This Article is From Oct 20, 2016

Sensex Rises 145 Points Led By ICICI Bank, Nifty Settles Near 8,700

Sensex Rises 145 Points Led By ICICI Bank, Nifty Settles Near 8,700
Sensex rose close to 150 points and Nifty settled a bit shy of its crucial psychological level of 8,700 led by buying in ICICI Bank, State Bank of India and HDFC.

The Sensex advanced 145 points to close at 28,130 and Nifty rose 40 points or 0.47 per cent to settle at 8,699.

Earlier in the day, the Indian benchmark indices opened higher mirroring gains in other Asian markets and Sensex rose over 200 points while Nifty touched intraday high of 8,727.

Banking stocks were star performers in today's trade. The Bank Nifty advanced 1.27 per cent or 247 points to close at 19,658.70. ICICI Bank, State Bank of India, Axis Bank, Yes Bank, Federal Bank and Punjab National Bank were among the top gainers.

Metal, realty and capital goods stocks also witnessed buying in trades today.

On the other hand, selling pressure was seen in IT, FMCG and pharma shares.

From the Nifty basket of shares, 33 ended higher while 18 closed lower.

Adani Ports was the top Nifty gainer, up 5 per cent to Rs 285. Hindalco, Idea Cellular, Bharti Infratel, ONGC, Tata Power and Larsen & Toubro were also among the gainers.

At the same time, HCL Technologies was top Nifty loser, the stock fell nearly 2 per cent to settle at Rs 815 ahead of its Q2 earnings which will be declared tomorrow. HUL, Tata Motors, Asian Paints, Lupin and Aurobindo Pharma were also among the laggards.

The broader markets ended on a mixed note. The BSE mid-cap index jumped 0.06 per cent and small-cap index advanced 0.5 per cent.

The overall market breadth was positive as 1,597 stocks ended higher while 1,224 closed lower on the BSE.

3:27 p.m.: Buy LIC Housing Finance around Rs 580 for target of Rs 640, says Imtiyaz Qureshi of Investeria Financial Services.

3:07 p.m.: Shares of Bayer CropScience on Thursday fell nearly 4 per cent after the company reported a marginal increase of 2 per cent in net profit for the quarter ended September 30. 

The stock declined by 3.54 per cent to Rs. 4,350.60 on BSE. On NSE, it went down by 3.63 per cent to Rs. 4,360. 

Bayer CropScience yesterday reported a marginal increase of 2 per cent in net profit at Rs. 159.1 crore for the second quarter this fiscal on higher sales.

3:00 p.m.: Morgan Stanley has maintained 'equal-weight' rating on RBL Bank for target price of Rs 300 per share. It says core revenues of RBL Bank were strong and above estimates and loan growth and asset quality trends were also strong. (Click here for more brokerage calls)

2:35 p.m.:
Sensex trades firmly higher, up 127 points at 28,111 and Nifty rises 34 points to 8,693.

2:29 p.m.: Real estate stocks witness buying interest. The BSE Realty index advances 1 per cent on the back of gains in Unitech, DLF, Godrej Properties, Prestige Estates, HDIL, Indiabulls Real Estate and Omaxe.

2:06 p.m.: Market breadth remains positive as 1,597 stocks advance while 1,091 stocks decline.

1:58 p.m.: Metal stocks also witness buying interest. The BSE Metals index rises 1.43 per cent; Vedanta was the top gainer from this space, up 3.9 per cent to Rs 206. Hindalco, NMDC, SAIL, Jindal Steel, Hindustan Zinc, Tata Steel, NALCO and JSW Steel were also among the gainers.

1:41 p.m.: Banking stocks continue to witness good buying interest. The Bank Nifty surges 1.35 per cent or 262 points to 19,678; ICICI Bank was the top gainer from this space, up 4.23 per cent to Rs 276.25. Federal Bank, Punjab National Bank, Canara Bank, Bank of India, Yes Bank, State Bank of India and Bank of Baroda were among the gainers.

1:29 p.m.: Broader markets trade on a mixed note. The BSE mid-cap index rises 0.27 per cent and small-cap index rises 0.75 per cent. Union Bank of India was the top mid-cap gainer, up 4.2 per cent to Rs 149. Canara Bank, SJVN Ltd, Indian Bank, Torrent Power, SAIL, Jindal Steel and Bank of India were also among the gainers.

1:17 p.m.: Select oil & gas stocks witness selling pressure. The BSE Oil & gas index slips 0.13 per cent; Indian Oil, HPCL, Petronet LNG and BPCL were among the laggards.

1:13 p.m.: ITC, HDFC Bank, Lupin, Sun Pharma, HUL, Tata Motors, Infosys and Asian Paints were among the laggards in the Sensex.

1:06 p.m.: Anil Manghnani of Modern Shares and Stock Brokers said that if Nifty takes out 8,760 levels, then there could be more upside to the recent pullback rally.



12:57 p.m.: The stock markets came off the intraday highs on the back of weakness in IT, FMCG and pharma stocks. Sensex was up 102 points at 28,086 and Nifty was at 8,686, up 27 points.

12:44 p.m.: Market analyst G Chokkalingam said that Yes Bank in the second quarter Yes Bank has outperformed the industry in terms of profit growth, loan growth and asset quality. The valuation of Yes Bank could improve further if the lender maintains this kind of growth, he said.

12:39 p.m.: Yes Bank share surges 2 per cent to Rs 1,317.

12:34 p.m.: Yes Bank reports stronger than expected September quarter earnings. Net profit comes in at Rs 801.54 crore on net interest income of Rs 1,446 crore. Net non-performing assets as percentage of total advances remain unchanged at 0.29 per cent.

