Sensex, Nifty Clock Best Gains In Over Two Weeks
Closing Bell: Sensex Surges Over 700 Points, Reclaims 34,000-Mark
Indian equity benchmarks rose the most since Oct. 12 led by a rally in ICICI Bank after it swung to profitability in September quarter.
The S&P BSE Sensex surged 718 points or 2.15 percent to 34,067 and the NSE Nifty 50 Index jumped 2.2 percent or 221 to 10,251.
ICICI Bank shares surged 10.7 percent, the most in over a year, to Rs 349.40 as lower provisioning for bad loans and higher interest income helped it swing to profitability in September quarter. The bank alone contributed over 200 points towards gain in the Sensex.
All sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank Index’s 8 percent surge. Pharma, Realty and Private Banking gauges on the National Stock Exchange also witnessed strong gains and rose between 2.5-5 percent.
Mid- and small-cap shares witnessed buying as the Nifty Midcap 100 Index rose 3 percent and the Nifty Smallcap 100 Index climbed 2.5 percent.
Market Update: Sensex Surges 700 Points, Nifty Reclaims 10,250
- Indian equity benchmarks extended gains led by rally in banking and pharma shares.
Colgate Palmolive Struggles After Q2 Earnings
Shares of the oral care products maker struggled after it reported September quarter earnings.
Key earnings highlights:
- Net profit at Rs 196.3 crore versus Rs 177.5 crore (YoY)
- Revenue up 7.7 percent at Rs 1168 crore versus Rs 1084.8 crore (YoY)
- Sales volume at 7 percent
- Ebitda up 9.6 percent at Rs 329.5 crore versus Rs 300.6 crore (YoY)
- Margin at 28.2 percent versus 27.7 percent (YoY)
Sugar Stocks Surge After ISMA Cuts Manufacturing Output Estimate
Shares of the sugar manufacturers surged as much as 12 percent after the Indian Sugar Manufacturers Association (ISMA) cut India's sugar manufacturing output estimate to 32 million tonnes from 35.5 million tonnes.
- ISMA sees sugar stockpile at 11.2-12.7 million tonnes by September 2019
PSU Bank Index Rallies On Essar Steel Resolution, SC Order To Revive UMPPs
Shares of the PSU bank rallied most since Finance Minister Arun Jaitley announced bank recapitalisation plan last year on the back of successful resolution of Essar Steel insolvency case and Supreme Court’s order to revive ultra-mega power projects
The gauge of PSU banks — Nifty PSU Bank Index surged as much as 8.28 percent led by gains in Canara Bank, Oriental Bank of Commerce, Union Bank and Indian Bank.