A pedestrian passes by Bombay Stock Exchange building at Dalal Street, Mumbai, India. (Photographer: Anirudh Saligrama/ BloombergQuint)

Sensex, Nifty Extend Rebound As Tech, Drugmakers Lead

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Closing Bell: Sensex, Nifty Extend Rebound As Tech, Drugmakers Lead

Indian equity benchmarks extended gains for the second day, led by the rally in tech and pharma shares.

The S&P BSE Sensex index closed 0.38 percent higher at 34,865.10 and the NSE Nifty 50 Index ended at 10,512.50, up 0.38 percent.

The market breadth was tilted in favour of buyers. Eight out of 11 sectoral gauges compiled by NSE advanced, led by NSE Nifty Pharma Index's 2.7 percent gain. On the flipside, NSE Nifty Auto Index was the top sectoral loser, down 0.6 percent.

Sensex, Nifty Extend Rebound As Tech, Drugmakers Lead

Rajesh Exports At Over Two-Month Low

Shares of the gold exporter fell as much as 6.9 percent to trade at over a two-month low at Rs 566.20.

The Relative Strength Index was 27, indicating that the stock may be oversold, according to Bloomberg data. The stock traded at 9.9 times estimated forward earnings per share compared to 13.6 times for the two-year historical average.

Indiabulls Housing Finance Gains Ahead of Earnings Announcement

Shares of the housing finance company rose as much as 3 percent to Rs 960.20. The company is set to announce its quarterly results for the July-September period today.

The stock traded at eight times estimated forward earnings per share compared to 11.3 times for the two-year historical average, Bloomberg data showed.

ITC Extends Gains For The Second Day

Shares of ITC extended gains for the second day and rose as much as 2.9 percent to Rs 282.75.

The company is set to announce its quarterly results for the July-September period on Oct. 26.

The stock has returned 9.1 percent so far this year, compared to a 3.3 percent advance in the Sensex.

Stocks Reacting To Earnings: MT Educare, TV18 Broadcast

MT Educare (Q2, YoY)

  • Stock rose as much as 19 percent to Rs 56.
  • Revenue down 5.8 percent at Rs 58.2 crore.
  • Net profit up 100 percent at Rs 1.15 crore.
  • Ebitda down 10.8 percent at Rs 8.3 crore.
  • Margin at 14.3 percent versus 15 percent.

TV18 Broadcast (Q2, Consolidated, YoY)

  • Stock rose as much as 13.1 percent to Rs 39.75.
  • Revenue at Rs 1,198.3 crore.
  • Net profit at Rs 167 crore.
  • Ebitda at Rs 107.8 crore.
  • Figures cannot be made comparable as Viacom18 Media Pvt and IndiaCast Media Distribution Pvt have become subsidiaries with effect from March 1.