Sensex, Nifty Clock Best Weekly Gain In Over Two Years

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Closing Bell: Sensex Surges 580 Points, Nifty Settles Above 10,550

Indian equity benchmarks rebounded strongly along with rupee after crude fell for fifth day in a row amid strong global cues.

The S&P BSE Sensex rose 1.7 percent or 580 points to 35,012 and the NSE Nifty 50 Index climbed 1.66 percent or 173 points to 10,553.

The benchmarks clocked their best weekly rally in two years after stocks extended gains globally as the boost to sentiment came after Bloomberg News reported U.S. President Donald Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina this month and has asked key officials to begin drafting potential terms.

For the week Sensex surged 4.98 percent and the Nifty 50 Index rose 5.2 percent.

In today’s trade, sixteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Auto Index’s 4 percent surge on the back of October auto sales numbers. On the flipside, S&P BSE IT Index was top loser, down 1.3 percent.

Bloomberg Exclusive: NBFCs May Default On Repaying Debt Raised From Money Markets

India’s non-bank lenders may default on repaying debt raised from the nation’s money market within the next six weeks if additional liquidity is not provided immediately, a person familiar the matter said, citing a letter written by the finance ministry.

Non-bank financiers and mortgage lenders have Rs 2.7 lakh crore ($37 billion) of debt maturing in the next five months, the person said, asking not to be named as the information is not public. According to the letter sent to the corporate affairs ministry, a default could adversely impact productive sectors of the economy, the person said. Bloomberg News has reviewed the correspondence.

NTPC Swings After Profit Misses Estimates In Q2

Shares of the power producer swung between gains and losses after its September quarter profit missed Bloomberg consensus estimates.

Key earnings highlights:

  • Net profit at Rs 2,426 crore versus estimate of Rs 2,577 crore
  • Revenue at Rs 22.261 crore versus Rs 19,698.75 crore (YoY)

Hindalco's Net Profit Rises 54% In September Quarter

Shares of the aluminum and copper maker pared gains to trade 2.4 percent higher at Rs 237 after it reported September quarter earnings.

Key earnings highlights (Hindalco standalone and Utkal Alumina):

  • Net profit up 54 percent at Rs 725 crore
  • Ebitda up 5 percent at Rs 1,922 crore
  • Revenue at Rs 10,830 crore

Indian Oil Q2 Profit Declines 52%, Misses Estimates

Shares of the country's largest state-run oil refiner held on to gains and was up 4.9 percent at Rs 149 after it reported profit of Rs 3,247 crore in September quarter which missed Bloomberg consensus estimate of Rs 4,729 crore.

Key earnings highlights:

  • Net profit down 52 percent at Rs 3,247 crore versus Rs 6,831 crore (QoQ)
  • Net revenue at Rs 1,32,035 crore versus Rs 1,29,475 crore (QoQ)
  • Ebitda down 46 percent at Rs 6,762 crore versus Rs 12,576 crore (QoQ)
  • Margin at 5.12 percent versus 9.71 percent (QoQ)