Private Banks Help Sensex, Nifty Halt Six-Day Losing Streak
A stockbroker monitors stock prices on his computer screens at Shore Capital Group Ltd. in London, U.K. (Photographer: Simon Dawson/Bloomberg)

Private Banks Help Sensex, Nifty Halt Six-Day Losing Streak

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Closing Bell: Private Banks Help Sensex, Nifty Halt Six-Day Losing Streak

Indian equity benchmarks halted their six-day losing streak, their longest since July 25.

The S&P BSE Sensex surged 1.72 percent to close at 38,177 and the NSE Nifty 50 rose 1.68 percent to end at 11,313. The broader markets represented by the NSE Nifty 500 Index advanced 1.52 percent.

The bulls staged a smart comeback led by short covering and stable global cues, Ajit Mishra vice president of research at Religare Broking said in a statement.

“Going forward, we believe the upcoming earnings season would dictate the trend for the Indian markets. We expect that more than the earnings announcement, investors and traders would focus on the outlook provided by the management especially for consumption driven companies. On the global front, market participants would keep a close watch on trade talks between U.S.-China,” Mishra added.

The market breadth was tilted in favour of buyers. About 964 stocks advanced and 821 shares declined on National Stock Exchange.

Ten out of 11 sectoral indices compiled by NSE ended higher, led by the NSE Nifty Bank Index’s 3.7 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.71 percent.

Private Banks Help Sensex, Nifty Halt Six-Day Losing Streak

Large Trade Alert: Ashok Leyland, Federal Bank

  • Ashok Leyland: About 10.5 lakh shares of the company changed hands in a large trade.
  • Federal Bank: About 10 lakh shares of the company changed hands in a large trade.

Buyers and sellers were not known immediately.
Source: Bloomberg

Bond Market Update: 10-Year Yield Falls 25 Basis Points

The yield on the 10-year note fell as much as 25 basis points to 6.42 percent.

Indian bond traders will be focusing on 160 billion rupees of Treasury-bill sale. On Monday, the yield on the benchmark 10-year government bond fell one basis point to 6.68 percent.

Money Market Update: Rupee Reverses Loss

The Indian rupee reversed losses against the U.S. dollar to extend gains after a one-day blip.

The home currency depreciated as much as 0.1 percent to 70.96 against the greenback.

Fab Four Stocks Of The Day

Raymond

  • Shares halted a three-day losing streak and rose as much as 8.9 percent to Rs 595.50.
  • Associate firm to sell Thane land measuring for Rs 700 crore to Virtuous Retail South Asia

JBM Auto

  • Stock rose as much as 14.5 percent to Rs 214.90.
  • Received orders for supply of 300 CNG and electric buses.

Indiabulls Real Estate

  • Stock hit upper circuit of 5 percent
  • Company to consider share buyback on Oct. 11

J.Kumar Infraprojects

  • Stock rose as much as 19.9 percent, the most since December 2018, to Rs 153.50.
  • SEBI clears the company from charges of misrepresentation of financials

Market Check: Sensex, Nifty Set To Halt Six-Day Losing Streak

Indian equity indices are set to halt six-day losing streak, their longest since July 25.

The S&P BSE Sensex rose 1.7 percent to 38,168 as of 3 p.m. and the NSE Nifty 50 rose 1.64 percent to 11,310. The broader markets represented by the NSE Nifty 500 Index advanced 1.52 percent.

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