Sensex, Nifty Clock Best Post-Diwali Day In Eight Years
A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Clock Best Post-Diwali Day In Eight Years

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Closing Bell: Sensex, Nifty Register Best Post-Diwali Session In Eight Years

Indian equity indices clocked their best post-muhurat trading session since 2011.

The S&P BSE Sensex rose 1.8 percent or 582 points to 39,381 and the NSE Nifty 50 rose 1.37 percent to 11,786.85. The broader markets represented by the NSE Nifty 500 index rose 1.27 percent.

The 50-stock index closed at its highest levels since Budget.

The Nifty continue its consolidation amid positive bias for the week and remain above 11,500, ICICI Securities said.

“The Nifty remained volatile on the back of global cues and news on heavyweights like Infosys and Bharti Airtel,” the homegrown brokerage said in a note today.

Commenting on the volatility, the research firm said expects volatility to cool further after most companies have already announced their quarterly results. “The volatility declined towards 15% indicating consolidation with positive bias may continue,” it said.

The market breadth was tilted in faovur of buyers. About 1,055 stocks advanced and 732 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Auto Index’s 4.3 percent gain. On the flipside, the NSE Nifty Media index was the only sectoral loser, down 0.3 percent.

Stocks Moving On Heavy Volumes

Asahi India Glass

  • Stock rose as much as 3.3 percent to Rs 208.
  • Trading volume was almost 40 times its 20-day average.

Motilal Oswal Financial Services

  • Stock fell as much as 2.8 percent to Rs 607.15.
  • Trading volume was almost nine times its 20-day average.

Mishra Dhatu Nigam

  • Stock rose as much as 17.4 percent to Rs 157.40.
  • Trading volume was almost 13 times its 20-day average.

Hindustan Aeronautics

  • Stock rose as much as 8 percent to Rs 807.45.
  • Trading volume was almost nine times its 20-day average.

Tata Investment Corp

  • Stock rose as much as 5.5 percent to Rs 873.85.
  • Trading volume was almost eight times its 20-day average.

Fab Four Stocks Of The Day

NMDC

  • Stock rose as much as 5 percent to Rs 112.75.
  • Citi Upgraded the stock to ‘Buy’ from ‘Neutral’; hiked price target to Rs 125 from Rs 95.
  • Mining industry changes in 2020 to benefit; mining lease expiry positive for NMDC.
  • Expiry to be disruptive for ore supply in 2020-21.
  • Hike net profit estimates by 8-30 percent for FY21/22 on resilient prices and slightly better volumes.

GVK Power & Infra

  • Stock hit daily upper circuit of 5 percent at Rs 4.25.
  • Three global firms have agreed to invest Rs 7,614 crore in the company’s airport business as the company looks to retire debt. (Read the full story here)

DCM Shriram Industries

  • Stock rose as much as 2 percent to Rs 382.25.
  • Strong Q2 Results, sugar segment revenue up 11 percent to Rs 251.5 crore.
  • Revenue down 5.7 percent to Rs 391.7 crore
  • Net profit up 9.1 percent to Rs 27.6 crore
  • Ebitda up 46.8 percent to Rs 55.8 crore
  • Margin at 14.2 percent versus 9.2 percent
  • Industrial fibres and chemical segment remain saw degrowth between 21-31 percent.

Welspun India

  • Stock rose as much as 10.6 percent to Rs 59.40.
  • Gets final approval to resolve all pending legal claims in the U.S. concerning past marketing and labelling of company’s premium cotton home textile products.

Market Check: Sensex, Nifty Set To End Near Four-Month High

Indian equity benchmarks are set to end near a four-month high.

The S&P BSE Sensex rose over 600 points or 1.6 percent to 39,886 as of 3 p.m. and the NSE Nifty 50 rose 1.5 percent to 11,802. The broader markets represented by the NSE Nifty 500 Index rose 1.3 percent.

Market Commentary: Why Mark Mobius Remains Bullish On Indian Equities

Veteran investor Mark Mobius thinks that even with economic growth at a six-year low, India presents a better opportunity to invest than other emerging markets.

“I’m still very positive on India,” the founder of Mobius Capital Partners LLP told BloombergQuint in an interview. “Many countries would love to have the kind of growth India has. We are expecting 6 percent for the whole year. This is very good growth. You must remember you cannot have too rapid growth because that leads to excesses.”

Bharti Infratel Falls To Five-Year Low

Shares of Bharti Infratel extended declines for the fourth consecutive trading session. The stock fell as much as 10 percent to Rs 190.85, their lowest level in over five years. (Read more here)

That comes after a Rs 92,000-crore blow in adjusted gross revenue dispute will hurt growth of the tower arm of India’s second-biggest carrier.

The Supreme Court ruled that telecom operators will have to include revenue from non-core operations to calculate levies. The carriers will have to pay penalty and interest, the Supreme Court had said in its order last week.

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