Sensex zooms 330 pts, Nifty tops 19,100; RIL gains 2%, ICICI, HDFC Bank 1%
BS BFSI Summit 2023: The economists' panel sees growth risks growing for India amid global gloom and doom. Soumya Kanti Ghosh of SBI sees first rate cut bymid-2024
 "BSE, NSE, Sensex, Nifty, stock markets")
Stock market highlights: After starting lower amid weakness in global markets, domestic bulls came back in action on Monday lifted by shares of Reliance Industries, Bharti Airtel, ICICI Bank, HDFC Bank, L&T, and Tata Consultancy Services (TCS).
The S&P BSE Sensex, for instance, surged 330 points, or 0.52 per cent, to settle at 64,113 after it hit intraday low of 63,431. The Nifty50, on the other hand, closed at 19,141, higher by 94 points or 0.49 per cent, after hitting a low of 18,927.
Among the top large-cap gainers, BPCL soared 3.6 per cent, Ultratech Cement 2 per cent, and Reliance Industries 1.8 per cent. That apart, ONGC, Cipla, Adani Enterprises, SBI Life, Bharti Airtel, Grasim, IndusInd Bank, HDFC Bank, L&T, Kotak Bank, and ICICI Bank advanced between 1 per cent and 2 per cent.
On the downside, UPL, Tata Motors, maruti Suzuki, Axis Bank, Eicher Motors, Britannia Industries, NTPC, and Bajaj Auto fell up to 2.7 per cent.
The recovery was, however, muted in the broader markets where the BSE MidCap and SmallCap indices eked out gains of only 0.13 per cent and 0.06 per cent, respectively.
Sectorally, the Nifty Realty gained 2 per cent, followed by the Nifty Bank, and Financial Services indices, up 0.7 per cent each. On the contrary, the Nifty Auto index fell 0.9 per cent ahead of the October auto sales on Wednesday.
BS BFSI Summit: Market flows are in small and midcap, says S Naren
Right now, flows are in small and midcap. But valuations are very high, said S Naren, CIO, ICICI Prudential Mutual Fund TRACK LIVE UPDATES
BS BFSI Summit: Market flows are in small and midcap, says S Naren
Right now, flows are in small and midcap. But valuations are very high, said S Naren, CIO, ICICI Prudential Mutual Fund TRACK LIVE UPDATES
5:01 PM
BFSI Summit LIVE | Concluding remarks by Economists
>> Do not compromise on macro stability - Sajjid Chinoy, JP Morgan
>> Include social housing within public sector capex - Samiran Chakraborty, Citibank India
>> We should have a tax system where both direct and in-direct taxes should converge - Soumya Kanti Ghosh, SBI
>> Need to focus on ways to build more entrepreneurs - Sonal Varma, Nomura
>> Govt shouldn't be tempted to use short-term fixes for fiscal measures- Abheek Barua, HDFC Bank
>> Govt shouldn't be tempted to use short-term fixes for fiscal measures- Abheek Barua, HDFC Bank
>> Stick to the medium-term fiscal growth path, do not deviate from it - Aditi Nayar, ICRA
4:52 PM
BFSI Summit LIVE: RBI first rate cut could be in the middle of 2024
First rate cut could be middle of the next year, says Samiran Chakraborty MD & Chief Economist, Citibank.
Rate action will be dictated by India dynamics, not global factors.
Rate action will be dictated by India dynamics, not global factors.
