Author: Ajay Vaishnav

Market recovers on stronger rupee; bank stocks gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity market opened on a positive note on Tuesday, recovering from setbacks suffered in the last two trading sessions, tracking positive sentiments.

Investors gave thumbs up to retail inflation data and a recovery in the Indian rupee although global cues remained mixed amid the ongoing equity sell-off seen in US and other markets due to the Turkish lira crash.

The Sensex started 105 points higher at 37,749.59, while the Nifty 50 also started almost 26 points higher at 11,381.70.

Midcaps joined the indexes, with the Nifty MidCap rising by over half a percent, while the BSE MidCap was near 0.5 percent.

Among Sensex gainers, Tata Steel, Axis Bank, ICICI Bank, HDFC twins, ITC, SBI surged by up to 2.08 percent. Tata Steel gained after posting robust Q1 performance on Monday, beating the street expectations. Shares of NTPC, TCS, L&T, IndusInd Bank, Bharti Airtel, Infosys declined on the BSE index.

On the NSE, UltraTech Cement, Gail, Axis Bank, Tata Steel, ICICI Bank surged by nearly 2 percent, while UPL, Bharti Airtel, IndusInd Bank, Sun Pharma, Indiabulls Housing Finance declined by up to 1.50 percent.

Nifty Bank was up by 0.62 percent, while the PSU Bank rose 0.91 percent.

Indian rupee opened marginally higher at 69.85 against the US dollar on Tuesday, after ending at an all-time closing low the day before. The rupee ended sharply lower at 69.93 on Monday against its Friday’s close of 68.83, which is the biggest single session decline against dollar since September 3, 2013.

Asian indices were mixed, with concerns over the crisis in Turkey ebbing a little after the lira pared some of its losses. Japan’s Nikkei was trading higher by 1.17 percent, while Hong Kong’s Hang Seng declined by almost a percent.

Also, catch all the action and updates in our Market Live blog.

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Markets end sharply lower; bank, HDFC twins, Reliance drag indexes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Markets ended sharply lower on Monday and for the second consecutive session amid a global sell-off in equity markets emanating from the Turkish lira crash which had a contagion impact on benchmark indexes.

The BSE Sensex ended lower by nearly 225 points or by 0.6 percent to 37,665, while the NSE Nifty 50 ended lower by 74 points, or 0.65 percent to 11,356, closing below 11,400 mark. Bank Nifty ended lower by 1.17 percent, while midcaps slipped by 0.65 percent.

Bank and metal stocks in particular weighed on benchmark indexes with the Nifty Bank ending sharply lower by 1.17 percent. Only three Nifty Bank stocks ended in the green, with the IndusInd Bank emerging as the top gainer on sectoral index. PSU Bank extended losses by 3.22 percent. Nifty Media was also down by nearly 3 percent.

Shares of Vedanta, SBI, Yes Bank, Axis Bank, ONGC, BPCL, HPCL, Idea Cellular fell on indexes. Infosys, Sun Pharma, Wipro, M&M, Coal India, Gail, Tech Mahindra, HCL Tech, surged on indexes.

Asian markets ended sharply lower. Japan’s Nikkei plunged nearly 2 percent, while Hong Kong’s Hang Seng dipped by 1.52 percent.

(Market update as of 3.40 pm)

Markets pare losses in early afternoon

The Indian market recovered around the noon but continued to trade weak amid a global equity rout prompted by a crash in Turkish lira, putting pressure on emerging markets currencies, including the Indian rupee.

The BSE Sensex was trading lower at 37,639.70, while the NSE Nifty 50 was weaker by 64 points to 11,364.95.

The 30-share BSE Sensex has ranged between a high of 37,693.19 and a low of 37,559.26 after opening at 37,693.19. The Nifty has ranged between a high and a low of 11,377.55 and 11,340.30 respectively.

Barring IT, pharma and FMCG, sustained selling was seen in all other counters, particularly banks and financial services stocks along with metal shares.

Nifty Bank and PSU Bank traded lower by 1.24 percent and 2.28 percent respectively, while the PVT Bank too has declined by over a percent.

Nifty MidCap and BSE MidCap were still lower by 0.39 and 0.34 percent respectively.

