A security guard stands outside the BSE building in Mumbai, India. (Photographer: Adeel Halim/Bloomberg News)

Sensex, Nifty Clock Longest Weekly Rally In Over Two Months

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Closing Bell: Sensex, Nifty Rise For Second Straight Day Paced By Bharti Airtel, RIL

Indian equity benchmarks rose for second day in a row paced by gains in Bharti Airtel, Reliance Industries, HDFC and State Bank of India.

The S&P BSE Sensex rose 0.6 percent or 197 points to 35,457 and the NSE Nifty 50 Index climbed 0.6 percent or 65 points to 10,682.

The benchmarks rose for third week in a row clocking their longest rally in over two months. For the week, Senex rose 0.85 percent and Nifty climbed 0.9 percent.

In today's trade, eleven of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 6.3 percent surge. On the other hand, the S&P Metal Index was top loser, 1.6 percent.

Sensex, Nifty Clock Longest Weekly Rally In Over Two Months

NMDC Falls As Karnataka May Withdraw Iron Ore Mine

Shares of the state-run miner fell as much as 7.7 percent to Rs 99 after a media report suggested that Karnataka may withdraw Donimalai iron ore mine operated by the company.

Meanwhile, speaking to BloombergQuint, N Baijendra Kumar, managing director of NMDC said that they have not received any formal communication from Karnataka government over Donimalai issue.

N Baijendra Kumar said:

  • Reports on Donimalai issue is purely speculative in nature
  • Karnataka government issued certain extension with condition over mining lease

Srei Infra Pares Gains After Q2 Earnings

Shares of the Kolkata-based non-banking finance company pared gains and was up 2 percent at Rs 35.45 after it reported September quarter earnings.

Key earnings highlights:

  • Revenue up 26 percent at Rs 1,668 crore versus Rs 1,320 crore (YoY)
  • Net profit up 29 percent at Rs 111 crore versus Rs 86 crore (YoY)

Take Solutions Plunges After CARE Ratings Withdraws Ratings For A Commercial Paper

Shares of the Chennai-based healthcare services provider fell as much as 15 percent, the most in nearly four months, to Rs 132.05 after CARE Ratings withdrew ratings assigned to its commercial paper.

  • The company has not used the rating for mobilising funds
  • No amount outstanding under proposed issue as on date

Europe Stocks Jump, Asia Shares Mixed; Pound Rises

Stocks in Europe gained following a mixed session in Asia as investors gauged whether China and the U.S. can de-escalate their trade dispute before the G-20 summit later this month. The dollar retreated and Treasuries were steady.

The Stoxx Europe 600 Index advanced, led by miners and energy companies. Shares slipped in Japan, but climbed in most other markets, notably China and Hong Kong. U.S. futures fell after Nvidia Corp. gave a disappointing sales forecast and Commerce Secretary Wilbur Ross damped hopes of any imminent trade deal with China. The pound steadied after Thursday’s plunge as Brexit again threw the U.K. government into turmoil.

Sensex, Nifty Clock Longest Weekly Rally In Over Two Months