Closing Bell: Markets end higher, Sensex rallies 424 points; Nifty Bank gains 2%##Closing Bell: Markets end higher, Sensex rallies 400 points; Nifty Bank gains 2%
The Indian market ended higher on Tuesday with frontline indices Sensex and Nifty up 1 percent each led by gains index heavy weights like RIL, HDFC Bank, ICICI Bank and SBI. Asian peers lifted the sentiment, gaining, after two sessions of losses, as US Treasury yields edged higher, easing concerns about a recession in the world’s largest economy. The stronger rupee also supported the equities.
The S&P BSE Sensex ended at 38,233, up 424 points, while the broader NSE Nifty50 settled at 11,483, adding 129 points. Meanwhile, broader markets were in-line with frontline indices. The Nifty MidCap and Nifty Smallcap gained over 1 percent each.
NTPC, SBI, Vedanta, Reliance Industries, and Bajaj Finance were the top gainers on the Nifty50, gaining between 3-4.2 percent. IT stocks like Tech Mahindra and Infosys were among the biggest losers on the index, falling 2.5 percent and 1 percent, respectively. IOC, UPL, Coal India, and Wipro also fell during the day.
All sectoral indices, except Nifty IT (down 0.4 percent), ended the day in green. Nifty PSU Bank index rose the most, up over 3 percent, followed by Nifty Bank, Nifty Metal and Nifty Fin Service.
Nifty IT was the only sectoral index ending in red##Nifty IT was the only sectoral index ending in red
Nifty Bank rises 2%; SBI, Bank of Baroda, PNB top gainers##Nifty Bank rises 2%; SBI, Bank of Baroda, PNB top gainers
Sectoral Trend: All indices except Nifty IT ended the day in green##Sectoral Trend: All indices except Nifty IT ended the day in green
Top Nifty Gainers and Losers: NTPC up 4%, Tech Mahindra down 2.5%##Top Nifty Gainers and Losers: NTPC up 4%, Tech Mahindra down 2.5%
These major stocks take frontline indices higher##These major stocks take frontline indices higher
Global Markets: Asian shares tick up as US bond yields come off late-2017 lows##Global Markets: Asian shares tick up as US bond yields come off late-2017 lows
Asian shares drifted higher on Tuesday after two days of losses as US 10-year Treasury yields edged up, but the outlook remained murky as investors weighed the odds of whether the US economy is in danger of slipping into recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan rebounded 0.2 percent after losing 1.4 percent in the previous session. Australian shares were flat, while Japan’s Nikkei jumped 2.1 percent after recording its biggest drop since late December on Monday. China’s blue-chip CSI300 bucked the trend, giving up early gains to fall 0.7 percent, while Hong Kong’s Hang Seng Index was slightly lower.
Goldman Sachs keeps Brexit bets unchanged after UK parliament takes control##Goldman Sachs keeps Brexit bets unchanged after UK parliament takes control
Goldman Sachs stuck to its estimates of Brexit outcomes on Tuesday after British lawmakers voted late Monday to seize control of the parliamentary agenda for a day to break the impasse in Britain's tortuous exit from the European Union. Although Adrian Paul, European economist at the US bank, said he was sceptical the "indicative votes" planned for Wednesday would prove conclusive, he said they may pave the way for a softer Brexit.
"Many of the options most likely to succeed point towards a "softer Brexit" than currently envisaged by the Prime Minister," he said. READ MORE
HCC sees a sharp surge; recovers more than 8% post the news of securitising arbitration claims##HCC sees a sharp surge; recovers more than 8% post the news of securitising arbitration claims
HCC to transfer arbitration awards, claims of Rs 1,750 cr to investors led by BlackRock##HCC to transfer arbitration awards, claims of Rs 1,750 cr to investors led by BlackRock
HCC to transfer arbitration awards, claims of Rs 1,750 cr to investors led by BlackRock. The transaction will result in a partial write-down of the company's net worth. HCC will use proceeds from the transaction to repay debts worth Rs 1,250 cr & the remaining Rs 500 cr will be utilised for business growth
These are the two foreign healthcare stocks that DSP Investment is betting on##These are the two foreign healthcare stocks that DSP Investment is betting on
DSP Healthcare Fund has invested in two foreign healthcare stocks, namely Abbott and Abiomed. He said 6 percent of the fund is allocated to these two stocks.
“These stocks have a long runway in terms of growth. Healthcare is a space where smart technology is going to make inroads. Both these companies are focused on cardiology and diabetology side of the business and with patient population growing fast in these areas in the world and these technologies are getting adopted incrementally. So that is the rationale for investing in these two stocks,” added Khemka. READ MORE
Laurus Labs enters into a strategic partnership with Global Fund; stock up 4%##Laurus Labs enters into a strategic partnership with Global Fund, stock up 4%
Laurus Labs gained over 4 percent as it entered into a strategic partnership agreement with Global Fund for a period of 3.5 years. Through this long-term agreement, Laurus Labs will have volume commitments from the Global Fund for the treatment of HIV/AIDS
Elara Capital on midcaps: Why and what to buy##Elara Capital on midcaps: Why and what to buy
Ravi Sundar Muthukrishnan, head of institutional equity research at Elara Capital, has written a note titled, Midcaps: Why and what to buy. Talking about mid-cap stocks, he said, “We like the replacement market space and that’s the reason why we put Amara Raja Batteries. We like the discretionary space so we have put Crompton Greaves Consumer Electrical and among city gas, we like Gujarat Gas because new long-term gas supply is going to come in the offing.”
Frontline indices witness a sharp uptick, trading at day's high##Frontline indices witness a sharp uptick, trading at day's high
Should Indian investors be spooked by the sharp fall in US bond yields? Analysts answer