Coal India topped the Sensex charts with 1.67 percent gain, followed by Sun Pharma, Bharti Airtel, M&M, Tata Steel and Bajaj Auto, while Vedanta fell by 3.42 percent on the 30-share BSE index.

Other laggards included SBI, which lost 2.69 percent, Yes Bank fell by 1.79 percent, HDFC twins by up to 1.74 percent and Reliance traded lower by 1.16 percent.

On the NSE, Gail leads the pack rising by nearly 4 percent, followed by Tech Mahindra, Grasim, Coal India, Sun Pharma, while Vedanta has lost by 3.35 percent. SBI, Indiabulls Housing Finance, HPCL, BPCL fell by up to 2.83 percent.

Meanwhile, the Indian rupee was trading at 69.46 against the US dollar at 12.05 pm after opening at 69.47 dampening overall sentiments. The 2028 government bond yield opened at 7.80 percent vs Friday’s close of 7.75 percent.

Indian equity benchmarks outperformed Asian markets, which are sharply lower over jitters from the Turkish lira crash and amid escalating trade war sentiments.

Japan’s Nikkei was down by 1.86 percent and Hong Kong’s Hang Seng was lower by 1.66 percent.

Also, catch all the action and updates in our Market Live blog.

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Market falls sharply on global cues, weak rupee

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity market opened sharply lower on Monday with the benchmark indexes, the BSE Sensex and the NSE Nifty 50, tracking sharp losses in Asian markets and the Indian rupee, which spooked investor sentiment.

Selling pressure was seen across all sectors, particularly banks, financial stocks and metal counters, with the gains seen in IT and pharma stocks not enough to offset losses.

The Sensex was trading at 37,590.72, down by over 278 points, or 0.74 percent in initial trade, while the NSE Nifty 50 traded lower by 79 points, or 0.69 percent, to 11,350.55. In pre-opening trade, the Sensex settled at 37,693.19, down by 176 points, or 0.46 percent, while the Nifty 50 was down by 60 points, or 0.52 percent, to 11,369.60.

The BSE Sensex had closed at 37,869.23, down 155.14 points on Friday, while the NSE Nifty lost 41.20 points to finish at 11,429.50.

Midcaps were under pressure with the Nifty Midcap lower by 0.70 percent and the BSE Midcap down by 0.67 percent. BSE Smallcap and Largecap also trade lower by over half a percent.

Except for FMCG, healthcare, IT and teck, all sectoral indices on the BSE trade in the negative zone with basic materials, energy, finance, telecom, metal, trading lower by over a percent. Only pharma, IT and FMCG traded in the green on the NSE.

Nifty Bank and PSU Bank were down by 0.99 percent and 2.18 percent, respectively. Metal and Fin Service were also down by over a percent.

Shares of Coal India, Sun Pharma, Wipro, ITC, Infosys, Tech Mahindra, Gail, Cipla, HCL Tech were among gainers, while Vedanta, SBI, Tata Motors, ONGC, HDFC, HPCL, BPCL declined by up to 3.76 percent on indexes.

Trade sentiment took a hit from the start when the Indian rupee opened at 69.47 against the US dollar, falling by 64 paise and hitting a record low on Monday over weak sentiments fuelled by Turkish lira’s crash.

The home currency had settled at 68.83, slipping sharply by 15 paise on Friday against the greenback. In initial trade, the rupee further slipped below 69.90 against the US dollar, which could further spook the markets.

Meanwhile, equities slumped globally as appetite for riskier assets took a hit following concern that the economic crisis in Turkey may spread to other economies. Asian markets are mostly trading lower over a percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets step back from record highs; SBI falls ahead of Q1 results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Equity markets ended sharply lower on Friday snapping their five-day winning streak. The Sensex settled at 37,869.23, down by 155.14 points, or 0.41 percent lower, while the Nifty closed at 11,429.50, declinnig 0.36 percent or by 41.20 points.

The silver lining is that Nifty still holds 11,400 mark, while the Sensex has remained positive for the whole week. Nifty Bank fell by 196 points, with the SBI alone contributing 106 points to the downside. Among other sectoral indices, Nifty PSU Bank lost four percent.