12:08 p.m.: From the Nifty basket of shares, 25 were declining while 26 were advancing. HCL Technologies, Tata Motors, Larsen & Toubro, ITC, Infosys, Lupin and BPCL were among the laggards.

12:02 p.m.: The government's 15 per cent stake sale in construction company NBCC on bourses took off on Thursday, with over 50 per cent of the shares reserved for institutional investors getting subscribed in the first hour of trade.

As much as 9 crore shares will be sold over two days, with institutional investors getting to bid on the first day and retail ones getting a chance on Friday.

11:55 a.m.: ICICI Bank, HDFC, State Bank of India, Axis Bank, Maruti Suzuki, Adani Ports and Larsen & Toubro were among the top Sensex movers.

11:54 a.m.: Shares of newly-listed RBL Bank rallied as much as 7 per cent to hit fresh all-time high of Rs 335 after the private sector lender reported a 34 per cent increase in the September quarter net to Rs 89.9 crore.

RBL Bank's core net interest income grew 60 per cent during the reporting quarter to Rs 302.94 crore on a 44 per cent rise in advances, while the other income was up 51 per cent to Rs 169.11 crore.

11:32 a.m.: Selling pressure visible in select IT, FMCG, pharma and capital goods stocks.

11:22 a.m.: Aptech Ltd shares jumped as much as 6.3 per cent to hit 52-week high of Rs 186 after the company's September quarter profit jumped nearly three-fold.

Mumbai-based Aptech's net profit in September quarter came in at Rs 7.17 crore on sales of Rs 49.97 crore, compared with net profit of Rs 2.75 crore on sales of Rs 36.84 crore in the same quarter of the previous year.

10:35 a.m.: Market breadth was extremely bullish as 1,471 stocks were advancing while 739 were advancing.

10:02 a.m.: Banking stocks extend gains. Bank Nifty surges 1.4 per cent or 264 points to 19,684. ICICI Bank was the top gainer from this space, up 3.6 per cent to Rs 274.55. Canara Bank, Punjab National Bank, Bank of India, Axis Bank, Bank of Baroda and State Bank of India were also among the gainers.

Also Read: Buy KPIT Technologies, Dr Reddy's Labs; Sell Maruti Suzuki: Experts

9:26 a.m.: Sensex rose nearly 200 points while the broader Nifty moved above its crucial psychological level of 8,700 on the back of broad-based buying interest amid strong global cues.

As of 9:25 a.m., the Sensex advanced as much as 191 points to 28,176 and Nifty rose 54 points to 8,713.

Buying was seen across the board with banking, metal and oil & gas stocks leading the gains.

From the Nifty basket of shares, 49 out of 51 stocks were trading higher.

Idea Cellular was the top Nifty gainer, the stock rose 2.2 per cent after yesterday's 5 per cent upmove. ICICI Bank, Bhati Infratel, Yes Bank, ONGC, GAIL India, Zee Entertainment, Hindalco and Reliance Industries were also among the gainers, up 0.8-1.6 per cent each.

On the other hand, Bharti Airtel and HCL Technologies were among the laggards.

The broader markets were also trading higher. The BSE mid-cap index advanced 0.6 per cent and the small-cap index rose 0.7 per cent.

8:43 a.m.: Sensex and Nifty are set to open higher tracking gains on Nifty futures traded on the Singapore Exchange amid positive global cues.

The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was up 31 points or 0.36 per cent at 8,689.

Meanwhile, other Asian stock markets were trading higher for a third day as crude oil traded near a 15-month high following an unexpected drop in US crude oil stockpiles.

Japan's Nikkei advanced 1 per cent, Hong Kong's Hang Seng rose 0.49 per cent and Taiwan Weighted jumped 0.2 per cent.

Overnight, US stocks notched a second straight day of gains on Wednesday, as climbing oil prices lifted the energy sector and earnings from Morgan Stanley provided a boost to financials.

The Dow Jones industrial average rose 40.68 points, or 0.22 per cent, to 18,202.62, the S&P 500 gained 4.69 points, or 0.22 per cent, to 2,144.29 and the Nasdaq Composite added 2.58 points, or 0.05 per cent, to 5,246.41.

Back home, foreign institutional investors sold shares worth Rs 282.77 crore while domestic institutional investors bought shares worth Rs 724.64 crore on Wednesday.

Q2 Earnings Preview

Reliance Industries, Biocon, LIC Housing Finance and Yes Bank among others will report their September quarter earnings later in the day. Analysts polled by NDTV Profit expect Reliance Industries to report net profit of Rs 7,199 crore on sales of Rs 62,920 crore. Analysts say gross refining margins, petchem margins, production from KG-D6 basin and update on telecom venture will be key to watch out for.

Yes Bank is expected to report net profit of Rs 777 crore on sales of Rs 1,388 crore. Analysts expect absolute gross non-performing assets during September quarter to come in at Rs 930 crore versus Rs 840 crore during the previous quarter.

LIC Housing Finance is expected to report net profit of Rs 475 crore on net interest income of Rs 763 crore and loan growth is expected to come in at Rs 15 per cent.

Biocon is expected to report September quarter profit of Rs 139 crore on sales of Rs 991 crore. Biocon is expected to report operating profit or EBITDA of Rs 240 crore compared with Rs 188 crore during the same period last year.

Meanwhile, NBCC will also be closely watched later in the day as the government will sell its 15 per cent stake on Thursday in state-owned construction company at a floor price of Rs 246.50 a share to raise about Rs. 2,200 crore.

The two-day offer for sale (OFS) will open for institutional investors, and will be followed by retail sales on Friday. (With agency inputs)
 
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