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Oct 12, 2017 06:29 PM IST | Source:

Late rally lifts Sensex 348 pts; Nifty tad below 10,100; RIL up 4% ahead of Q2 nos

All sectoral indices barring PSU Bank closed higher. The Nifty Bank, Auto, FMCG, Metal and Pharma indices gained 1-2 percent, followed by IT with 0.9 percent. However, PSU Bank index was flat with a negative bias.

It was a spectacular rally in late trade Thursday as the Sensex surged 375 points and the Nifty reclaimed 10,100 level intraday, backed by Reliance Industries, private banks, FMCG and metals stocks. The broader markets also participated in the rally, rising for the second consecutive session.

Investors looked for more cues from macro data - September CPI inflation and August industrial output - due later today. Rise in direct tax collection in April-September period also boosted sentiment.

Benchmark indices ended at 3-week closing highs. The 30-share BSE Sensex rallied 348.23 points or 1.09 percent to 32,182.22 and the 50-share NSE Nifty gained 111.60 points or 1.12 percent at 10,096.40.

"We suggest continuing with stock specific trading approach and keeping a close eye on the earnings announcements. Geopolitical tussle between the US and North Korea is still on thus traders should prefer hedged trades, to minimise the overnight risk," Jayant Manglik, President, Retail Distribution, Religare Securities said.

He further said the markets would react to the TCS results in early trade Friday and the recent recovery in the IT major indicated possibility of further up move. TCS rose 2 percent ahead of earnings later today.

The BSE Midcap and Smallcap indices rose 1 percent each on positive market breadth. About two shares advanced for every share falling on the BSE.

All sectoral indices barring PSU Bank closed higher. The Nifty Bank, Auto, FMCG, Metal and Pharma indices gained 1-2 percent, followed by IT with 0.9 percent. However, PSU Bank index was flat with a negative bias.

Reliance Industries rallied 3.88 percent ahead of earnings on Friday after market hours.

Bharti Infratel continued its run, up 5.2 percent (on top of 2.6 percent upside in previous session). On Wednesday, a media report indicated that KKR-led consortium of funds are looking to buy Bharti Infratel and Indus Towers for USD 11 billion.

Bharti Airtel slipped 0.8 percent on profit booking. The stock was up 5 percent in previous session. The company, today after market hours, announced that Tata Teleservices and Tata Teleservices Maharashtra will combine their consumer mobile businesses with the company. With this, 40 million customers of Tatas will join Airtel.

Tata Teleservices Maharashtra share price was locked at 10 percent upper circuit. Recently Tata Sons' Chairman N Chandrasekaran told CNBC-TV18 that they have to take a "tough call" on their telecom business that has been posting losses quarter-after-quarter.

Sun Pharma was up 2.6 percent on receiving establishment inspection report from USFDA for Dadra Facility.

IndusInd Bank was up 1.5 percent after Q2 numbers matched analysts' expectations and stable asset quality. Slippages were lower compared with previous quarter. The bank will hold a board meeting on Saturday to consider strategic combination & also issue of warrants to promoters on preferential basis.

Bharat Financial hit Rs 1,000 per share intraday, up 3 percent at close. The non-banking finance company, on September 11, entered into an exclusivity agreement with IndusInd Bank for agreeing to have an exclusive discussion with IndusInd Bank about the proposed potential strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.

Among others, HDFC Bank, Vedanta, Hindalco, HUL, Tata Motors, Axis Bank, Aurobindo Pharma and Tata Steel rallied 1-6 percent while IOC, Infosys and SBI were mildly lower.

Claris Lifesciences fell 9 percent after board decided to evaluate sharing cash with shareholders via dividend/buyback. Cadila Healthcare was up 2 percent after Zydus received US FDA nod for Desvenlafaxine tablets.

Prakash Industries gained 4.8 percent as company secured additional coal linkages of 2.1 lakh tonne per year for 5 years. Man Industries was up 20 percent on bagging order worth Rs 930 crore from GAIL.

DB Realty was down 3.7 percent as LIC Housing Finance filed insolvency plea against the company in National Company Law Tribunal.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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