Overall market breadth remains in favour of declines with the advance-decline ratio at 1:2. Only four Nifty Bank stocks closed in the green with Kotak Mahindra Bank as the top gainer. Eicher Motors surged 5.7 percent on strong first quarter earnings.

Oil makreting companies, IOC, BPCL, HPCL, gain in the last hour to close above their 50 day moving average. Tata Motors fell after JLR reports multi-year low retail sales.

Overall, the Sensex gained 0.8 percent for the week, Nifty by 0.4 percent and Nifty Bank 1.5 percent for the week.

(Market update as of 3.50 pm)

Markets retreat from record highs; SBI falls ahead of Q1 results

Indian equity benchmark indexes retreated from record highs and continued to trade weak on Friday due to profit booking and weak Asian cues.

The BSE Sensex traded 137 points lower, or by 0.36 percent, to 37,887 at 11.47 am, while the NSE Nifty 50 was trading at 11,428, down by 42.30 points, or 0.37 percent. The Sensex had gained 358.57 points in the previous two sessions.

Both midcaps trade lower with the Nifty MidCap edging down by 0.13 percent and the BSE MidCap by 0.37 percent.

Barring Auto and Realty, all sectoral indices on the NSE traded in the red. PSU Bank and Metal were under maximum pressure, trading lower by 2.22 percent and 1.34 percent, respectively.

Nifty Bank has declined by 0.40 percent. BSE Metal lost by 1.25 percent and except Realty, Consumer Durables, Auto, Consumer Discretionary, all sectoral indices were lower or flat.

Sun Pharma, SBI, Tata Motors, Coal India, ICICI Bank, Idea Cellular’s shares were among the top laggards traded lower by 3.28 percent, while Yes Bank, Mahindra & Mahindra, Bharti Airtel, Asian Paints, Hero MotoCorp rose by up to 1.80 percent.

SBI traded lower ahead of its June quarter earnings later in the day, also affecting other PSU bank stocks, as caution prevails. The street will closely track gross non-performing assets of the largest public sector bank on Friday.

Apart from SBI, weakness in index heavyweight shares such as Reliance Industries and HDFC twins also pulled indexes lower.

The rupee was also trading to an over two-week low at 68.92 against the US dollar.

Asian stocks were lower with Hong Kong’s Hang Seng down by 0.46 per cent and Japan’s Nikkei lower by 0.76 per cent.

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Markets edge back from record highs; Jet Airways slumps 10%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian markets halted their record breaking run and edged lower on Friday, tracking weak global cues and amidst selling in banks, financial, aviation and index heavyweight stocks such as Reliance Industries and HDFC twin stocks.

The BSE Sensex opened at 38,050 and soon fell nearly 78 points to 37,946.55, lower by 0.20 percent. The NSE Nifty 50 traded at 11,463, lower by 7.35 points, or 0.06 percent.

Nifty Bank was down 0.35 percent while PSU Bank index declined 1.76 percent after Thursday’s gain of more than 3 percent.

SBI, Idea Cellular, Bharti Infratel, Grasim, Coal India declined by up to 1.31 percent on the NSE. BSE laggards include SBI, HDFC, Coal India, Tata Steel, Reliance by up to 1.09 percent.

Shares of Jet Airways slumped 10 percent after the airlines on Thursday said it has deferred publication of its quarterly results for the three months ended 30 June 2018 as certain matters are still to be closed.

Among the gainers, realty, telecom and auto indices advanced. Shares of Yes Bank, Bharti Airtel, Vedanta, Hero MotoCorp, ICICI Bank were among top Sensex gainers, gaining up to 1.72 percent, while Eicher Motors, Yes Bank, Bharti Airtel, Cipla, UPL rose by 2.74 percent on the NSE.

The Indian rupee opened weak against the US dollar at 68.83 against the previous close of 68.87.

Equity markets in Asia were also under pressure amid escalating trade tensions between the US and China.

Beijing retaliated with 25 percent tariffs on an additional $16 billion worth of imports from the US, effective August 23 on Wednesday.

Japan’s Nikkei and Hong Kong’s Hang Seng are both trading lower near half a percent levels.

