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Oct 08, 2018 03:38 PM IST | Source: Moneycontrol.com

Closing Bell: Market ends multi-day losing streak, Sensex ends almost 100 points higher; Nifty around 10,350

A sharp recovery in financials in the last hour helped indices close in the green.

  • Oct 08, 03:36 PM (IST)

    Market at Close After a harrowing last week, equity benchmarks have begun this week on a positive note. The Nifty has closed around 10,350-mark, while the Sensex ended nearly 100 points higher. 

    It was a volatile day of trade as the market kept swinging between high and low points. But a sharp recovery in financials in the last hour helped indices close in the green. A rally in heavyweights such as Reliance Industries and Kotak Mahindra Bank also boosted the market. 

    Among sectors, energy names, along with banks, and auto were the top gainers, while metals, pharma and FMCG names were the big laggards. 

    At the close of market hours, the Sensex was higher by 97.39 points or 0.28% at 34474.38, while the Nifty was up 31.50 points or 0.31% at 10348.00. The market breadth was negative as 757 shares advanced, against a decline of 1,889 shares declined, while 680 shares were unchanged.

  • Oct 08, 03:14 PM (IST)

    KOTAK GROUP CLEARS THE AIR

    "A message titled I wrote this to my clients earlier today. You may find it reassuring under the circumstances: Uday Kotak is floating on WhatsApp. Please do not fall prey to this message. We deny this message. Neither Uday Kotak nor Kotak Mahindra Bank has issued it”, Rohit Rao, Chief Communication Officer, Kotak Mahindra Group told Moneycontrol.

  • Oct 08, 03:10 PM (IST)

    Market Update A sharp recovery is seen in the last half an hour of trade, especially after the Nifty gave up 10,200 and the Sensex shed 34,000.

    Banks, energy names, and automobiles have gathered steam. Traders could be betting on fall in crude prices along with strength in financials as well.  

    The Sensex is up 63.18 points or 0.18% at 34440.17, while the Nifty is higher by 27.3 points or 0.2% at 10343.8. The market breadth is negative as 585 shares advanced, against a decline of 1,962 shares, while 764 shares were unchanged.

    Yes Bank, Reliance Industries, and HPCL are the top gainers, while Vedanta, HDFC, and Hindalco were the top losers. 

     Market Update  A sharp recovery is seen in the last half an hour of trade, especially after the Nifty gave up 10,200 and the Sensex shed 34,000. 

 Banks, energy names, and automobiles have gathered steam. Traders could be betting on fall in crude prices along with strength in financials as well.   

 The Sensex is up 63.18 points or 0.18% at 34440.17, while the Nifty is higher by 27.3 points or 0.2% at 10343.8. The market breadth is negative as 585 shares advanced, against a decline of 1,962 shares, while 764 shares were unchanged. 

 Yes Bank, Reliance Industries, and HPCL are the top gainers, while Vedanta, HDFC, and Hindalco were the top losers. 
  • Oct 08, 02:57 PM (IST)

    Market Updates: Weak trades continues on Dalal Street with Nifty breached 10,200 for the first time since April 4, 2018. Sensex also broke below 34,000 level.

  • Oct 08, 02:42 PM (IST)

    JPMorgan maintained overweight on Vedanta: Research house cuts target to Rs 345 from Rs 400. It also cuts EPS estimates by 19-20% for FY19-20 driven by lower zinc business.

    As the macro is unhelpful, but progress on the projects should be a positive catalyst. However, given the growth prospects, diversified earnings and attractive valuations, share price should rebound, it added.

  • Oct 08, 02:31 PM (IST)

    Tata Elxsi Q2 numbers: The company's net profit up 16.6 percent at Rs 82.2 crore versus Rs 70.5 crore, QoQ. Revenue up 5 percent at Rs 402.8 crore versus Rs 382 crore.

    EBITDA at Rs 107.1 crore and margin at 26.6 percent.

  • Oct 08, 01:21 PM (IST)
  • Oct 08, 01:03 PM (IST)

    ALERT | The Indian rupee is back to the psychological mark of 74 per US dollar in afternoon trade. Image: Bloomberg.com

      ALERT |  The Indian rupee is back to the psychological mark of 74 per US dollar in afternoon trade. Image: Bloomberg.com
  • Oct 08, 12:53 PM (IST)
  • Oct 08, 12:17 PM (IST)

    CLSA on Maruti Suzuki: Research house maintains buy on the stock but cut target price to Rs 9,200 from Rs 11,300. There is some demand headwinds but sanguine on Maruti’s volume.

