An electronic screen displaying stock figures is reflected in the sunglasses of a man looking up at the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty End At Over One-Month High Led By Private Lenders

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Closing Bell: Sensex, Nifty Settle At Over One-Month Highs

Indian equity benchmarks rose to their highest levels in over a month led by gains in private sector lenders.

The S&P BSE Sensex rose 0.34 percent or 119 points to 35,261 and the NSE Nifty 50 Index climbed 0.4 percent or 40 points to 10,617.

The Sensex and Nifty faced volatility in the first 90-minutes of trading. But gains in Kotak Mahindra Bank, HDFC twins, Axis Bank and ICICI Bank propelled the markets higher.

Eleven of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Consumer Durables Index's 1.6 percent gain. On the other hand, S&P BSE Telecom Index was the top loser, down 1.2 percent.

Page Industries On Track For Worst Single-Day Fall In Over Three Years

Shares of the Bengaluru-based innerwear maker was on track to post its worst single-day fall since August 2015.

Page Industries fell as much as 8.59 percent to Rs 25,500 a day after its profit missed Bloomberg consensus estimates in September quarter.

Key earnings highlights:

  • Revenue up 10.4 percent at Rs 690.75 crore versus estimate of Rs 750 crore.
  • Net profit up 10.2 percent at Rs 92.62 crore versus estimate of Rs 111 crore.
  • Ebitda up 11 percent at Rs 142.7 crore versus Rs 128.5 crore (YoY).
  • Margin at 20.7 percent versus 20.5 percent (YoY).

Jet Airways Surges 30%, The Most In Over Nine Years

The Mumbai-based airline operator extended gains and rose as much as 30 percent, the most since January 2009, to Rs 334.

Jet Airways has clarified that the report of Tata weighing a potential all-stock merger of Jet Airways with its own local venture with Singapore Airline is purely speculative.

Reports earlier in the day suggested Tata Group is considering buying the cash-strapped carrier as the conglomerate looks to expand its footprint in the country’s growing aviation sector.

The Economic Times reported that Tata is weighing a potential all-stock merger of Jet Airways with its own local venture with Singapore Airlines Ltd. CNBC-TV18 television channel reported that Tata board will discuss the proposal Friday.

UltraTech’s Offer Is More Beneficial Than Dalmia For Binani: Sameer Kaji

Ultratech Cement’s offer is more beneficial than Dalmia for Binani Cement’s lenders, Sameer Kaji, advisor to the Binani Group told BloombergQuint in an interview.

Key highlights of the conversation:

  • Ultratech Cement’s offer is more beneficial than Dalmia for Binani lenders
  • Ultratech is also paying interest to lenders post admission of Binani to NCLT
  • Rather than getting into controversy, better to get a resolution
  • UltraTech Cement’s offer is more beneficial than Dalmia for Binani lenders
  • NCLAT's ruling indicates a 'no exit from insolvency proceedings' policy
  • No related transactions would return to Binani owners

ICICI Bank Rises For Third Day, Hits New Record High

Shares of the country's second largest private sector lender rose as much as 1.6 percent to new record high of Rs 372.45.

In the last three trading sessions, ICICI Bank has surged 5.63 percent.

Sensex, Nifty End At Over One-Month High Led By Private Lenders