Sensex, Nifty Rise For Third Day Led By Reliance Industries, ICICI Bank
Closing Bell: Sensex Rises Nearly 300 Points, Nifty Settles At 10,585
Indian equity benchmarks rose for third day in a row led by Reliance Industries, ICICI Bank, HDFC and State Bank of India.
The S&P BSE Sensex rose 0.85 percent or 297 points to 35,162 and the NSE Nifty 50 Index advanced 0.7 percent or 72 points to 10,585.
"The result season has been in-line so far but we need even better numbers because valuations are expensive," A. K. Prabhakar, head of research at IDBI Capital Market Services told Bloomberg over the phone.
All 19 sector gauges compiled by BSE ended higher led by the S&P BSE Energy Index's 1.95 percent gain. Consumer Discretionary Goods & Services, Basic Materials, Industrials, Bankex, Capital Goods and Realty Indices on the BSE also rose over a percent each.
The mid- and small-cap shares outperformed their larger peers as the S&P BSE MidCap Index rose 1.14 percent and the S&P BSE SmallCap Index climbed 1.7 percent.
Bond Yield Drops As Government To Go Ahead With Bond Buyback Plan
Yield on the government of India's 10-year 7.17 percent bond expiring in January 2028 fell as much as 0.7 percent or 3 basis points to 7.86 percent after a government official said that the government will go ahead with bond buyback despite borrowing cut.
Delta Corp, HEG Among Fab Four Stocks Of The Day
Delta Corp: The Mumbai-based casino chain operator rose as much as 8.2 percent to Rs 245 after it reported September quarter earnings.
Revenue up 38.6 percent at Rs 201.4 crore.
Net profit up 11.1 percent at Rs 48.1 crore.
Ebitda up 16.2 percent at Rs 76.2 crore.
Margin at 37.8 percent versus 45.1 percent.
Other Expenditure at Rs 63.2 crore versus Rs 37 crore.
Hathway Cables: The Mu8mbai-based cable television service provider rose as much as 8.3 percent to Rs 31.20 on report that Reliance Industries may buy controlling stake in the company.
Sterlite Tech: The Pune-based optical fiber maker rose as much as 7 percent to Rs 340 after it bagged Rs 3,500 crore order for designing, building, and managing Indian Navy’s digital network.
HEG: The Madhya Pradesh-based graphite electrode maker rose as much as 15 percent to Rs 4,955 on the back of heavy volumes. Trading volume was volumes at 5.7 times its 20-day average.
Aviation Stocks Advance Tracking Decline In Crude Prices
Shares of airline operators advanced after Brent crude fell 0.5 percent to $80.38 per barrel.
- Jet Airways rose 6 percent to Rs 213.95
- SpiceJet advanced 2.6 percent to Rs 72.50
- InterGlobe Aviation climbed 4.8 percent to Rs 861
Market Check: Sensex, Nifty Hold Gains Led By RIL, ICICI Bank
Indian equity benchmarks held on to gains led by Reliance Industries, ICICI Bank, HDFC and State Bank of India.
The Sensex rose 287 points to 35,154 and the NSE Nifty 50 Index climbed 75 points to 10,588.
All sector gauges compiled by BSE were trading higher led by the S&P BSE Oil & Gas Index's 1.9 percent gain.
Overall market breadth was positive as 1,748 shares were advancing while 790 were declining on the BSE.