Sensex, Nifty Gain For Third Straight Day Led By ICICI Bank, Sun Pharma
An employee looks at trading information on a computer screen at the LMAX Exchange offices in London, U.K., on October 25, 2016. (Photographer: Simon Dawson/Bloomberg)

Sensex, Nifty Gain For Third Straight Day Led By ICICI Bank, Sun Pharma

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Closing Bell: Sensex Rises 131 Points, Nifty Reclaims 10,800

Indian equity benchmarks rose for third day in a row led by ICICI Bank, State Bank of India, Axis Bank and Sun Pharma.

The S&P BSE Sensex rose 0.36 percent or 131 points to 35,981 and the NSE Nifty 50 Index climbed 0.28 percent or 30 points to 10,802.

For most part of the day, Sensex and Nifty traded on a subdued note owing to weakness in HDFC twins, Kotak Mahindra Bank and Hindustan Unilever. However, late buying in ICICI Bank and Sun Pharma lifted the benchmarks higher.

Eleven of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 1.34 percent gain. On the flipside, S&P BSE Utilities Index was top loser, down 0.36 percent.

Mid- and small-cap shares closed on a mixed note as the S&P BSE MidCap Index fell 0.16 percent while the S&P BSE SmallCap Index advanced 0.17 percent.

See Tremendous Value In Maruti Suzuki, M&M, Says Prabhudas Lalladher

There is tremendous value in leading auto companies like Maruti Suzuki and M&M in auto space after recent correction, Ajay Bodke, CEO & Chief Portfolio Manager at Prabhudas Lilladher told BloombergQuint in an interview.

Key highlights of the conversation:

  • S Chand is a value buy in education sector
  • SH Kelkar will do well in fragrances space
  • Ceramic companies are beaten down; Shift will happen from unorganized to organized players
  • Kajaria Ceramics will benefit in this sector
  • Mid- and small-cap companies are available at 6-year discount
  • Fears on shrinkage of credit due NBFCs crisis is behind us
  • Tremendous value in leading names like Maruti Suzuki and M&M in auto space
  • Cost of credit will come down in future
  • We are at the peak of interest rate cycles; expect 2 rate cuts
  • Valuation in consumption and retail sectors are quite demanding
  • Consumption and retail are secular growth story
  • Underweight on cement sector
  • Earning have bottomed down, expect 12-13 percent growth in FY19 and 20 percent in FY20
  • RBI should change stance and start cutting rates
  • U.S. comments are dovish; will impact emerging markets positively
  • RBI governor is willing to listen to all stakeholders
  • New RBI governor is more responsive to all stakeholders
  • Fall in oil prices is big surprise for India

Market Update: Sensex Rises Over 150 Points Led By ICICI Bank, Sun Pharma

Indian equity benchmarks edged higher in last hour of trade led by ICICI Bank, State Bank of India, ITC and Sun Pharma.

The Sensex rose 0.39 percent or 140 points to 35,990 and the NSE Nifty 50 Index climbed 0.31 percent or 33 points to 10,805.

Thirteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom Index's 1.2 percent gain. On the flipside, S&P BSE Capital Goods Index was top loser, down 0.32 percent.

ICICI Bank Rises Over 2%, Hits Record High

Shares of the country's second largest private sector lender rose as much as 2.42 percent to record high of Rs 376.60.

ICICI Bank has advanced 20 percent in last one year outperforming the Nifty which is up 1.52 percent.

The bank has market capitalisation of 2.43 lakh crore and has 49 buy recommendations from brokerages, according to data compiled by Bloomberg.

Sensex, Nifty Gain For Third Straight Day Led By ICICI Bank, Sun Pharma

Bloomberg Exclusive: Macquarie, NTPC, GAIL Interested In IL&FS' Renewable Energy Assets

Macquarie, NTPC & GAIL are among the companies that have expressed interest in IL&FS' renewable energy assets, reports Bloomberg.

  • Macquarie Infrastructure & Real Assets is among companies interested in buying some of IL&FS' renewable energy assets.
  • NTPC, GAIL are also said to have shown interest to buy the assets.

Source: People familiar with the matter

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