Closing Bell: Sensex surges 646 points, Nifty above 11,300; IndusInd Bank up 5%##Closing Bell: Sensex surges 646 points, Nifty above 11,300; IndusInd Bank up 5%
The Sensex ended 646 points higher at 38,178, while the broader Nifty50 index added 187 points to end the day at 11,313. In broader markets, the Nifty Midcap and the Nifty Smallcap indices rose 1.3 percent and 0.9 percent, respectively. IndusInd Bank, Bharti Infratel, Bharti Airtel, SBI, and UltraTech Cement were the top gainers on the Nifty50, while Yes Bank, Hero MotoCorp, Zee, HCL Tech, and Titan led the losses. All sectoral indices, except the Nifty IT, ended in green for the day. The banking and financial indices advanced the most with all indices up over 3 percent each. Meanwhile, Nifty Metal and Nifty Realty added 2 percent each. Nifty Auto was also up 1.4 percent. However, Nifty IT fell 0.8 percent ahead of TCS’ earnings due tomorrow.
Raymond's shares surge over 8% on land deal worth Rs 700 crore##Raymond's shares surge over 8% on land deal worth Rs 700 crore
Raymond’s share price rose more than 8 percent intraday after one of its unit, J.K. Investo Trade, entered into an agreement to sell 20-acre land parcel in Thane. The stock jumped 8.85 percent intraday to touch Rs 595.50 on the NSE. READ MORE
Telecom stocks higher; Bharti Airtel up 4%, Vodafone Idea 11%##Telecom stocks higher; Bharti Airtel up 4%, Vodafone Idea 11%
This renewable energy firm has doubled investor wealth in just 1 year##This renewable energy firm has doubled investor wealth in just 1 year
Adani Green Energy (AGEL) doubled investor wealth in the last one year despite the market volatility. The stock has risen rose 113 percent, from around Rs 32 last year to Rs 68 currently. In comparison, the BSE Sensex has gained 8 percent during this period. AGEL is a subsidiary of the Adani Group and one of the largest renewable power generation companies in India.
The stock hit its 52-week high of Rs 74.30 on October 9, 2019, and a 52-week low of Rs 29.15 on October 10, 2018. The stock has risen nearly 75 percent since the beginning of this year. READ MORE
BofAML positive on traditional banks, select NBFCs as weak entities are out##BofAML positive on traditional banks, select NBFCs as weak entities are out
The tone of stock markets across the world is relatively poor due to slowing growth and trade war concerns, said Sanjay Mookim, director-India equity strategy, Bank of America Merrill Lynch.
“Issues around growth concerns, trade war are big overhang on equity markets and nothing in India is still cheap. You cannot go out to investors and say here is something that you can invest from a 3-5 year horizon because you have got a combination of growth and fair value,” Mookim said in an interview with CNBC-TV18. READ MORE
Raymond's shares surge over 8% on land deal worth Rs 700 crore##Raymond's shares surge over 8% on land deal worth Rs 700 crore
Raymond’s share price rose more than 8 percent intraday after one of its unit, J.K. Investo Trade, entered into an agreement to sell 20-acre land parcel in Thane. The stock jumped 8.85 percent intraday to touch Rs 595.50 on the NSE. READ MORE
JBM Auto jumps 15% on receiving order for 300 buses##JBM Auto jumps 15% on receiving order for 300 buses
JBM Auto’s shares jumped 15 percent intraday on Wednesday after the company received an order of 300 buses. The stock price jumped 15 percent to touch Rs 214.90. READ MORE
Reliance Securities upgrades Ashok Leyland to buy, raises price target by 73%. Here's why##Reliance Securities upgrades Ashok Leyland to buy, raises price target by 73%. Here's why
Reliance Securities has upgraded Ashok Leyland, India's second largest commercial vehicle-maker, to "buy" from its previous "reduce" rating on attractive valuation, setting a revised price target of Rs 111 per share. The revised price target offers approximately 73 percent upside potential over the current market price of Ashok Leyland. READ MORE
Telecom space surges led by Vodafone Idea##Telecom stocks gain trade, with Vodafone Idea up 14.56% and Bharti Airtel up 5.37%.
As per the UBS report, Telecom Regulatory Authority of India's (TRAI) review of the inter-connection usage charge (IUC) deadline has raised expectations that the government could take other measures to support the sector to ensure India remained a three-player market.
Oriental Bank of Commerce cuts lending rates by 5-10 bps##Oriental Bank of Commerce cuts lending rates by 5-10 bps across tenors w.e.f October 10
Cadila Healthcare's Zydus receives US FDA nod##Cadila Healthcare's Zydus receives US FDA nod for cholestrol drug Colesevelam Hydrochloride tablet
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