Share market HIGHLIGHTS: Strong rebound on D-Street! Sensex ends 550 pts up, Nifty at 10,387; HDFC up 6%

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Updated: October 31, 2018 4:24:24 pm

Stock market HIGHLIGHTS: Sensex and Nifty made a sharp recovery in the afternoon trade deals on Wednesday and closed trade higher after the government highlighted the importance of autonomy of the RBI. HDFC was the top gainer on the Sensex, up nearly 6%.

share market live today, Sensex, nifty, rupee, rupee value, marketShare market today: Check for Sensex, Nifty live updates

Share market HIGHLIGHTS today: Sensex and Nifty made a sharp recovery in the afternoon trade deals on Wednesday and closed trade higher after the government highlighted the importance of autonomy of the Reserve Bank of India (RBI) in a bid to calm investors worried about a growing public quarrel with the central bank. In a finance ministry statement, the government said the RBI’s independence was “an essential and accepted governance requirement”.

On closing, the Sensex surged 550.92 points or 1.63% to end at 34,442.05 points. The BSE market breadth was bullish with 1,613 advances and 941 declines. The Nifty ended at 10,386.60 points, up 188.20 points or 1.85%. The Nifty Bank index closed trade 1.39% higher. Tech MahindraIndiabulls Housing Finance, HDFC, HCL Technologies, and UPL were the top gainers on the Nifty.

The equity markets and the domestic currency had turned choppy in the morning trade session amid reports that RBI Governor Urjit Patel may consider resigning given the breakdown in relations, said a Reuters report. Besides, profit booking in most metals, PSU banks, FMCG and auto stocks had pulled the stock market lower in the morning session.

In the global markets, Asian stocks pulled away from 20-month lows following a rebound on Wall Street, although investors remained cautious after an October month that saw sharp downturns across global equity markets, according to a Reuters report. Oil prices recovered slightly after dropping to multi-month lows the previous day on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.

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    15:59 (IST)31 Oct 2018
    Viewpoint: Geojit Financial Services

    After a volatile start, market sharply rebounded led by clarity over the independence of RBI by the Govt. Rupee pared some losses while strong global cues and stock specific actions supported the market to remain positive. Signs of rising oil supply and gradual consolidation in yield may ease liquidity concerns. However, the focus will be more on the results outcome as there is a fear of further downgrade in earnings in H2FY19.

    -- Vinod Nair, Head of Research, Geojit Financial Services

    15:35 (IST)31 Oct 2018
    CLOSING BELL: Strong rebound on D-Street! Sensex closes 550 pts up, Nifty ends above 10,350

    The BSE Sensex made a strong rebound during afternoon trade dals on Wednesday and closed trade 550 points higher. The NSE Nifty closed firmly above the 10,350 points. Check out the top gainers and losers on the Sensex:

    15:29 (IST)31 Oct 2018
    Q2 UPDATE: Ajanta Pharma net profit down nearly 5%

    Key Highlights:

    • Net profit down 4.9% at Rs 125.4 crore YoY
    • Revenue up 0.7% at Rs 544.1 crore YoY
    • Shares traded 7.06% higher at Rs 1081.90 per share
    15:22 (IST)31 Oct 2018
    Q2 UPDATE: MOIL net profit up 13.4% YoY

    Key highlights:

    • Net profit up 13.4% at Rs 105.1 crore
    • Revenue up 24.8% at Rs 357.8 crore
    • Shares up 2.41% at Rs 178.60 on the BSE.
    15:19 (IST)31 Oct 2018
    Sensex live: HDFC top index contributor

    HDFCwas the top Sensex gainer on Wednesday, contributing nearly 170 points to the index. Check out the other top contributors to the Sensex today:

    15:16 (IST)31 Oct 2018
    Rupee recovers nearly 40 paise from day's low

    The rupee recovered nearly 40 paise to trade at 73.8325 per US dollar. The rupee had opened weak at 73.90 per US dollar and plunged to an intra-day low of 74.1450 against the greenback amid reports that the central bank governor may consider resigning amid growing policy disagreements with the government

    15:13 (IST)31 Oct 2018
    Sterling climbs off 10-week low as investors turn to BoE

    Sterling on Wednesday rose off a 10-week low as investors turned their attention to a Bank of England monetary policy meeting on Thursday, when it is expected to keep interest rates on hold and detail conditions necessary for policy tightening, said a Reuters report. The pound has weakened 4% in October as traders fret over the lack of progress in Britain's EU divorce talks on issues including the Irish border, less than five months before Brexit. It sank on Tuesday to its lowest since mid-August against the dollar after credit ratings agency Standard and Poor's said a no-deal Brexit would likely tip Britain into a recession that could last more than a year. Wednesday brought some reprieve for the currency, however, with some traders preparing for more-hawkish-than-expected signals from the central bank.

    15:11 (IST)31 Oct 2018
    Gold at nearly 6-yr high! Check gold prices in Delhi

    Gold prices rallied for the second consecutive session on Wednesday, rising by Rs 30 to touch a nearly six-year high of Rs 32,650 per 10 gram amid increased festive demand. Silver, however, continued to remain weak and fell by Rs 40 to Rs 39,200 per kg due to tepid demand by industrial units.

