RBI liquidity measures cheer markets; Sensex up 327 pts, Nifty tops 11,900

All that happened in the markets today

Continuing their gaining streak for the seventh session in a row, the benchmark indices ended nearly a per cent higher on Friday after the monetary policy committee (MPC) of the RBI left the repo rate unchanged at 4 per cent but announced a slew of liquidity measures to support the economy.

Further, RBI Governor Shaktikanta Das said the stance of the policy would remain “accommodative,” for “as long as necessary – at least during the current financial year and into the next year – to revive growth. READ MORE
 

The S&P BSE Sensex today ended 327 points, or 0.81 per cent higher at 40,509 levels while the Nifty50 index settled above the 11,900-mark at 11,914, up 80 points, or 0.67 per cent. On a weekly basis, Sensex rallied 4.6 per cent and Nifty gained 4.3 per cent.

ICICI Bank and Axis Bank (both up 3.64 per cent) were the top Sensex gainers, followed by SBI, and HDFC Bank (both up 3.5 per cent).

The Nifty sectoral indices were mixed. While Nifty Bank gained nearly 3 per cent to 23,847 levels, Nifty Pharma ended as the biggest loser - down over 1.3 per cent. 

In the broader market, the S&P BSE MidCap index slipped 0.42 per cent while the S&P BSE SmallCap ended 0.29 per cent lower at 14,966 levels. 

Global markets

World shares pushed on from one-month highs, with Asian stocks closing in on two-and-a-half-year highs, as expectations grew of a Democratic victory in US elections next month, reviving hopes for more US stimulus.

The pan-European STOXX 600 index rose 0.3 per cent, set for its second straight week of gains. Wall Street futures were up 0.4 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, inching closer to its August 31 peak, which was its highest level since March 2018. China's CSI300 index gained 2 per cent after the Golden Week holidays.

In commodities, oil prices fell, erasing earlier gains but still leaving both benchmarks on track for their biggest weekly gains since early June on the back of supply cuts caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.

(With inputs from Reuters)

3:43 PM

SECTOR WATCH | Nifty Bank gains nearly 3%

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 soared 327 points, or 0.81 per cent to settle at 40,509 while NSE's Nifty ended at 11,914, up 80 points, or 0.67 per cent. 

3:12 PM

BSE Midcap index trades flat

3:04 PM

Majesco hits new high, trades above proposed buyback price of Rs 845

Shares of Majesco hit a fresh record high of Rs 889, up 5 per cent on the BSE in intra-day trade on Friday. The shares were trading above the proposed buyback price of Rs 845 per share. The stock surpassed its previous high of Rs 884.85, touched on Wednesday, October 7. At 02:34 pm, the stock was trading 4 per cent higher at Rs 880, against a 0.75 per cent rise in the S&P BSE Sensex. READ MORE

2:56 PM

Australia's largest investment funds plan entry into India, meet NIIF

Australia’s largest investment funds, collectively managing assets of more than A$736 billion (Rs 38 trillion) on Thursday met National Investment and Infrastructure Fund (NIIF) on Thursday to explore investment opportunities in India. READ MORE

2:48 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:40 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
APOLLO HOSPITALS	2264.00	2313.00	0.69
BIOCON	452.15	477.90	-3.66
CADILA HEALTH.	438.20	447.95	0.52
CIPLA	803.85	825.00	-0.93
GARWARE TECH.	2125.00	2249.95	-3.97

2:30 PM

Vedanta de-listing

As per the latest data available at exchanges, total 127.86  crores shares have been offered at different prices, with maximum bids happening in between Rs 145 - Rs 160 as compared to floor price of Rs 87.25. We expect that the discovered price may end up being much higher than the floor price and there could be a possibility of the promoters coming out with a counter offer. Currently the promoters own 50.14% of the shares in the company and will need to increase their holdings to at least  90% for successful delisting. The Reverse Book building process for price discovery is currently under progress and today is the last day for bidding. We believe that It would be prudent for retail shareholders to participate in the Reverse book building process.

(Source: Angel Broking)

2:28 PM

COMMENT:: Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life

“As expected, the RBI kept policy rates unchanged, but said that it will maintain accommodative stance in current and next fiscal year—indicating a dovish undertone. The central bank announced various liquidity measures and other measures to help improve credit growth esp. for certain segments. The bond markets have therefore reacted positively with yields falling post the policy announcement, and for the equity markets--sectors like banking, NBFCs (esp home loan providers) have reacted most positively. Overall the monetary policy has been very supportive of growth with ample liquidity measures. We also believe that the worst is behind and that the economy is on the recovery path.”

2:23 PM

UPDATE :: Nifty Bank at day's high

2:19 PM

RBI announces a mix of unconventional steps to check borrowing costs

While the Monetary Policy Committee retained the repurchase rate at 4% and kept its accommodative stance, Reserve Bank of India Governor Shaktikanta Das used a generous mix of tools to assure the bond market that the central bank will keep yields under control despite the government’s record debt program, and also help banks lower lending rates. READ MORE

2:14 PM

Rupee Closing

Rupee ends higher at 73.13 per US dollar vs Thursday's close of 73.24/$

2:10 PM

Larsen & Toubro up 4% after sinking 11% in 7 wks; Jefferies maintains 'Buy'

Analysts at Jefferies said an early recovery in macro investment cycle should see a sharp pick-up in the company's order flow and valuations. The Middle East (ME) margin contraction factored-in does not come through in case of better margin order flow. READ MORE

2:03 PM

Top losers on the BSE at this hour