Catch all the action and updates in our Market Live blog.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here are the top stocks that trended in markets today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BSE Sensex and the NSE Nifty 50 closed at record highs on Thursday. The Sensex closed at 38,024.37, higher by 136.81 points, or 0.36 percent, while the Nifty ended at 11,470.70, rising by 20.70 points, or 0.18 percent. Nifty Bank also ended the day with gains, settling above 28,300 mark.

Axis Bank, ICICI Bank, SBI, Vedanta emerged as the top index gainers. Bharti Airtel, ONGC, Kotak Mahindra Bank, IndusInd Bank, Cipla were among top losers.

Here are the top stocks that trended in the markets today:

Page Industries: Shares settled at Rs 32,391, adding Rs 2136.95 in value, suring by 7.06 percent on the BSE after the maker of Jockey brand products reported 46 percent jump in Q1 net profit. Intra-day it touched a high of Rs 32,750.

Cipla: Shares of India’s third-largest drugmaker by market capitalisation rose as much as 4.7 percent to Rs 662.5, its highest since November 2017. Cipla settled at Rs 620.80, losing Rs 12.60, or by 1.99 percent on the BSE.

Nalco: Shares of National Aluminium Co. (Nalco) surged over 8 percent to their one-month high of Rs 72.90 after the company reported an over five-fold year-on-year rise in net profit for April-June to Rs 690 crore. The scrip settled at Rs 72.20 on the NSE.

SBI: The public sector bank’s shares ended nearly 3% higher at Rs 317.65 on the NSE ahead of Q1 numbers on Friday.

ICICI Bank: The private sector lender’s shares settled at Rs 332.95 on the BSE, rising by 4.64 percent after Morgan Stanely raised its price target to Rs 460 from Rs 425.

Indian Bank: Shares of Indian Bank rose 4.62 percent, trading at Rs 371.20, which is higher by Rs 16.40, on the BSE. It settled at Rs 358, up by 0.90 percent.

HCC: Shares ended nearly 13 percent higher at Rs 12.98 after the company submitted a revival plan for its subsidiary, Lavasa Corp.

Bharat Forge: Shares settle at Rs 630.95, lower by 1.32 percent, slipping off from the day’s highs after the company annouced in-line Q1 results. It touched a high of Rs 652.45 intra-day.

Axis Bank: Shares ended 3.86 percent higher at Rs 619.45 on the BSE. Along with ICICI Bank, it contributed nearly 200 points to Nifty Bank gains.

Oil stocks: Shares of Indian state-controlled oil refining and marketing companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd climbed as much as 3.6 pct and 2.6 pct, respectively. HPCL ended 0.78 percent lower on the NSE, while BPCL settled at 0.37 percent higher.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets end at record highs; Sensex settles above 38,000 for first time

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity indexes closed at record high on Thursday, primarily led by sharp gains in bank shares on sustained buying, negating subdued global cues.

The Sensex closed at 38,024.37, higher by 136.81 points, or 0.36 percent, while the Nifty ended at 11,470.70, rising by 20.70 points, or 0.18 percent. Nifty Bank also ended the day with gains, settling above 28,300 mark.

Midcaps also ended with gains over half a percent. Among BSE sectoral indices, Telecom, Consumer Durables and Healthcare were under maximum pressure, while Realty, Metal Power, Utilities, Bankex, surged higher by up to 2 percent.

Among NSE sectoral indices, Pharma, Media, IT and Auto trade in the negative zone. PSU Bank surged by nearly 3 percent and PVT Bank over a percent and Realty up by 2.08 percent.

Axis Bank, ICICI Bank, SBI, Vedanta emerged as the top index gainers. Bharti Airtel, ONGC, Kotak Mahindra Bank, IndusInd Bank, Cipla were among top losers.

Markets sustained opening record gains

Sustained buying in bank, metal, pharma and financial stocks has kept Indian benchmark indexes, the BSE Sensex and the NSE Nifty 50, at higher levels on Thursday so far.

While both the indexes have edged lower from the record highs hit earlier in the session, the benchmark Sensex is still above the 38,000 mark. The 30-share BSE index had earlier surged to its lifetime high of 38,061, after opening at 37,994.51 while the 50-share NSE index scaled an all-time high of 11,495.