    According to a PTI report, gold of 99.99 and 99.5% purity surged by Rs 30 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively In the Delhi bullion market. This is the highest level since November 29, 2012 when the precious metal had closed at Rs 32,940 per ten gram.

    15:06 (IST)31 Oct 2018
    NSE live! Nifty inches closer to 10,400

    The NSE Nifty extended gains, inching closer to the 10,400 mark, led by gains in most NBFCs and IT stocks. Around 3 pm, the Nifty traded 183.30 points or 1.80% higher at 10,381.70 points.

    15:03 (IST)31 Oct 2018
    BSE Live! Sensex extends gains; HDFC, IndusInd Bank, Infosys lead gains

    The BSE Sensex extended gains during the late-afternoon trade session, rising over 500 points led by gains in most banking, IT and pharma stocks. At 3 pm, the Sensex traded at 34,435.82 points, higher by 544.69 points or 1.61%.

    14:58 (IST)31 Oct 2018
    Q2 UPDATE: Lupin's consolidated net profit down 41.5%

    Key highlights:

    • Consolidated net profit down 41.5% at Rs 265 cr YoY
    • Consolidated revenue unchanged at Rs 3,951 crore YoY
    • Consolidated other incomes at Rs 230.7 crore
    • Consolidated EBITDA Rs 549.6 crore
    • EBITDA margin at 13.9%

    Shares of Lupin were trading 3.59% higher at Rs 908 per share on the BSE.

    14:42 (IST)31 Oct 2018
    Hongkong shares end higher, but post sixth straight month of losses

    Shares in Hong Kong ended higher on Wednesday but finished the month over 10% weaker as concerns over China growth and Sino-U.S. trade friction weighed heavily on investors' minds, according to a Reuters report. At the close, the Hang Seng index was up 1.6% at 24,979.69 points, while the China Enterprises Index closed 1.4% higher at 10,138.63 points. Despite Wednesday's gains, the Hang Seng finished down 10.1% for the month, its worst monthly performance since January 2016. It was the sixth consecutive monthly drop for the index.

    14:30 (IST)31 Oct 2018
    PNB Housing Finance raises Rs 2,450 crore though commercial papers

    PNB Housing Finance Limited said it has successfully raised Rs 2,450 crore through Commercial Papers (CP). "This is in addition to Rs 1,775 crore raised earlier in October totalling to Rs 4,225 crore of CPs raised in October 2018. The CPs were placed with various Mutual Funds and Banks," the company said in a regulatory filing to the BSE. PNB Housing Finance shares were trading 8.94% higher at Rs 796.55 per share on the BSE.

    13:57 (IST)31 Oct 2018
    BSE Top gainers

    13:31 (IST)31 Oct 2018
    Oil rises 1% ahead of Iran sanctions

    Oil prices climbed for the first time in three days on Wednesday, rising around 1 percent ahead of the start of U.S. sanctions against Iran next week and as stock markets clawed back some of the losses they racked up this month, said a Reuters report. Brent crude futures had gained 83 cents, or 1.1%, to $76.74 a barrel by 0746 GMT. U.S. West Texas Intermediate (WTI) crude futures advanced 55 cents, or 0.9%, to $66.73 a barrel on Wednesday.

    Traders said oil received some support from stock markets, which pulled back from 20-month lows on Wednesday amid pledges by China to support its markets. Analysts said oil prices were also supported by the upcoming U.S. sanctions against Iran's crude exports that will start on Nov. 4. Imports of Iranian crude oil by major buyers in Asia hit a 32-month low in September, as China, South Korea and Japan sharply cut their purchases ahead of the sanctions on Tehran, government and ship-tracking data showed.

    13:30 (IST)31 Oct 2018
    GE Power bags orders worth Rs 1,783 cr from NTPC

    GE Power India has bagged orders worth Rs 1,783 crore from NTPC for installation of air quality control systems at four of its power plants.The four power plant projects are Solapur Super Thermal Power Project - 2x660 MW, Tanda Super Thermal Power Project Stage II - 2x660 MW, Feroze Gandhi Unchahar Thermal Power Project -1x500 MW and Meja Thermal Power Project - 2x660 MW, by Meja Urja Nigam Private Ltd (a JV of NTPC and UPRVUNL), the company said in a regulatory filing. Shares of GE Power traded 2.58% higher at Rs 829.95 per share on the BSE.

    13:27 (IST)31 Oct 2018
    Q2 UPDATE: AIA Engg Q2 net profit at Rs 121.5 cr

    Key highlights:

    • Q2 profit up 40.5% at Rs 121.5 crore
    • Revenue up 32.5% at Rs 740.6 crore
    • EBITDA by 31.5% at Rs 147.8 crore
    • EBITDA margin down 10 basis points at 20%

    Shares of AIA Engineering traded flat at Rs 1,720 per share on the BSE.

