MARKET WRAP: Sensex up 38 pts as banks rally, gains 11.6% in Samvat 2075

All that happened in markets today.

Mutual funds drive markets to lifetime highs

Benchmark indices ended little changed on Friday; however banking stocks had a field day with the State Bank of India (SBI) jumping over 7 per cent (Rs 282) on 3-fold jump in its net profit at Rs 3,012 crore for the September quarter. READ MORE

YES Bank, too, rallied around 8 per cent to Rs 52 apiece on the BSE.

The S&P BSE Sensex added 38 points or 0.10 per cent to end the Samvat 2075 at 39,058 levels. The NSE's Nifty50 index ended at 11,584, up just 1 point or 0.01 per cent.

In the broader market, the S&P BSE MidCap index ended at 14,342, up around 3 points or 0.02 per cent while the S&P BSE SmallCap index lost 51 points or 0.39 per cent to close at 13,153.

Among other buzzing stocks, ICICI Bank hit a new high of Rs 470.70 apiece on the BSE during the session with the market capitalisation (m-cap) surpassing Rs 3 trillion-mark.

On the other hand, Piramal Enterprises tanked 17 in the afternoon deals on the BSE after the company announced capital-raising plan. The stock eventually settled at Rs 1,590 apiece, down around 8 per cent.

Volatiity index India VIX slipped around 6 per cent to 15.30 levels.

Among the sectoral indices on the NSE, PSU bank stocks advanced the most, followed by IT counters. The Nifty PSU Bank index gained 3.38 per cent to end at 2,300 levels. Nifty Bank rallied 1 per cent to 29,396-mark.

GLOBAL MARKETS

Geopolitical tensions, muted economic data and mixed earnings stymied global stocks and weighed on crude oil prices on Friday with sterling hovering just above one week lows amid a new bout of Brexit anxiety. European stock markets opened broadly softer and the US futures pointed to a flat open on Wall Street. In Asia, Japan's Nikkei finished up 0.2 per cent and Chinese blue-chips gained 0.6 per cent while Hong Kong's Hang Seng fell 0.28 per cent.

In commodities, oil prices fell on the day but were on track for strong weekly gains.

3:50 PM

Markets in Samvat 2075

Benchmark Sensex has logged 11 per cent gain in Samvat 2075. The Midcap and Smallcap indices, however, fell 7 per cent and 10 per cent respectively. The year saw sharp volatility with benchmark indices scaling new highs post the re-election of the Modi government.

During Samvat 2075, the S&P BSE Sensex and the Nifty50 indices crossed the 40,000 and 12,000 levels respectively for the first time ever. However, economic slowdown, corporate defaults and stress in the financial sector saw the indices plunge

3:42 PM

Nifty snapshot

3:41 PM

Stocks with highest turnover on BSE

3:40 PM

Impressive Q2 numbers propel SBI

3:39 PM

Sensex heat map :: Bank stocks gain ground

3:38 PM

Index watch

3:15 PM

BUZZING STOCK | YES Bank up 9% to Rs 52.60, surges 15% from day's low of Rs 45.75

3:00 PM

BROKERAGE RADAR | ICICI Securities on United Spirits (USL)

The management expects to deal with higher input price inflation by managing its A&P, other expenses. The management has guided double-digit revenue growth and mid-to high-teen margin over the medium term. However, concerns remain like the recent RTM changes in states like Andhra Pradesh and policies related to liquor ban. We value the stock at ~44x FY21 EPS to arrive at a target price of Rs 720 with a BUY rating.

2:51 PM

NEWS ALERT | Have excess liquidity in the bank as of now: SBI

2:40 PM

NEWS ALERT | Provided Rs 900 cr during Q2 for a stressed NBFC: SBI

2:33 PM

NEWS ALERT | ML Khattar to be sworn in as Haryana CM tomorrow: TV reports

2:30 PM

ICICI Bank hits market-cap of Rs 3 trillion ahead of results

Minimal increase in stressed assets, steady slippages, and robust loan growth could make ICICI Bank stand as an outlier among its lending peers for the September quarter results. The bank is scheduled to report its Q2FY20 earnings on Saturday, October 26.

“ICICI Bank will likely be an outlier with lower asset quality issues, steady slippages and very limited additions to stress book” wrote analysts at Prabhudas Lilladher in a results preview note. READ RESULTS PREVIEW HERE

-- At 2:30 PM, the bank's m-cap stood at Rs 3,00,793.47 crore. The stock hit new high of Rs 470 in the intra-day deals.

2:22 PM

SBI logs over 200% YoY jump in PAT at Rs 3,012 cr; asset quality improves

Public lender State Bank of India (SBI) on Friday reported a standalone net profit of Rs 3,012 crore for the September quarter of FY20 (Q2FY20), up 218 per cent YoY, from a profit of Rs 944.87 crore reported in Q2FY19. The bank logged a consolidated PAT at Rs 3,375.4 crore . The profit beat Street estimates. Prabhudas Lilladher, for instance, pegged the profit at Rs 2,633.3 crore. READ MORE