Market at Close
Equity benchmarks have closed the session with strong gains. The Nifty has ended the session around 10,850-mark.
There was some weakness seen among metals and energy sectors, along with PSU banks. Meanwhile, banks, automobile and consumption names rose during the trade.
The Nifty Midcap index ended with cuts of around one-tenth of a percent.
Bharti Airtel, Axis Bank and ITC are the top gainers, while Yes Bank, Tata Steel, GAIL and HPCL lost the most.
JUST IN |
Bajaj Corp reported a rise of 9 percent in its net profit for December quarter at Rs 60.1 crore. The company had posted profit of Rs 55.2 crore last year.
ALERT |
The MACD indicator has turned buy on Lupin stock.
IndusInd Bank Q3:
Company reported net profit of Rs 985 crore against Rs 920 crore, QoQ. Gross NPA at 1.13 percent versus Rs 1.09 percent, while Net NPA was at 0.59 percent against 0.48 percent, QoQ.
JUST IN
| Prabhat Dairy is planning to enter into the Animal Nutrition business, which includes cattle feed, nutrition supplements & animal genetics.
Market Update
Benchmark indices erased all its gains with Nifty is trading below 10,800 level.
The Sensex is down 64.95 points at 35915.98, while Nifty is down 30.90 points at 10771.30. About 994 shares have advanced, 1373 shares declined, and 137 shares are unchanged.
JUST IN
| Tera Software bagged work order worth of Rs 324.89 crore to establish optical Fibre network infrastructure in the state of Andhra Pradesh from APSFL.
IFCI raises long-term loan rates to 10.75 percent from 10.6 percent w.e.f January 9
Kotak Securities on Ashok Leyland
: The firm has maintained buy rating on the stock but cut target price to Rs 150 from Rs 170 per share.
According to firm, the commercial vehicle cycle downturn is transient in nature and growth is likely to come back in FY20.
Maruti Suzuki Production Data
: December Production was down 12 percent at 1.07 lakh units against 1.22 lakh units, YoY.
Shares ofIndusIndBank are buzzing ahead of Q3 results today
Buzzing
:Shares ofTransgene Bioteklocked at 5 percent upper circuit after United States of America granted patent on technology for oral delivery of insulin and insulin analogues.
Rupee Update
The Indian rupee erased all its morning gains as it is trading at day's low level at 70.38 per dollar, down 18paise.
Jet Airways falls 1%
Shares of Jet Airways fell over a percent in morning trade on Wednesday as investors reacted to multiple developments.
The Naresh Goyal-led airline flew 14.7 lakh passengers in November 2018, down by about 1.5 lakh passengers from January.
In January 2018, the airline had flown 16.2 lakh passengers, show statistics from the DGCA.
Additionally, investors turned wary of State Bank of India (SBI) seeking a progress of turnaround plan by the airline, CNBC-TV18 reported, quoting banking sources.
Further, the report added that banks want Goyal to give up majority control and step down from the Board of the carrier. It has suggested that his son, Nivaan Goyal replace him on the Board.
Media stocks rally
Shares of HT Media, Jagran Prakashan and DB Corp rose 8-17 percent as investors cheered government hiking ad rates by 25 percent.
The government on Tuesday hiked by 25 percent the rates at which the Bureau of Outreach and Communication releases its advertisements to the print media.
The government said the decision will be of great benefit especially to the medium and small newspapers, including a large number of such papers in regional and vernacular languages.
Market opens
The market has begun the day on a strong note, with the Sensex jumping over 200 points up.
The Sensex is up 210.98 points or 0.59% at 36191.91, and the Nifty up 54.10 points or 0.50% at 10856.30. The market breadth is positive as 330 shares advanced, against a decline of 109 shares, while 30 shares were unchanged.
Banks, automobiles and pharmaceutical sectors are gaining the most, while the Nifty Midcap index is higher by half a percent.
Infosys, Tata Motors, and Bharti Airtel are the top gainers, while Tata Steel and Eicher Motors have lost the most.
Rupee opens
The Indian rupee opened higher by 15 paise at 70.05 per dollar on Wednesday versus previous close 70.20.
Market at pre-open
Equity benchmarks have begun the day on a positive note in pre-opening trade.
The Sensex is up 185.20 points or 0.51% at 36166.13, and the Nifty up 66.80 points or 0.62% at 10869.00.
The Indian rupee opened higher by 15 paise at 70.05 per dollar on Wednesday versus previous close 70.20.
Rupee outlook
The battered Indian rupee will take another bruising this year, despite a recent revival, weighed down by uncertainty around national elections in May and an expected economic slowdown, a Reuters poll found.
While the currency recovered nearly 6 percent after touching a record low of 74.485 per dollar on October 11, the January 2-8 poll of more than 65 analysts showed the rupee will weaken again.
However, fewer than 20 percent of contributors in the latest poll expected the rupee to breach that all-time low in the next 12 months, compared to nearly 50 percent in a November survey and about one-third in December.
US markets end higher:
The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.
Asian markets trade higher
:Asian shares inched up on Wednesday, supported by optimism the United States and China can strike a trade deal to avoid an all-out confrontation that will severely disrupt the global economy.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gained of 74.50 points or 0.69 percent. Nifty futures were trading around 10,912-level on the Singaporean Exchange.
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