Sensex Registers Longest Gaining Streak Since Budget
Traders monitor data inside the Frankfurt Stock Exchange in Frankfurt, Germany,(Photographer: Krisztian Bocsi/Bloomberg)

Sensex Registers Longest Gaining Streak Since Budget

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Closing Bell: Sensex Registers Longest Gaining Streak Since Budget

Sensex gained for the fourth day in a row— its longest rally since Finance Minister Nirmala Sitharaman’s maiden budget in July.

The benchmark rose 0.24 percent to close at 38,598.99 and the NSE Nifty 50 rose 0.31 percent to 11,464. The broader markets represented by the NSE Nifty 500 Index rose 0.30 percent.

“The setup is positive and it suggests that an up move could be in the offing in the Nifty Index,” said Chandan Taparia, Associate Vice President, Motilal Oswal Securities. “Market has the potential to move towards 11,550 levels till it holds 11,330-mark,” he said in an interview to BloombergQuint.

The market breadth, however, was tilted in favour of sellers. About 896 stocks declined and 874 shares advanced on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty IT Index’s 1.01 percent gain. On the flipside, the NSE Nifty PSU Index was the top sectoral loser, down 0.80 percent.

Sensex Registers Longest Gaining Streak Since Budget

New India Assurance, GIC Locked In Upper Circuit

Shares of the state-run insurance companies were locked in the upper circuit of 20 percent.

  • New India Assurance rose 20 percent, the most on record, to Rs 113.85 each.
  • General Insurance Corporation advanced 20 percent to Rs 260.60 apiece.
Sensex Registers Longest Gaining Streak Since Budget

Also read: What Explains The Steady Rally In Life Insurance Stocks?

Sensex, Nifty Subdued; Metal Stocks Lead Decline

Indian equity benchmarks traded marginally lower dragged down by losses in the metals pack.

The S&P BSE Sensex fell 0.05 percent to 38,484.50 and the NSE Nifty 50 traded flat at 11,430.30 as of 2:10 p.m. The broader markets represented by the NSE Nifty 500 Index rose 0.11 percent.

“The setup is positive and it suggests that an up move could be in the offing in the Nifty Index,” said Chandan Taparia, Associate Vice President, Motilal Oswal Securities. “Market has the potential to move towards 11,550 levels till it holds 11,330-mark,” he said in an interview to BloombergQuint.

The market breadth was tilted in favour of sellers. About 933 stocks declined and 831 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Index’s 0.60 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.47 percent.

ICICI Lombard Slumps Over 7%

Shares of the general insurance company declined 7.2 percent, the most in over a month, to Rs 1,175.10 each.

Around 2.23 crore shares or 4.9 percent equity changed hands in two bunched trades, according to Bloomberg data. Buyers and sellers were not known immediately.

The stock gained 55 percent so far this year compared to 9.5 percent gain in the Sensex.

Sensex Registers Longest Gaining Streak Since Budget

Federal Bank Falls After Q2 Results

Shares of the private lender declined 5.1 percent intraday to Rs 80.65 each.

The company’s net profit rose 57 percent year-on-year to Rs 417 crore, according to its exchange filing.

Q2 Results (Year on Year)

  • Net Interest Income up 10 percent to Rs 1,124 crore.
  • Gross NPA at 3.07 percent versus 2.99 percent (QoQ)
  • Net NPA at 1.59 percent versus 1.49 percent (QoQ)
  • Provisioning at Rs 252 crore versus Rs 192 crore (QoQ)

The stock trades at 9.5 times its estimated earnings per share for the coming year, Bloomberg data showed.

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