At 11:45 am, the Sensex was trading at 38,015.83, up by 128 points, or 0.34 percent while the Nifty 50 index was up 23.95 points, or 0.21 percent at 11,473.95.

Midcaps trade in the green albeit with modest gains. The Nifty MidCap was higher by 0.20 percent and the BSE MidCap was up by 0.45 percent.

Media, FMCG, Auto were under pressure among NSE sectoral indices, but Realty surged nearly 2 percent. However, the PSU Bank was over 3 percent higher while the Nifty Bank was up by 0.70 percent. Pharma and Fin Service also traded positive.

Six out of 19 sectoral indices on the BSE traded lower with telecom and consumer durables stockds under maximum pressure. Realty, Bankex, Finance rose by up to 1.87 percent.

ICICI Bank, SBI, Axis Bank, Infosys, Sun Pharma, Hindalco were among top index gainers, while Bharti Airtel, ONGC, Maruti Suzuki, Kotak Mahindra, HDFC Bank, UPL, Zee Entertainment, Titan pulled indexes lower.

Asian markets were trading mixed. While Japan’s Nikkei was flat, Hong Kong’s Hang Seng jumped over 300 points after strong Chinese inflation numbers.

Also, catch all the action and updates in our Market Live blog.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market opens at fresh record high; Sensex scales 38,000 peak

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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BSE Sensex and NSE Nifty 50 clocked yet another record opening on Thursday shrugging off subdued global trade sentiments. Sensex crossed the 38,000-mark for the first time, jumping over 114 points in initial trade.

The 30-share index opened at 37,994.51. NSE Nifty 50 traded at 11,489, rising by 39 points. The Nifty Bank opened at 28,173, jumping 116 points, led by ICICI Bank (up over 2.5 percent), PNB, RBL Bank, SBI, Axis Bank.

On Wednesday, the BSE Sensex jumped over 221 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to settled at 11,450. It was the first time the NSE index finished above the 11,400-mark. What added to the upbeat sentiment on Wednesday, the Nifty Bank index also breached the 28,000 level for the first time.

Shares of ICICI Bank, Infosys, Adani Ports, SBI, Tata Motors, Cipla, HPCL, Hindalco, Infosys surged, while Dr Reddy’s Labs, Titan, Maruti Suzuki, UPL, ONGC, Wipro, HDFC Bank, Kotak Mahindra were trading weak. Midcaps rose over half a percent. Only FMCG and Media traded negative among sectoral indices on the NSE.

The Indian rupee opened at 68.48 against the US dollar on Thursday after Wednesday’s close at 68.63.

Asian markets were trading weak after the Chinese ministry of commerce confirmed retaliatory tariffs on US imports, primarily comprising of oil products, giving a clear indication that Beijing won’t shy away from protecting its interests.

The news, however, spooked trade sentiment as MSCI’s broadest index of Asia-Pacific shares outside Japan barely budged as caution dominated. Japan’s Nikkei slipped 0.5 percent, further affected by a weak set of data that showed a slump in core machinery orders.

Trade sensitive stocks pulled the US indexes lower in overnight trade on Wall Street. The Dow Jones Industrial Average fell 0.18 percent, while the S&P 500 lost 0.03 percent and the Nasdaq added 0.06 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here are the top 10 stocks that trended in the market on August 8

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity indices closed at record high on Wednesday on sustained buying in the second half of the trading day.

The Sensex closed 222 points higher at 37,887. It touched an intraday high of 37,931.

The Nifty too settled at 11,450, rising by nearly 0.6 percent, while the Nifty Bank for the first time ever ended above 28,000 mark.

Here are some of the stocks that trended in the markets today:

Reliance Industries Ltd (RIL): Shares of RIL ended higher by nearly three percent on the BSE, trading at Rs 1,217.25. The oil-to-telecom conglomerate’s stock opened at Rs 1,188.40 and touched a liftime high of Rs 1,220.55. RIL’s market capitalisation stands at Rs 7,71,450.43 crore today.

Bharat Electronics Ltd (BEL): BEL shares closed at Rs 121, rising by 3.91 percent after the public sector undertaking announced that it has bagged order worth Rs 9,200 crore for supply and services of long-range surface-to-air missile systems.

