Markets end positive for 7th straight session, up over 1% for the week


Benchmark indices ended positive for a seventh straight session on Friday led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor’s (S&P) later in the day.

Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody’s last week.

Foreign investors have net bought $2.33 billion worth of Indian shares in November so far.

The S&P BSE index ended the day at 33,679, up 91 points while the broader Nifty50 index settled at 10,389, up 40 points. Infosys, Bajaj Auto, GAIL and Aurobindo Pharma were the top gainers, while BHEL, SBI, Hindalco and Vedanta were the top losers.

The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective new high on the BSE on Friday, following an extending rally in infrastructure, auto ancillary, education, textiles and public sector banks.

Continue Reading


Nifty ends above 10,300; SBI up 6% post Q2; GST council cuts rates


The benchmark indices ended positive on Friday after index heavyweight SBI rallied 6% post its September quarter numbers. Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight and Tata Motors slipped after the auto major said its British unit faced intensifying competition.

Investors also took cues from the Goods & Services Tax (GST) Council meeting. The Council decided to trim the 28% slab to just 50 items, as against 227 items currently. High-end items, including automobiles, washing machine, refrigerator, sin goods like paan masala and cigar are among these 50 items. This is the biggest reduction seen since the GST implementation on July 1.

The S&P BSE Sensex ended at 33,314, up 63 points, while the broader Nifty50 was ruling at 10,321, up 12 points.

About 1,480 shares declined against 1,197 advancing shares on the BSE.

State Bank of India’s second quarter standalone profit missed analyst expectations, falling 37 percent year-on-year to Rs 1,581.55 crore from Rs 2,538.32 crore crore. Net interest income grew by 27.3 percent to Rs 18,585.9 crore from Rs 14,600.2 crore YoY, which was slightly higher than CNBC-TV18 poll estimates of Rs 19,088.7 crore. Gross NPAs were lower at 9.83 percent against 9.97 percent QoQ.

Continue Reading


Friday Closing bell: Sensex up 250 pts, Nifty ends at record closing high; telecom, banks lead


Equity benchmarks closed sharply higher for the second consecutive session as investors cheered macro data and hopes raised for an early resolution to telecom NPAs post telecom deals.

The 30-share BSE Sensex was up 250.47 points at 32,432.69 and the 50-share NSE Nifty rose 71.10 points to 10,167.50.

The market breadth was weak as about 1,431 shares declined against 1,293 advancing shares on the BSE.

Bharti Airtel was up 6 percent, Tata Teleservices up 9 percent and Tata Communications up 2 percent after Airtel decided to buy consumer telecom business of Tata Sons. Bharti Infratel was up 3 percent.

Markets also got a boost after data showed inflation held steady, instead of accelerating as expected, raising tentative hopes the Reserve Bank of India (RBI) would be less hawkish about interest rates.

Continue Reading


Sensex ends flat on Friday, Nifty below 10,100; indices up 1% for the week


Equity benchmarks rebounded in last hour of trade, but ended flat supported by index heavyweights Reliance Industries, HDFC Bank and Infosys. The indices were up 1% for the week.

The S&P BSE Sensex settled at 32,272, up 30 points while the broader Nifty50 index ended at 10,085, down 1 point

Among broader markets, BSE Midcap index underperformed the benchmarks indices, down 0.3% while BSE Smallcap index was up 0.4%

Global stocks remained subdued after North Korea fired another missile over Japan into the Pacific Ocean on Friday, in a sign that Pyongyang remains defiant despite tightening international sanctions.

The Nifty Pharma Index was down 0.5%, breaking its three-day winning streak.

Continue Reading


Sensex pares gains to turn flat, Nifty below 9,950; L&T up 4%


Equity benchmarks ended flat with a positive bias on Friday. L&T, HDFC Bank and ITC helped the market close higher but Infosys and HDFC capped upside.

The 30-share BSE Sensex was up 24.78 points at 31,687.52 and the 50-share NSE Nifty gained 4.90 points at 9,934.80.

The market breadth turned negative in afternoon trade today as about three shares declined for every share rising on the BSE.

IDBI Bank shares gained a percent as the board of directors has approved divestment of its stake in SIDBI.

Glenmark Pharma shares dropped more than 3 percent after brokerage house Credit Suisse slashed its target price on the stock to Rs 650 from Rs 750 per share.

Bajaj Finance shares fell more than 3 percent in the afternoon as the company raised funds through QIP at a discount to its floor price.

Continue Reading