4:48 PM
BFSI Summit LIVE | We, as economists, are underplaying risks to India, says Samiran Chakraborty
4:47 PM
BFSI Summit LIVE | Elephant in the room is fear of global growth slowdown, says Samiran Chakraborty
>> Citi expects US to enter recession next year
4:43 PM
BFSI Summit LIVE | India facing 3 shocks right now, says Sonal Varma
>> Food price pressure due to El Nino
>> Oil-related pressure due to Middle East crisis
>> Currency-related pressure due to US yields
>> Oil-related pressure due to Middle East crisis
>> Currency-related pressure due to US yields
4:42 PM
BFSI Summit LIVE | Frequency of crisis has increased, its a big worry; says Abheek Barua, HDFC Bank
>> Climate event is getting worse
>> After Ukraine, we have the Middle-East crisis
>> Huge debt build-up in seen in China
4:42 PM
BFSI Summit LIVE | US will see higher-for-longer rates, Dollar to strengthen, says Samiran Chakraborty
4:37 PM
BFSI Summit LIVE: A global risk event can change India's dynamics, says Aditi Nayar of ICRA
But this will be only due to the global side, while our rupee and yields may not remain immune but this is not a reflection of our domestic economy, which is resilient, says Aditi Nayar of ICRA
4:37 PM
BFSI Summit LIVE | Young Indians to keep consumption demand high, says Aditi Nayar of ICRA
>> Growth will slowdown in the second half as we get closer to the elections
>> Aspirational young customers likely to keep demand high for consumption
4:32 PM
BFSI Summit LIVE | World is struggling with creation of blue collar jobs, says Sajjid Chinoy
>> India needs to grow at 10% over the nect few years, supportd by exports
>> Challenge for India is to create blue collar jobs in high, value added categories
>> We are competing with the US, UK that have indusrial subsidies to push manufacturing
>> Vacuum is opening up from China
Views by: Sajjid Chinoy, MD & Chief India Economist, JP Morgan
>> Challenge for India is to create blue collar jobs in high, value added categories
>> We are competing with the US, UK that have indusrial subsidies to push manufacturing
>> Vacuum is opening up from China
Views by: Sajjid Chinoy, MD & Chief India Economist, JP Morgan
4:30 PM
BFSI Summit LIVE: We are now facing challenges from AI, odds stacked against blue collar workers
Capital always competes and reduces labour needs, says Sajjid Z. Chinoy, MD & Chief India Economist, JP Morgan
4:26 PM
BFSI Summit LIVE | Significant inequality within wage growth in India, says Samiran Chakraborty of Citibank
>> 42% of people entering working age population will come from UP, Bihar
>> Need equal regional distribution for wages
>> Income gap between regions widening
Views by: Samiran Chakraborty, MD & Chief Economist, Citibank
>> Need equal regional distribution for wages
>> Income gap between regions widening
Views by: Samiran Chakraborty, MD & Chief Economist, Citibank
4:25 PM
BFSI Summit LIVE: Urban employment not catching up to rural employment, says Samiran Chakraborty
Urban employement not growing as fast as rural, which shows worsening income inequality, says Samiran Chakraborty, MD & Chief Economist, Citibank
4:25 PM
BFSI Summit LIVE | Some worsening of income inequality is okay, says Samiran Chakraborty of Citibank India
>> Supply side pressure such as Coivd leads to income inequality
>> Urban employment not growing as fast as rural employment
>> Post Covid, peoplo who lost job in manufacturing got jobs in construction which pays less
>> Among self-employed, female wages is 1/3rd of male wages
>> Per capita income gap between North & East states v/s South & West states has doubled to $1,800 in the last 10 years
4:20 PM
BFSI Summit LIVE | Inequality between states in narrowing, says Soumya Kanti Ghosh of SBI
>> 13.6% of overall income tax payers have migrated from lower to upper slab
>> People who have taken Jan Dhan Loans are driving financialisation
Alert: Soumya Kanti Ghosh is Group Chief Economic Advisor, State Bank of India
>> People who have taken Jan Dhan Loans are driving financialisation
Alert: Soumya Kanti Ghosh is Group Chief Economic Advisor, State Bank of India
Topics : Stock Market MARKET LIVE MARKET WRAP Markets Sensex Nifty Gift Nifty Q2 results Reliance Industries Global Markets NTPC stock market trading Indian stock exchanges Indian stock markets
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First Published: Oct 30 2023 | 7:25 AM IST
