Private Banks Help Sensex, Nifty Rebound From Two-Week Low
A trader types on a keyboard while monitoring financial data figures at a trading floor. (Photographer: Alex Kraus/Bloomberg)

Private Banks Help Sensex, Nifty Rebound From Two-Week Low

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Closing Bell: Private Banks Help Sensex, Nifty Rebound From Two-Week Low

Indian equity indices rebound from two-week low, led by the gains in private lenders.

The S&P BSE Sensex rose 0.42 percent to 40,286.48 and the NSE Nifty 50 rose 0.27 percent to end at 11,872. The broader markets represented by the NSE Nifty 500 Index rose 0.17 percent.

The market breadth, however, was tilted in favour of sellers. About 1,058 stocks declined and 726 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 1.96 percent fall. On the flipside, the NSE Nifty Financial Services Index was the top sectoral gainer, up 1 percent.

Private Banks Help Sensex, Nifty Rebound From Two-Week Low

Large Trade Alert: Cipla

About 10 lakh shares changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Stocks Reacting To Results Announcement

Apollo Hospitals (Q2, YoY)

  • Stock rose as much as 3.8 percent to Rs 1,441.50.
  • Revenue up 18 percent to Rs 2,841 crore (Estimate: Rs 2,405 crore)
  • Net profit up 54 percent to Rs 83 crore (Estimate: Rs 101 crore)
  • Ebitda up 52 percent to Rs 413 crore (Estimate: Rs 352 crore)
  • Margin at 14.5 percent versus 11.3 percent (Estimate: 14.6 percent)

Suven Life Sciences (Q2, YoY)

  • Stock rose as much as 12.9 percent to Rs 332.80.
  • Revenue up three times to Rs 274.3 crore.
  • Net profit up four times to Rs 72.3 crore.
  • Ebitda up 4.5 times to Rs 110.6 crore.
  • Margin at 40.3 percent versus 27.3 percent.

Bloomberg Exclusive: Government Is Said To Mull Cutting Stake In Indian Oil To Below 51%

The Indian government plans to reduce its stake in Indian Oil Corporation Ltd. to below 51 percent while ensuring the government and state-run companies retain control of the nation’s largest oil refiner, Bloomberg reported quoting people familiar with the matter.

The stock pared losses and rose as much as 4.6 percent to Rs 140

Private Banks Help Sensex, Nifty Rebound From Two-Week Low

Grasim Industries Falls After Q2 Results

Shares of Grasim Industries fell 1 percent to Rs 731.50 after the company announced its third quarter results. The stock had declined as much as 3.73 percent in the opening trade.

Key Earnings Highlights (Q2, YoY)

  • Revenue fell 6 percent to Rs 4,797 crore.
  • Net profit at Rs 526.49 versus net loss of Rs 1,187 crore.
  • Ebitda down 38.8 percent to Rs 659.33.
  • Margin at 13.74 percent versus 21.05 percent.

Stocks Moving On Heavy Volumes

Suven Life Sciences

  • Stock rose as much as 13 percent to Rs 332.80.
  • Trading volume was 20 times its 20-day average.

Zydus Wellness

  • Stock fell as much as 5.7 percent to Rs 1,406.
  • Trading volume was 20 times its 20-day average.

Prime Focus

  • Stock fell as much as 6.3 percent to Rs 81.20.
  • Trading volume was 10 times its 20-day average.

Dixon Technologies

  • Stock rose as much as 12 percent to Rs 3,359.
  • Trading volume was 18 times its 20-day average.
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