Gains across most sectors - led by banking, IT and auto shares - pushed the markets higher
Domestic stock markets continued their upmove on Wednesday after a day's pause amid volatile trade. The S&P BSE Sensex index gained as much as 232.83 points to touch 39,196.67 on the upside and the broader NSE Nifty benchmark climbed to as high as 11,651.60, up 63.25 points from its previous close. Gains across most sectors - led by banking, information technology and automobile shares - pushed the markets higher. On Tuesday, the Sensex had ended 334.54 points - or 0.85 per cent - lower at 38,963.84 and the Nifty settled at 11,588.35, down 73.50 - or 0.63 per cent - from its previous close, after gaining 3.74 per cent and 3.80 per cent respectively in the past six sessions. Analysts awaited more large cap companies to report their financial results for cues.
Here are the highlights of today's trading session:
Sensex Ends 95 Points Higher, Nifty Settles At 11,604
The Sensex ended 94.99 points - or 0.24 per cent - higher at 39,058.83 and the Nifty settled at 11,604.10, up 15.75 points - or 0.14 per cent - from its previous close.
IT, Auto Sectors Push Higher; Telecom, Energy LagEleven out of the 19 sectoral indices on the BSE traded in the positive zone, led by automobile and IT shares.
|S&P BSE Auto||+1.36%|
|S&P BSE Information Technology||+1.02%|
|S&P BSE Consumer Durables||+0.82%|
|S&P BSE Consumer Discretionary||+0.64%|
|S&P BSE Power||+0.50%|
|S&P BSE Teck||+0.39%|
|S&P BSE Fast Moving Consumer Goods||+0.30%|
|S&P BSE Finance||+0.28%|
|S&P BSE Bankex||+0.20%|
|S&P BSE Utilities||+0.17%|
|S&P BSE Healthcare||+0.10%|
|S&P BSE Basic Materials||-0.34%|
|S&P BSE Metals||-0.46%|
|S&P BSE Industrials||-0.55%|
|S&P BSE Capital Goods||-0.58%|
|S&P BSE Realty||-1.12%|
|S&P BSE Oil & Gas||-1.50%|
|S&P BSE Energy||-1.65%|
|S&P BSE Telecom||-3.41%|Sensex, Nifty Off Day's Highs
The S&P BSE Sensex gave up most of intraday gains to trade below the 39,050 mark and the broader NSE Nifty benchmark dropped below 11,600, amid weakness in infrastructure and energy sectors.
Asian Shares Rangebound After Q2 Profit Rises 68%
Asian Paints shares swung between gains and losses on Wednesday, a day after the paints manufacturer reported a net profit of Rs 823.41 crore for the quarter ended September 30. That marked a jump of 67.50 per cent compared to the corresponding period a year ago. Its revenue from operations grew 9.43 per cent to Rs 5,050.66 crore in the July-September period.
Shares moved in a range of Rs 1,764.90-1,800.90 on the BSE, as against their previous close of Rs 1,779.80. At 2:34 pm, Asian Paints shares traded 0.38 per cent lower at Rs 1,773.00 apiece on the BSE, underperforming the benchmark Sensex index which was up 0.38 per cent.
Risk Of Contagion Rising In India's Financial Sector: Rating Agencies
Rating agency Standard & Poor's said on Wednesday that there is rising risk of contagion in India's banking sector with many finance companies having lost more than half of their equity value in the past year, news agency Reuters reported.
The country's non-banking finance companies went into a tailspin after the collapse of infrastructure lending major Infrastructure Leasing and Financial Services (IL&FS) in September last year.
Bajaj Auto Shares Jump 3% After Q2 Earnings
Bajaj Auto shares jumped 3 per cent after the auto maker reported a 21.69 per cent rise in standalone net profit to Rs 1,402.42 crore in the quarter ended September 30.
Shares in Bajaj Auto climbed to as high as Rs 3,217.10 on the BSE, from their previous close of Rs 3,123.30.
Bajaj Auto Shares Flat Ahead Of Q2 Earnings
Bajaj Auto shares traded 0.08 per cent lower at Rs 3,120.70 ahead of the earnings announcement by the auto maker.
For the quarter ended June 30, the Pune-based two-wheeler maker had reported a net profit of 1,012.17 crore on sales of Rs 7,755.82 crore. So far this year, Bajaj Auto shares have risen 14.80 per cent as against gain of 8.13 per cent in the BSE benchmark Sensex.
Infosys Shares Rise Nearly 2%
Infosys shares rose as much as 1.87 per cent to Rs. 655.35 apiece on the BSE in morning, from their previous close of Rs. 643.30. The stock opened Rs. 6 lower at Rs. 637.30 on Wednesday and fell as much as 4.40 per cent to Rs. 615.00 apiece on the BSE, before recovering the day's losses.
L&T Unit Wins Over Rs 7,000-Crore Project From Hindustan Petroleum
Larsen & Toubro Hydrocarbon Engineering - a wholly-owned subsidiary of Larsen & Toubro - won a project worth more than Rs 7,000 crore from Hindustan Petroleum Corporation. The engineering, procurement, construction and commissioning contract is for setting up a residue upgradation facility at Hindustan Petroleum's refinery in Visakhapatnam, L&T said.
