RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month
An employee monitors financial information on computer screens on the trading floor. (Photographer: Jason Alden/Bloomberg)

RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month

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RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month

Indian equity benchmarks rebound from their worst fall in over a month, driven by Reliance Industries Ltd., ICICI Bank Ltd. and Infosys Ltd.

The S&P BSE Sensex closed 353 points or 0.96 percent higher at 37,311 and the NSE Nifty 50 ended 0.95 percent higher at 11,029.40. The broader markets represented by the NSE Nifty 500 Index ended 0.91 percent higher.

"Markets are extremely volatile led by negative global cues such inverted U.S yield curve," said Vikas Sethi, Managing Director, Sethi Finmart, in an interview to BloombergQuint. "It is a right time to buy good quality stocks with 9-12 months time frame." However, the indices could "certainly" correct another 2-3 percent in the short-term.

It is a right time to buy good quality stocks with 9-12 months time frame. However, we could certainly correct another 2-3 percent on the index-level. 
Vikas Sethi, Managing Director, Sethi Finmart

The market breadth was tilted in favour of buyers. About 949 stocks advanced and 808 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Media Index’s 2.8 percent gain. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 1.37 percent.

RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month

Agreed Ajit Mishra, vice president, research, Religare Broking, saying that investors have to take a cautious stance on the Indian markets in the near term. Going forward, the focus will now shift to earnings recovery and investors will also take cues from global developments such as U.S.-China trade war and crude oil prices, he said.

Coffee Day Plans To Sell Bengaluru Tech Park To Blackstone

Coffee Day Enterprises Ltd.’s board approved the disinvestment of Global Village Tech Park in Bengaluru, owned by its unit Tanglin Developments.

The company plans to sell the Tech Park in Bengaluru to Blackstone in a deal valued at Rs 2,600-3,000 crore, according to its stock exchange filing.

Fab Four Stocks Of The Day

Apollo Hospitals

  • Stock rose as much as 9.3 percent to Rs 1,445
  • Revenue rose 16.3 percent to Rs 2,571.9 crore.
  • Net profit rose 68.7 percent to Rs 57.2 crore.
  • Ebitda rose 56.4 percent to Rs 363.7 crore.
  • Margin at 14.1 percent versus 10.5 percent.

Dixon Technologies

  • Stock rose 17.3 percent to Rs 2,336.
  • Shares gain for the third consecutive trading session.
  • Trading volume was 11 times its 20 day average.

Kaveri Seeds

  • Stock rose as much as 11.5 percent to Rs 489.50.
  • Shares Jump the most in over two years.

J Kumar Infraprojects

  • Stock rose as much as 11 percent to Rs 145.50
  • The company was removed from the suspect list of database of shell companies by SFIO

Sensex Up Nearly 400 Points; Nifty Above 11,000

Indian equity benchmarks are set to rebound from one-month low.

The S&P BSE Sensex rose 1.07 percent to 37,346 as of 3 p.m. and the NSE Nifty 50 rose 1 percent to 11,035. The broader markets represented by the NSE Nifty 500 Index rose 0.96 percent.

The market breadth was tilted in favour of buyers. About 937 stocks advanced and 806 shares declined on National Stock Exchange.

Grasim Q1 Profit Declines 69%; Shares Gain

Shares of Grasim Industries rose 3.5 percent to Rs 734.70 after the company announced its June quarter results.

Key earnings highlights (Q1, YoY)

  • Revenue up 4.4 percent to Rs 5,000.6 crore.
  • Net profit down 68.6 percent to Rs 201.7 crore.
  • Ebitda down 21.8 percent to Rs 843.7 crore.
  • Margins at 16.9 percent versus 22.5 percent.
  • Exceptional loss of Rs 290 crore on payments bank venture impairment.

Market Update: Market Breadth In Favour Of Buyers

The market breadth was tilted in favour of buyers. About 934 stocks advanced and 787 shares declined on National Stock Exchange.

RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month
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