  • Oct 08, 12:13 PM (IST)

    RBI approves stake sale in Federal Bank arm: RBI approved TrueNorth’s stake buy of 26 percent in a wholly owned subsidiary, Fedbank Financial Services.

  • Oct 08, 12:03 PM (IST)

    Rupee Update: After a gap down opening the rupee recovered a bit but currently it is trading near the day's low at around 73.91 per dollar.

    Rupee touched a record low of 74.22 per dollar on Friday after central bank kept the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.

  • Oct 08, 11:54 AM (IST)

    Steel Strips Wheels bags order: Steel Strips Wheels bagged another exports order from Egypt for its truck wheels plant in Chennai. Total order size is 50,000 wheels to be dispatched from its new truck wheels plant in Chennai from January, 2019 onwards.

  • Oct 08, 11:52 AM (IST)

    JUST IN | Bank of Maharashtra keeps base rate unchanged at 9.50 percent per annum.

  • Oct 08, 11:49 AM (IST)

    Goa Carbon's September sales declines: Share price of Goa Carbon tumbled 17 percent after company has reported weak sales numbers for the month ended September 2018.

    The company's total sales for September 2018 were down to 14,454.67 MT from 14,726.80 MT in August 2018.

    Meanwhile, its total production has increased to 16,271.70 MT from 13,730.80 MT.

  • Oct 08, 11:39 AM (IST)

    Market Check: Benchmark indices are trading higher in the late afternoon trade with Nifty above 10,350 level.

    The Sensex is up 183.63 points at 34,560.62, while Nifty is up 61 points at 10, 377.50. About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged. 

    Energy, banks, auto and pharma space were up 1-3 percent, while midcap, smallcap stocks are underperforming the major indices.

  • Oct 08, 11:21 AM (IST)

    Buzzing: Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent as order worth Rs 300 crore has been terminated.

    The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen  Resources Pte. Ltd., Singapore, company said in release. 

  • Oct 08, 11:01 AM (IST)
  • Oct 08, 10:52 AM (IST)

    Eicher Motors gains 5% Shares of Eicher Motors gained 5 percent as the firm announced setting up of a new production facility at Bhopal by VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors. This will have an investment of Rs 400 crore. 

     Eicher Motors gains 5%  Shares of Eicher Motors gained 5 percent as the firm announced setting up of a new production facility at Bhopal by VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors. This will have an investment of Rs 400 crore. 
  • Oct 08, 10:48 AM (IST)

    UDAY KOTAK SEEKS EXTENSION OF DEADLINE ON PROMOTER STAKE REDUCTION

    According to CNBC-TV18, Uday Kotak of Kotak Mahindra Bank has sought the extension to resolve promoter holding issue. As per the RBI directive, Kotak is bound to cut his holding to 20 percent by December 2018.

    This comes in the backdrop of the central bank recently freezing Bandhan Bank’s CEO’s salary and asking it to not open fresh branches as it failed to meet promoter holding norms. 

    RBI had communicated that since the Bank was not able to bring down the shareholding of non-operative financial holding company (NOFHC) to 40 percent as required under the licensing condition, general permission to open new branches stands withdrawn and the bank can open branches with prior approval of Reserve Bank of India (RBI), bank said in press release.

  • Oct 08, 10:44 AM (IST)

    JUST IN | L&T's power transmission and distribution business wins orders worth Rs 1,881 crore. 

  • Oct 08, 10:38 AM (IST)

  • Oct 08, 10:35 AM (IST)
  • Oct 08, 10:32 AM (IST)

    LENDING RATES HIKED

    Canara Bank has hiked lending rate by 5 basis points across tenors

    Meanwhile, HDFC Bank has also hiked it by 5 basis points.

  • Oct 08, 10:22 AM (IST)

    METAL NAMES TAKE A HIT

    Shares of metal stocks are taking a hit on Monday morning as investors are reacting to weak prices for domestic metals. 

     METAL NAMES TAKE A HIT  

 Shares of metal stocks are taking a hit on Monday morning as investors are reacting to weak prices for domestic metals. 
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