Lupin: The pharma company’s shares settled at Rs 825.85, losing Rs 39.20 or by 4.53 percent on the BSE. Lupin’s net profit fell 43.4 percent to Rs 202.7 crore against Rs 358.1 crore (YoY).

Inox Wind: Shares of Inox Wind ended at Rs 102.25, rising by 3.44 percent after surging ten percent in intraday trade today to hit one-month high of Rs 109 on positive June quarter results. Inox Wind reported a consolidated net profit of Rs 10. 37 crore for the quarter ended June, after four consecutive quarters of net loss.

Greenply Industries: Shares of Greenply Industries fell nearly ten percent after the company’s Q1FY19 net profit fell 22 percent YoY to Rs 23.82 crore. It ended at Rs 202.50, sharply lower by 8.50 percent on the BSE.

Bombay Dyeing: Shares of Bombay Dyeing & Manufacturing Co Ltd fell as much as 4.9 percent at Rs 248.450, its lowest since July 30. The scrip settled at Rs 250.90, lower by 3.76 percent on the BSE.

Maruti Suzuki: Shares ended at Rs 9,209.50, declining by Rs 187.30 or 1.99 percent on the BSE putting the scrip among top laggards on indexes today.

Mphasis: Shares shed Rs 41.50 or declined by 3.48 percent to close at Rs 1151.50 on the BSE. Mphasis board has approved a proposal to buyback shares worth up to Rs 988.27 crore.

Inox Leisure: Shares of multiplex firm settled at Rs 239.25, rising by 6.10 percent on the BSE, after reports that the Maharashtra government may not go ahead with allowing outside food inside cinema halls due to security issues.

Nesco: Shares of Nesco fell nearly eight percent after the company’s June quarter net profit fell nearly 13 percent YoY to Rs 36.32 crore. The stock dipped over five percent to end at Rs 502.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets end at fresh record closing high, Reliance gains 3%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity markets ended on a strong footing on Wednesday after a day of volatile trade. The Sensex, Nifty 50 and Nifty Bank ended the day at record high, with the Nifty Bank settling above 28,00 for the first time ever.

The Sensex closed 222 points higher, or with gains of 0.6 percent, at 37,887.56, while the Nifty settled at 11,450, rising by 0.53 percent or surging by 60 points.

Index heavyweight Reliance Industries rose over 3 percent lifting both indexes in the second half of the trading day and ahead of Jio GigaFiber launch.

Lupin, Edelweiss and Mphasis were among top losers.

(Market update as of 3.40 pm)

Sensex, Nifty advance boosted by bank shares

Benchmark indexes recouped losses sustained in the morning trade on Wednesday, helped by strong buying in bank, metal and smallcap stocks along with a sharp pickup in largecap shares.

The 30-share benchmark S&P BSE Sensex bounced back by 167 points, or 0.44 percent, to 37,832.67 at 11.45 am. The 50-share broader NSE Nifty 50 too rose by nearly 42 points, or 0.36 percent, to 11,431.

Bank stocks led the rally, with the Nifty Bank gaining 0.80 percent to breach the 28,000 barrier for the first time. Nifty PSU Bank and Private Bank also lend support, rising by 0.69 percent and 0.81 percent, respectively.

Other sectoral gainers on the NSE included media at 0.96 percent and Fin Service and Metal at 0.50 percent and 0.61 percent, respectively. Only Pharma and IT indices traded in the red.

BSE Bankex also advanced 0.68 percent. Consumer Durables gained the most among BSE sectoral indices, rising by 1.30 percent. Capital Goods, Metal, Industrials, Energy, Basic Materials also rose. IT, Telecom and Utilities are flat.

Earlier in the opening trade, the BSE Sensex and the NSE Nifty 50 began the day on a positive note on Wednesday, tracking global cues amid ongoing earnings season although US China trade war sentiments and US economic sanctions on Iran guided investor sentiment.

The BSE Sensex jumped 90 points, or 0.24 percent, to 37,755.50, while the NSE Nifty 50 started 26 points higher, or 0.23 percent, to 11,415.50 in the opening trades.

Asian stocks trade mixed with Japan’s Nikkei trading flat, while Hang Seng has sustained gains around half a percent.

Also, catch all the action and updates in our Market Live blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow