Closing Bell: Sensex, Nifty give up gains, Nifty loses 10,600-mark; Infosys, Wipro, HUL among gainers

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Closing Bell: Market gives up gains, Nifty loses 10,600-mark; Infosys, HUL gain.##Closing Bell: Market gives up gains, Nifty loses 10,600-mark; Infosys, HUL gain.  
 

The market on Wednesday gave up its gains after a positive start. The BSE Sensex closed at 34,817 points and the NSE Nifty closed at 10,459 points. Infosys and other IT stocks - Wipro and HCL Tech - were among the top Nifty gainers today while the NBFC stocks took a hit in the session amid a massive sell-off in the stocks where Indiabulls Housing Finance lost more than 13 percent in the trade today. Reliance Industries remained volatile in trade as the stock towards the end of the trading session slipped by a percent loss ahead of declaring its Q2 results. 

Stock check: Indiabulls Housing Finance is losing more than 13% towards the close. 

Here's what sources told CNBC-TV18 on Infosys' management rejig.

Just in: Infosys board shortlists deputy CFO Jayesh Sanghrajka for CFO post: sources.

NIIT Tech Q2 net profit jumps 66% to Rs 111.8 crore.##NIIT Tech Q2 net profit jumps 66% to Rs 111.8 crore.
 

NIIT Technologies on Wednesday reported 66.3 per cent jump in net profit to Rs 111.8 crore for the quarter ended September 30, 2018, driven by strong demand across sectors like BFSI and travel and transportation.

The company had registered a net profit of Rs 67.2 crore in the year-ago period, it said in a regulatory filing.

The company's revenues grew 23.1 percent to Rs 907.4 crore in the reported quarter from Rs 737.2 crore in the year-ago period.

On sequential basis, net profit was up 30.3 percent, while revenue was higher 10 percent. Digital revenues grew 11.6 percent sequentially contributing to 28 percent of the total revenues.

Shares of the company rose six percent after the announcement of the results. 

Rupee update: The rupee is trading at 73.50 against the US dollar. 

NPAs a bigger problem for NBFCs, not liquidity: BNP Paribas##NPAs a bigger problem for NBFCs, not liquidity: BNP Paribas.


Speaking about the NBFCs crisis, Anand Shah, deputy CEO and head-investments at BNP Paribas MF, said that the bigger problem for them is NPAs and not liquidity.

Shah said, “Particularly we need to divide the problems into three parts. One is obviously the interest rates were rising, and to that extent if your ALM is not matched and if you are actually borrowing short and lending long, there would be a margin pressure. That is one part of the problem ... the other is the liquidity crunch which we are seeing off-late."

Watch the full interview here.

Sundaram Finance to raise interest rates on deposits by 25 bps.##Sundaram Finance to raise interest rates on deposits by 25 bps.

Sundaram Finance, a non-banking financial company, on Wednesday said it would raise its interest rates on deposits by 25 basis points (bps) from October 19.

One basis point is a hundredth of a percentage point.

The rates will be raised to 7.75 percent from 7.50 percent for deposits and renewals for a tenure of 12 and 18 months, the company said in a statement.

For deposits of 24 and 36 months, the rates would be increased to 8 percent from 7.75 percent, the release said.

For senior citizens, the rates would be hiked to 8.25 percent from 8 percent for 12 and 18 months, it said.

Just in: Cadila Health: Zydus gets US FDA nod for Clobetasol Propionate Cream.

Market update: The benchmark indices are trading in the red towards the last trading hour.

Bharat Hotels, Spandana Sphoorty get Sebi nod for IPOs.##Bharat Hotels, Spandana Sphoorty get Sebi nod for IPOs.
 

Bharat Hotels, which runs five-star properties under The LaLiT brand, and micro-finance lender Spandana Sphoorty Financial have received markets regulator Sebi's go-ahead to float IPOs.

With this, the total number of companies getting Sebi's clearance to launch initial share-sales has reached 60 so far this year.

Bharat Hotels and Spandana Sphoorty obtained the regulator's "observations" on October 12, latest update with Securities and Exchange Board of India (Sebi) showed.

The two companies had approached the markets regulator in June with their respective IPO papers. Sebi's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

(From PTI)

Rebound in market will be short-lived, expect Nifty to break 9,900 levels: CLSA##Rebound in market will be short-lived, expect Nifty to break 9,900 levels: CLSA
 

The rebound seen in the markets is likely to be short-lived and will be followed by further weakness for both the emerging markets and the Nifty, said Laurence Balanco of CLSA.

For the Nifty, he said last week’s lows would be tested and probably broken in coming weeks. “The next level we see being at least tested and probably broken is 9,900, which were the lows made in late March, early April,” he said.

Read the full story and watch the video here.

UK's May met Tata patriarch Ratan as Jaguar warns on Brexit, diesel.##UK's May met Tata patriarch Ratan as Jaguar warns on Brexit, diesel.
 

British Prime Minister Theresa May and business minister Greg Clark met Ratan Tata, patriarch of the Tata family, a few weeks ago as its car brand Jaguar Land Rover warns about the effect of Brexit and diesel policy, a government source said.

The sprawling Tata conglomerate includes manufacturing, defence, aerospace, services and steel operations.

Tata bought ailing Jaguar Land Rover (JLR) in 2008 and has ploughed billions of pounds into the firm, making it Britain's biggest automotive company producing nearly one of three cars made in the country.

(From Reuters)