Closing Bell: Sensex ends over 700 points higher, Nifty around 10,250; PSU bank index up 8%

An extremely strong day of trade comes to a close, with the Sensex jumping over 700 points, while the Nifty ended above 10,250-mark.

Intense buying among PSU banks, automobiles, infra, IT, metals, and pharmaceuticals boosted the indices. The Nifty Midcap index rose 3 percent.

Index heavyweights such as Reliance Industries, ITC, Infosys, and TCS rallied and aided sentiment.

At the close of market hours, the Sensex closed up 718.09 points or 2.15% at 34067.40, while the Nifty ended higher by 220.90 points or 2.20% at 10250.90. The market breadth is positive as 1,814 shares advanced, against a decline of 769 shares, while 1,046 shares were unchanged.

Tata Power board has approved raising Rs 5,500 crore via NCDs.

: The benchmark indices are trading at day's high level in the final hour of trading with Nifty trading above 10,250 mark.

At 15:19 hrs IST, the Sensex is up 751.18 points or 2.25% at 34100.49, while Nifty is up 231.30 points or 2.31% at 10261.30.

About 1775 shares have advanced, 717 shares declined, and 1133 shares are unchanged.

The company's consolidated net profit rose 52 percent at Rs157.2 crore against Rs103.3 crore.Revenue was up 74 percent at Rs 1,245 crore against Rs 715.2 crore, YoY

Shares ofGTPL Hathwaygained 6 percent as company won an EPC order worth Rs 1,246 crore in Gujarat.

The company is appointed as project implementation agency (PIA) of package B for implementation of BharatNet Phase ‐ II Project in the state of Gujarat by Gujarat Fibre Grid Network (GFGNL).

Colgate Palmolive India's second quarter profit grew by 10.6 percent year-on-year to Rs 196.37 crore, driven by good volume growth and operating income.

Profit in corresponding period last fiscal stood at Rs 177.57 crore.

Revenue from operations during the quarter increased 7.66 percent to Rs 1,168 crore YoY, with volume growth of 7 percent.

Gruh Finance has reported a rise of 20 percent in its net profit for September quarter at Rs 105.4 crore.

Here’s how global brokerages reacted to Dr Reddy’s Q2 show.

The global research firm said that the results were marginally better, driven by a strong Russia, China sales. It likes the company’s focus on cost efficiencies and rationalization of non-core assets. Reducing complex arbitrage could play spoilsport, it added.

Brokerage: Nomura | Rating: Buy | Target: Rs 2,704

Nomura said that the company’s Q2 was in line with estimates and there was strength visible beyond US generics. Key near-term events likely to impact earnings, it added.

Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 2,729

Morgan Stanley said that Q2 was a beat as emerging markets made up for domestic markets’ stagnation. Base business is showing growth momentum, it added.

Brokerage: Citi | Rating: Neutral | Target: Raised to Rs 2,680

Citi termed the Q2 earnings were a mixed bag. It raised FY19 earnings per share (EPS) target by 10 percent, but lowered FY20-21 EPS estimates by 4-5 percent. It is factoring in slightly higher erosion in US generics. Stability in US pricing & cost control initiatives should provide a floor to base earnings, it added.

Equity benchmarks have extended their gains from the morning session, with the Sensex soaring over 470 points. The Nifty is trading well above 10,150-mark.

The Sensex is up 473.15 points or 1.42% at 33822.46, and the Nifty up 142.30 points or 1.42% at 10172.30. The market breadth is positive as 1,622 shares advanced, against a decline of 675 shares, while 1,323 shares were unchanged.

ICICI Bank and State Bank of India are the top gainers, while IndusInd Bank and HDFC Bank are the top losers. Reliance Industries, ITC and ICICI Bank have lost the most.

The buyback by Redington will open on November 6 and close on November 22, 2018.

: Supreme Court allowed for application to be made before CERC to amend PPA as per recommendations.