MARKET WRAP: Sensex rallies 461 points led by banks; Adani Power jumps 25%

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The benchmark indices settled over 1 per cent higher on Wednesday aided by a firm rupee against the dollar.

The S&P BSE Sensex ended at 34,761, up 461 points, while the broader Nifty50 index settled at 10,460, up 159 points.

During the day, the rupee traded on a firm note having risen to 74.05 against the greenback in intra-day trade. The Indian currency had opened 24 paise firm at 74.14 earlier in the day after ending at a record low of 74.39 per dollar on Tuesday.

Among the sectoral indices, Nifty Bank index rose 3.2 per cent led by a rise in Axis Bank, State Bank of India and ICICI Bank. The Nifty Auto index, too, rose 2.6 per cent higher led by Maruti Suzuki India. However, the Nifty IT index slipped 1.5 per cent weighed by Infosys and Tata Consultancy Services.

In the broader markets, the S&P BSE MidCap index rose 4.2 per cent to settle at 14283 while the S&P BSE SmallCap rose 3.7 per cent to 13998.

Adani Power surges 25 per cent

Shares of power companies led by Adani Power rose on Wednesday after reports suggested that an expert committee recommended that fuel cost should be passed on to consumers prospectively and that the companies should have the option to extend power purchase contracts by 10 years. Adani Power rose nearly 25 per cent to Rs 29.95 on the BSE.

Global Markets

Asian shares staged a mild rebound on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth, although the British pound stayed firm on hopes for a Brexit deal.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, while Japan's Nikkei average added 0.2 per cent and the Australian benchmark was up just 0.1 per cent.

(With inputs from Reuters)

3:59 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

The bulls were back in business, as the equity benchmark indices managed to end Wednesday’s session on a positive note, led by some short covering. The Nifty index ended on a firm note gaining 1.5% at 10,460 levels. The broader market indices ‘BSE Midcap & Smallcap’ outperformed the benchmark, registering healthy gains of 4.2% and 3.4%, respectively. Barring IT, which closed in red, all the other sectoral indices ended on a positive note with Auto, banks and Consumer Durables being the top gainers. Globally, European markets were trading in red while Asian markets ended on a mixed note. 

 

We maintain our cautious view on the Indian markets in the near term, as volatility is likely to remain high. Focus of market participants would shift to corporate earnings season and the domestic macro data like IIP and CPI / WPI inflation which are scheduled over next 1-2 weeks, as it would dictate further course of markets. Also movement of currency, crude oil prices and global developments would be actively tracked by investors. Under uncertain market conditions, traders & investors should be selective in stock picking

3:38 PM

Sectoral gainers and losers on NSE

3:37 PM

BSE Sensex: Top gainers & losers

3:35 PM

Market At Close

 

The S&P BSE Sensex ended 461 points higher at 34,761 while NSE's Nifty50 index gained 159 points or 1.54 per cent to settle at 10,460, with 42 constituents in the green and 8 in the red. 

3:31 PM

STOCK ALERT Power stocks surge; Adani Power zooms 30%; 

3:20 PM

Bandhan Bank gains over 7% post Q2 results

Shares of Bandhan Bank have moved higher by 7.5% to Rs 521 per share on the BSE in intra-day trade after the bank reported a 47% year on year (YoY) jump in its net profit at Rs 4.88 billion during July-September quarter (Q2FY19). The private sector lender had a profit of Rs 3.31 billion in the same quarter last fiscal. READ MORE

3:00 PM

Oil dips as IMF cuts growth outlook; eyes on hurricane

Oil prices slipped on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael moved towards Florida causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude production.

 

Brent crude was down 20 cents at $84.80 a barrel by 0915 GMT after a 1.3 percent gain on Tuesday. U.S. light crude was down 15 cents at $74.81. READ MORE

2:44 PM

India may receive 4 bn barrels of extra crude oil from Saudi Arabia in Nov

Saudi Arabia, the world's biggest oil exporter, will supply Indian oil buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said on Wednesday.

 

Reliance Industries Ltd, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemicals Ltd, sought an additional 1 million barrels each in November, one of the sources said. READ MORE

2:37 PM

Bandhan Bank Q2 profit jumps 47% to Rs 4.9 billion; NPA up marginally

India's Bandhan Bank Ltd posted a 47.3 per cent jump in second-quarter profit on Wednesday, helped by higher interest earned. Net profit rose to Rs 4.88 billion ($65.8 million) for the quarter ended Sept. 30, from Rs 3.31 billion a year earlier, the Kolkata-based bank said in a statement. READ MORE

2:24 PM

MMTC eyes 10% gain in export earnings due to consistent rupee slump

 

State-controlled trading entity MMTC Ltd is eyeing 10 per cent growth in its export earnings in this financial year, led by consistent rupee fall. MMTC expects the realisations to shore up from exports of key bulk minerals like iron ore and chromite ore, intermediate products like pig iron and some finished steel products. Read More

2:19 PM

Bandhan Bank gains after Q2 results 

2:17 PM

NEWS ALERT

Bandhan Bank reports Q2 net interest margin at 10.3% Vs 9.3% YoY

 

2:14 PM

NEWS ALERT

Bandhan Bank NII up 55.6% on year at Rs 10.78 bn

2:13 PM

NEWS ALERT
Bandhan Bank Q2 profit rises 47% to 4.88 bn, stock rises 6%

2:10 PM

NEWS ALERT

Bandhan Bank posts profit of Rs 4.88 bn in Q2FY19