MARKET WRAP: Sensex ends 373 pts up as rupee recovers; PM eco meet eyed

The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar.

The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.

In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.

Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi's Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.

Rupee recovers

The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.

This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia's weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.

Macroeconomic data

Investors cheered as the industrial production grew at 6.6 per cent in July on the back of good performance by the manufacturing sector and higher offtake of capital goods and consumer durables.

Meanwhile, CPI inflation dipped 3.69 per cent in August 2018, compared to 4.17 per cent in July 2018. The core CPI inflation declined to 5.90 per cent in August 2018 compared with 6.29 per cent in July 2018.

Inflation based on wholesale prices eased to a four-month low of 4.53 per cent in August on softening of prices of food articles, especially vegetables. The Wholesale Price Index (WPI) based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year.

Global Markets
 

Asian shares rose on Friday as the United States and China looked set to launch a new round of trade talks amid an escalating tariff row, while a decisive interest rate hike by Turkey's central bank also helped support global risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2 per cent, putting it on track for its best performance in more than two weeks.

Seoul's Kospi was up 1.4 per cent higher and Hong Kong's Hang Seng climbed 0.9 per cent. Japan's Nikkei stock index ended 1.2 per cent higher.
 

(with wire inputs)

3:48 PM

Nifty Pharma index ends 2.51% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
KIOCL	226.50	188.75	37.75	20.00
DEN NETWORKS	59.60	49.70	9.90	19.92
BAJAJ HINDUSTHAN	8.50	7.15	1.35	18.88
SH.RENUKA SUGAR	14.80	12.90	1.90	14.73
BALRAMPUR CHINI	88.65	78.00	10.65	13.65

3:47 PM

Nifty sectoral gainers and losers of the day

3:45 PM

BSE Sensex: Vedanta, Power Grid, Asian Paints among top gainers of the day

3:35 PM

Market at close

The S&P BSE Sensex reclaimed the crucial 38,000 level to settle at 38,091, up 373 points or 1 per cent while NSE's Nifty50 index ended 145 points or 1.28 per cent higher at 11,515. 

3:15 PM

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Local and foreign brokers have asked the Securities & Exchange Board of India (Sebi) to postpone until January its plan to introduce longer trading hours, citing the need for more testing, the people said. READ MORE

2:59 PM

10 years of Lehman collapse: What has changed since, and what has not

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2:46 PM

India's fuel demand rose 0.8% year on year in August

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An employee stands next to a pump at a fuel station in New Delhi | Photo: Reuters

2:30 PM

India-focused investors' fundraising in Jan-Aug sees 109% annual growth

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2:15 PM

Ten years on, why the country is unlikely to revisit the Lehman crisis

On September 15, 2008, fear ruled the street. The collapse of Lehman Brothers had left the financial system tottering. In the 25 years I have spent in the banking industry, I had never seen any other international event having such a huge impact on India. Talks of job losses were rife, and many jobs were actually lost. READ MORE

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,032.05	+314.09	+0.83
S&P BSE SENSEX 50	12,017.70	+117.07	+0.98
S&P BSE SENSEX Next 50	34,536.46	+629.51	+1.86
S&P BSE 100	11,781.88	+129.90	+1.11
S&P BSE Bharat 22 Index	3,641.11	+45.92	+1.28

(Source: BSE)

1:45 PM

Meet the decision makers who steered India through the Lehman crisis

Palaniappan Chidambaram has been acknowledged by D Subbarao to have pushed the latter’s candidature as Reserve Bank of India (RBI) governor in September 2008. But his term ended perhaps with less warmth than it started.

 

The beginning of a frosty relationship between the two can be traced back to the financial crisis when Chidambaram constituted a liquidity management committee and asked the central bank to nominate a representative. READ MORE

1:30 PM

10 years of Lehman crisis: India Inc's global foray has been a mixed bag

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1:16 PM

NEWS ALERT PMO's economic review meeting at 6:30 pm today

1:02 PM

Top gainers in BSE 500:

COMPANY	PRICE()	CHG()	CHG(%)
BALRAMPUR CHINI	87.70	9.85	12.65
R C F	74.05	6.30	9.30
JINDAL STAIN .HI	151.50	11.20	7.98
GRANULES INDIA	115.95	8.25	7.66
M & M FIN. SERV.	453.75	28.20	6.63