MARKET WRAP: Sensex rises 299 pts, Nifty reclaims 11,000 led by IT, banks

The Nifty IT index settled 2.4 per cent higher led by a rally in Infibeam Avenues, Tata Consultancy Services (TCS) and Infosys. The Nifty PSU Bank ended 3.6 per cent higher led by IDBI and Indian Bank

The benchmark indices settled nearly 1 per cent higher on Monday led by gains in the information technology (IT) and banking stocks.

The S&P BSE Sensex ended at 36,526, up 299 points while the broader Nifty50 index settled at 11,008, up 78 points.

Among sectoral indices, the Nifty IT index settled 2.4 per cent higher led by a rally in Infibeam Avenues, Tata Consultancy Services (TCS) and Infosys. The Nifty PSU Bank ended 3.6 per cent higher led by IDBI Bank and Indian Bank.

Among key stocks, the shares of Infrastructure Leasing & Financial Services (IL&FS) Group companies rallied by up to 20% in intraday trade amid reports the government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.

Bandhan Bank hit the lower circuit, slipping 20 per cent to Rs 451.20 on the BSE following Reserve Bank of India’s (RBI's) decision to stop the private sector lender from opening new branches and freezing the remuneration of its managing director & chief executive officer (MD & CEO) Chandra Shekhar Ghosh.

The markets will remain closed on Tuesday on account of Gandhi Jayanti.

Going ahead, investors will look forward to RBI's interest rate decision will be announced Friday. At its previous monetary policy meeting in August, the central bank raised the benchmark interest rate by 25 basis points to 6.50 per cent on inflationary concerns. 

Global Markets

The Canadian dollar, the Mexican peso, US stock futures and many share markets gained on Monday after the United States and Canada forged a last-gasp deal to salvage a trilateral trade agreement in North America.

U.S. stock futures gained 0.5 per cent while Japan's Nikkei rose 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan was soft, falling 0.25 per cent. China's financial markets were closed for a holiday, as was Hong Kong's stock exchange.

(with Reuters inputs)

3:41 PM

Sectoral trends on NSE

3:41 PM

BSE Sensex: Top gainers & losers

3:40 PM

Market at close

 

The S&P BSE Sensex gained 299 points to close at 36,526 while NSE's Nifty50 index recliamed 11,000 level to settle at 11,008, up 78 points. 

3:19 PM

Top gainers in BSE500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
LAK. VILAS BANK	85.20	14.15	19.92	907392
IL&FS TRANSPORT	26.60	4.05	17.96	919978
INFIBEAM AVENUES	69.00	10.20	17.35	13446158
DEWAN HSG. FIN.	316.45	41.05	14.91	3787225
SREI INFRA. FIN.	36.05	3.70	11.44	940089

3:13 PM

Buzzing Stocks: YES Bank up 20% from day's lows

3:02 PM

Nifty PSU Bank index trading over 3 per cent higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
IDBI BANK	53.80	50.20	3.60	7.17	11741913
INDIAN BANK	243.65	227.40	16.25	7.15	2272093
PUNJAB NATL.BANK	62.55	59.70	2.85	4.77	33370548
UNION BANK (I)	68.85	65.75	3.10	4.71	8329813
BANK OF BARODA	103.30	99.50	3.80	3.82	25823528

2:46 PM

IL&FS Group shares in focus; ITNL, IL&FS Engineering up 20%

Shares of Infrastructure Leasing & Financial Services (IL&FS) Group companies have rallied by up to 20% after the IL&FS said that it will develop a comprehensive restructuring plan to repay its liabilities. READ MORE

2:33 PM

Lakshmi Vilas Bank up 20% after business update

Shares of Lakshmi Vilas Bank (LVB) is locked in upper circuit of 20 per cent at Rs 85.25 on the BSE on Monday after the bank said its asset quality slippages during the current year, have considerably moderated and the Bank has seen impressive growth in low cost CASA balances. READ MORE

2:21 PM

BSE IT index hits record high; TCS, Infosys hit new highs

Shares of information technology (IT) companies were trading higher in otherwise weak market with Tata Consultancy Services (TCS) and Infosys hitting their respective new highs on the BSE on hopes that US economic growth, rupee fall will boost Indian exports.
 

TCS (Rs 2,273) and Infosys (Rs 754) touched a record high, gaining 4% on the BSE in intra-day trade. READ MORE

2:09 PM

BSE forays into commodity derivatives with launch of gold, silver contracts

The Bombay Stock Exchange (BSE) on Monday started offering of futures trading in gold and silver contracts to mark its entry into the commodity derivatives segment and become India’s first universal stock exchange with all assets classes including equity, mutual funds, currency and commodity in its portfolio. READ MORE

1:56 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,246.50	+19.36	+0.05
S&P BSE SENSEX 50	11,419.00	0.24	0.00
S&P BSE SENSEX Next 50	31,516.74	-257.40	-0.81
S&P BSE 100	11,127.92	-13.07	-0.12
S&P BSE Bharat 22 Index	3,443.71	-15.92	-0.46

(Source: BSE)

1:46 PM

Dr Reddy's Laboratories terminates Armis Biopharma's investigation license

 

Dr Reddy's Laboratories Ltd on Monday announced the termination of the license granted to Armis Biopharma, Inc.(formerly known as CHD Bioscience, Inc.) for its investigational antibacterial product, DFA-02, for the prophylaxis of surgical site infections (SSIs). READ MORE

1:37 PM

Govt may move to seize control of IL&FS management

 

The Indian government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, according to media reports, with the move coming just after the beleaguered company unveiled details of a restructuring proposal. READ MORE

1:22 PM

Ashok Leyland reports 21% jump in M&HCV sales at 14,232 units in Sept

 

The company's Light Commercial Vehicle (LCVs) sales rose by 44 per cent, 5141 units from 3,566 units, a year ago. Total sales in September 2018 rose by 26 per cent to 19,373 units from 15,371 units in September 2017. READ MORE

1:07 PM

Maruti Suzuki stock slips to fresh 52-week low

 

The stock price of Maruti Suzuki, country’s biggest car maker slipped to a fresh 52-week low today after the company reported a growth of less than a per cent in domestic sales for the month of September. Ahead of the festive season in October, September was anticipated to be a month of high growth in sales. READ MORE