MARKET WRAP: Indices gain for 6th straight day, Sensex ends 246 pts higher

All that happened in markets today.

Extending their gaining streak into the sixth straight session, benchmark indices ended with over half a per cent gains on Friday even as global peers tumbled after China's GDP growth slipped to a 27-year low of 6 per cent.

Industry heavyweights Reliance Industries (RIL), HDFC Bank, TCS, and Larsen & Toubro (L&T) helped benchmark S&P BSE Sensex settle at 39,298 levels, up 246 points or 0.63 per cent. The 30-share index hit an intra-day and low of 39,361 and 38,964, respectively. 

YES Bank (up over 8 per cent) emerged as the top gainer on the index while Tata Motors (down 1 per cent) the biggest loser. 

In the broader market, both mid and small-caps outperformed the headline indices. The S&P BSE MidCap index added 253 points or 1.78 per cent to close at 14,420 while the S&P BSE SmallCap index ended at 13,127, up 213 points or 1.65 per cent. 

On the NSE, the broader Nifty50 index gained 75.50 points or 0.65 per cent to close at 11,662 levels.  

On a weekly basis, both Sensex and Nifty ended with 3 per cent gains. 

On the sectoral front, barring Nifty IT, all the other indices ended in the green. Relaty stocks advanced the most, followed by metal and PSU bank stocks. The Nifty Realty index climbed nearly 2 per cent to 262.80 levels. 

BUZZING STOCKS

Reliance Industries (RIL), the oil-to-telecom behemoth, on Friday hit another milestone as the market capitalisation (m-cap) of the company breached the coveted Rs 9 trillion-mark, the first by any Indian company. The stock hit a high of Rs 1,428 during the session. At the time of writing of this report, the m-cap of the company stood at Rs 9,00,507 crore. At close, the stock stood at Rs 
1,415 apiece on the BSE, up over 1 per cent. The m-cap of the company was 8,97,179.47 crore. READ MORE

Shares of Bharat Heavy Electricals (BHEL) surged 27 per cent to Rs 56.45 on the National Stock Exchange (NSE) in the intra-day deals on Friday amid reports the government may look to reduce stake in the company. The stock recorded its sharpest intra-day rally in more than a decade. The stock ended at Rs 54, up 22.22 per cent. READ MORE

GLOBAL MARKETS

Asian stocks stumbled on Friday, erasing earlier gains after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, erasing earlier small gains. Australian shares dropped 0.52 per cent and Chinese blue-chips were off 1.53 per cent. Japan's Nikkei ended 0.18 per cent higher.

In commodities, oil prices slid as China's slowest GDP growth in almost three decades stoked demand fears. 

3:43 PM

RIL, HUL, Bajaj Finance, Nestle hit record high

Shares of Reliance Industries (RIL), Hindustan Unilever (HUL), Bajaj Finance and Nestle India from the Nifty 50 index hit their respective all-time high on the National Stock Exchange (NSE) in intra-day deal on Friday.
 

Avenue Supermarts, which runs the DMart chain of stores, Adani Green Energy, Berger Paints, Blue Star, Indraprastha Gas, Manappuram Finance, SBI Life Insurance, Siemens and Whirlpool of India among total 16 stocks from the Nifty 500 index that also reached their record high in intra-day trade today READ MORE

3:41 PM

Market roundup

Indian equities outperformed major global markets during the week. The BSE-30 Index gained 3.1% in the past week. Equity markets witnessed a sharp rally on FII buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit. Infosys and Power Grid were the top losers in the BSE-30 Index, while Tata Motors, Yes Bank and ONGC  were the top gainers. CPI inflation rose to 3.99% in September (August: 3.28%), and August IIP growth was at (-)1.1% (July: 4.6%). FPIs bought equities worth US$1.2 bn over the past five trading sessions while DIIs bought US$263 mn worth of equities

-- Sanjeev Zarbade, vice-president for private client group research, Kotak Securities

3:40 PM

Nifty snapshot

3:39 PM

RIL contributes most to Sensex's gains; M-cap hits Rs 9 trillion

3:39 PM

CLOSING BELL

The S&P BSE Sensex added 246 points or 0.63 per cent to end at 39,298 levels while Nifty ended at 11,662, up 76 points or 0.65 per cent.

3:38 PM

YES Bank, Maruti top Sensex gainers

3:37 PM

Index watch

3:21 PM

Ashok Leyland gains over 5%

3:03 PM

BUZZING STOCK | PNB Housing Finance up 15%

2:59 PM

Hard path to growth: How the next 6 months look for India's economy

With the first half of 2019-20 having presented a dismal picture of the Indian economy, speculation is rife on whether the remaining six months would be better or worse. Let us assess the prospects of each of the key sectors of the economy in the second half of 2019-20 — overall economic growth, foreign trade, industrial output and retail inflation. READ MORE

2:51 PM

China's GDP growth grinds to near 30-year low as tariffs hit production

China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed Friday. The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS). READ MORE 

2:46 PM

NEWS ALERT | Aviation Secy likely to chair meet on Air India divestment at 04:30 pm

 

 

2:40 PM

BROKERAGE RADAR | Edelweiss Securities on Sheela Foam

Though margin levers exist, adjusting for the muted outlook in the mattress business we revise down FY20E revenue/EBITDA 3/6 per cent. However, adjusting for the lower tax rate, we revise PAT up by 3 per cent. We value the standalone business at 40x September 2020E EPS and subsidiaries at 13x September 2020E EPS with revised target price (TP) of Rs 1,489.

2:36 PM

NEWS ALERT | Indoco’s Clinical Research Organisation receives zero 483s from US FDA: bSE Filing

Alert: The inspection was held from 14th October to 18th October, 2019

2:34 PM

NEWS ALERT | Lupin gets EIR from US FDA for Nagpur facility: BSE Filing

-- EIR indicates closure of inspection