At 11:30 am, shares in L&T traded 0.41 per cent lower at Rs 1,436.00 while HPCL was down 0.33 per cent at 315.65, underperforming the benchmark Sensex index which was up 0.54 per cent.
Sensex Up 126 Points, Nifty At 11,599; HDFC, Reliance Industries, Infosys Push Markets Higher
At 10:09 am, the Sensex traded 125.70 points - or 0.32 per cent - higher at 39,089.54 and the Nifty was up 10.95 points at 11,599.30.
|Stock||Contribution to Sensex in points|
HDFC, Reliance Industries and Infosys contributed 86.21 points to the Sensex at the time.
Larsen & Toubro (L&T) Shares Decline Ahead Of Q2 EarningsLarsen & Toubro shares
fell as much as 1.63 per cent to Rs 1,418.45 apiece on the BSE, ahead of the earnings announcement by the engineering conglomerate.
At 10:03 am, the L&T stock was down 1.20 per cent at Rs 1,424.55 apiece on the exchange, as against a flat Sensex.
IT Stocks Buck Trend
Seven out of the 11 sectoral indices on the National Stock Exchange (NSE) traded in the negative zone, with the IT stocks bucking the trend.
|Nifty PSU Bank||+0.11%|
|Nifty Fast Moving Consumer Goods||+0.02%|
|Nifty Financial Service||-0.04%|
|Nifty Private Bank||-0.66%|
|Nifty Media||-1.80%|Infosys Shares Edge Higher After Falling Over 4% In Early Trade
Infosys shares edged higher after falling as much as 4.40 per cent to Rs 615.00 apiece on the BSE. At 9:46 am, the Infosys stock was up 0.81 per cent at Rs 648.50 apiece on the bourse, outperforming the benchmark Sensex index which was flat at 38,964.31.
Sensex Down Over 50 Points, Nifty At 11,566; Banking Stocks Lead Losses
At 9:32 am, the Sensex traded 56.55 points - or 0.15 per cent - lower at 38,907.29 while the Nifty was at 11,566.40, down 21.95 points - or 0.19 per cent - from its previous close.
Top losers on the 50-scrip index at the time were Yes Bank, Adani Ports, Tata Motors, Zee Entertainment and Bharti Airtel, trading between 1.63 per cent and 4.63 per cent lower. Infosys, Kotak Mahindra Bank and HDFC Bank were the top drags on Sensex.
Sensex Opens 100 Points Higher, Nifty Starts Day At 11,596
The stock markets started the day with mild gains, with the Sensex opening 100 points higher at 39,063.84. The Nifty started the session at 11,596.20, up 7.85 points from its previous close.
Sensex, Nifty Move Higher In Pre-Open Market
At 9:04 am, the Sensex was up 155.69 points - or 0.40 per cent - at 39,119.53 in the pre-opening session, while the broader NSE Nifty benchmark was up 37.60 points - or 0.32 per cent - at 11,625.95.
Infosys American Depositary Shares Down 3%
Infosys American Depositary shares fell 3.01 per cent to end at $9.01 in the US overnight, a day after registering their worst fall since 2013.
On the BSE, Infosys shares had nosedived as much as 16.86 on Tuesday before settling at Rs. 643.30, down 16.21 compared with the previous close. That wiped out investors' wealth worth nearly Rs. 53,000 crore. (Also read: What led to sharp fall in Infosys shares on Tuesday
Axis Bank Shares In Focus Today
Axis Bank shares will be in focus on Wednesday, a day after the private sector lender reported a surprise loss for the quarter ended September 30.
In a regulatory filing after market hours on Tuesday, Axis Bank said its net loss stood at Rs 112 crore hurt by a one-off tax expense of Rs 2,138 crore ($301.22 million), as against a net profit of Rs 790 crore in the corresponding period a year ago.
Sensex, Nifty Snapped Six-Day Winning Streak On Tuesday
On Tuesday, the Sensex index ended 334.54 points - or 0.85 per cent - lower at 38,963.84 and the broader Nifty benchmark settled at 11,588.35, down 73.50 - or 0.63 per cent - from its previous close, after gaining 3.74 per cent and 3.80 per cent respectively in the past six sessions.
Asian Markets Down Following Wall Street
Equities in other Asian markets slipped, with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.5 per cent and Japan's Nikkei 225 index almost flat after having fallen as much as 0.4 per cent, following a 0.36 per cent fall index in the S&P 500 in the US overnight.
SGX Nifty Futures Indicate Flat Opening For Domestic Markets
Domestic stock markets are likely to start Wednesday's session on a flat note a day after benchmark indices S&P BSE Sensex and NSE Nifty snapped a six-day winning streak. At 8:36 am, the Singapore Exchange (SGX) Nifty futures traded 4.00 points down at 11,614.00.
The SGX Nifty futures are an early indicator of the National Stock Exchange (NSE) Nifty index in India.