valuations, and geopolitical tensions are still causing worry for the markets. Next week cues will again mainly depend on how global markets close out this week."

3:43 PM

SECTOR WATCH | Nifty Bank jumps 3.7%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex surged 629 points, or 1.65 per cent to settle at 38,697 while NSE's Nifty ended at 11,417, up 169 points, or 1.51 per cent.

3:28 PM

MARKET CHECK

3:22 PM

IndusInd Bank sees biggest intra-day rally in 5 months; stock surges 13%

Shares of IndusInd Bank recorded its sharpest intra-day rally in over five months after the stock rallied 13 per cent to Rs 598 on the BSE on Thursday on the back of heavy volumes. Earlier, on April 28, 2020, the stock of the private sector lender had zoomed 18 per cent in the intra-day trade. READ MORE

3:08 PM

ALERT :: The Tokyo Stock Exchange witnessed worst-ever outage for the world’s third-largest bourse

>> The trading was halted for the entire day Thursday, freezing buying and selling in thousands of companies. 

3:06 PM

Sept Auto Sales :: Ashok Leyland posts total domestic sales at 7,847 vs 7,850 in Sept 2019

3:03 PM

Global economic recovery slowing from a bounce to a grind: Economists

The best is already over for a global economic recovery that started off at a sprint and is turning into a slog. That’s the warning from Wall Street economists heading into the final months of a traumatic year. Some $20 trillion of stimulus from governments and central banks has pulled the world’s economies most of the way back to pre-pandemic levels. But for multiple reasons, the last stretch is set to be the hardest. READ MORE

3:02 PM

ALERT :: Markets to remain shut tomorrow on account of Gandhi Jayanti

2:58 PM

SBI, HUL tie up for providing easy access to credit to small retailers

Under the partnership, HUL's retailers who use the company's Shikhar app will be able to avail of credit facility for payments to distributors through an integration with State Bank of India's (SBI) Yono app.

 

Hindustan Unilever (HUL) Chairman and Managing Director Sanjiv Mehta said while there are around ten million retailers in India, they have faced constraints in access to credit as they have always operated in an informal environment, while they have also been reluctant to adopt digital technology. READ MORE

2:50 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	741.50	755.00	0.49
ADVANCED ENZYME	332.00	344.25	0.50
APL APOLLO TUBES	2975.40	3003.00	1.98
APOLLO HOSPITALS	2085.00	2177.30	-3.00
BLISS GVS PHARMA	177.80	181.15	4.25

2:50 PM

BUZZING STOCK:: IndusInd Bank at day's high, up 12%

2:45 PM

Q&A :: We are converting crisis into opportunity, says FM Nirmala Sitharaman

The impact on the economy in the first quarter is there for everyone to see. There is no denying that it was an intense impact. And, even as we are talking, at the end of the second quarter there’s still only patchy revival happening and patchy revivals are very difficult to document in terms of measurability. So, we’ll have to see how it goes. READ INTERVIEW HERE

2:38 PM

Airlines will have to pay interest to passengers on credit shell amount: SC

The Supreme Court on Wednesday ordered airlines to pay a 0.5 percent interest per month on delayed refunds of tickets which were cancelled due to restrictions imposed to counter Covid-19 pandemic.

 

The court said that the credit shell will be valid till 31 March 2021 and if the passenger hasn’t used the amount after that, airlines have to refund the amount with additional interest. READ MORE