    13:22 (IST)31 Oct 2018
    Autonomy of RBI essential, nurtured by govt: FinMin

    Amid reports of its mounting tension with the RBI, the Finance Ministry on Wednesday said the government has "nurtured and respected" autonomy of the central bank and has been holding extensive consultations with it on many issues. "The autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Government of India has nurtured and respected this," it said in a statement. Both the government and RBI, in their functioning, have to be guided by public interest and the requirement of the Indian economy, it said. "For the purpose, extensive consultations on several issues take place between the government and the RBI from time to time."

    Following the announcement, a spurt was observed in the Indian stock markets, with the Sensex rising over 150 points intra-day, while the Nifty scaled the 10,250-mark.

    13:19 (IST)31 Oct 2018
    Looking for stocks to invest in Diwali?

    Even as you look for various ideas to give an edge to your portfolio this Samvat 2075, a few bluechip stocks including RIL and ICICI Bank could brighten up your Diwali. The Sensex has managed to move up by about 5% since last Diwali, in what has been a very volatile year so far. Taking stock of the year so far, Axis Direct said in a note that US China trade tensions, rising crude oil prices, depreciating rupee, NBFC crisis caused by the recent IL&FS issue have been collectively responsible for the recent plunge in the markets, wiping away the entire gains made in the last one year in a matter of just two months. However, the country’s business environment is running strong and companies are expected to deliver robust growth driven by consumption-led demand, Axis Securities said suggesting Muhurat picks for Samvat 2075. With this backdrop, we bring to you two blue chip stocks that could lighten up your Diwali this time around. Read the story here.

    13:15 (IST)31 Oct 2018
    Q2 UPDATES: Dabur's net profit up 4.1%

    Ket highlights:

    • Consolidated net profit up 4.1% to Rs 377 cr 
    • Revenue at Rs 2125 cr
    • Domestic FMCG business grew 8.6%, led by an underlying volume growth of 8.1%

    Dabur shares traded at Rs 386.90 per share on the BSE, down 2.03%.

    13:08 (IST)31 Oct 2018
    Viewpoint: Geopolitical stresses, crude and depreciating currency continue to weigh on the markets

    The benchmark indices opened flat for the session, after a small correction which bottomed out at 10 30 am around the 10,150 levels, markets resumed their short-term bull trend. A recovery soon ensued taking the indices to the highest point of the session. Airline stocks seem to be making a comeback in trade, and we see a clear shift in funds moving from Private Banks to Public sector banks.

    We seem to have reached a pivotal junction wherein the markets could rally and recount a large portion of the losses over the last quarter or continue with the medium-term trend downwards. Corporate profits continue to decline, and the overhang from Geopolitical stresses, crude and depreciating currency continue to weigh on the markets.

    -- Nikhil Kamath- Co- Founder, Zerodha

    12:44 (IST)31 Oct 2018
    BSE live! Sensex recovers nearly 450 points from its day's low

    The BSE Sensex recovered nearly 450 points from its day's low to trade at 34,014.62 points (up 123.49 points or 0.36%) during the mid-afternoon deals on Wednesday.

    12:05 (IST)31 Oct 2018
    Australian shares close higher, led by banks; NZ gains

    Aussie shares suffer worst month in over 3 years. The S&P/ASX 200 index closed 0.43%, or 25.2 points, higher at 5,830.300. It rose 0.1% in the previous session. However, the benchmark posted a decline of 6.1% for the month, its biggest monthly drop since August 2015 as a bitter trade war and worries over U.S. corporate earnings wiped trillions of dollars wiped out of global equity markets. Financials underpinned the gains on Wednesday, rising 0.9% to post a fourth straight day of gains.

    11:46 (IST)31 Oct 2018
    Q2 impact: Cummins India jumps most in over 3 years

    Engine maker Cummins India Ltd's shares surged over 14% to Rs 769.40 after the company reported over 38% jump in Q2 profit after tax at $28.64 million helped by strong domestic sales. The shares marked their biggest intraday percentage gain since August 6, 2015. The company said it remains confident on medium-to-long-term outlook for domestic sales as underlying demand remains positive.

    Deutsche Bank expects strong export and domestic growth to spur consensus upgrades despite election-related hiccups. DB has a price target of Rs 880 and a "buy" rating on the stock.

    11:43 (IST)31 Oct 2018
    SEBI cautions against dealing with foreign websites

    Capital markets regulator SEBI cautioned against dealing with foreign websites and online trading portals that are offering a variety of financial products including various types of derivatives, which are traded on overseas platform in a bid to safeguard gullible investors against risky investment products. The watchdog noted that many of these firms attract and clients solicit their business through various means of communications such as electronic messages, blogs, advertisements, websites and emails, offering free online registration without complying with even the basic Know Your Customer (KYC) procedures.

    Read the full story here: SEBI cautions investors against dealing with foreign websites, trading portals; key things to know

    11:40 (IST)31 Oct 2018
    Stocks in news: Dr Reddy's falls 6% after U.S. FDA issues observations on plant

    Shares of Indian drugmaker Dr.Reddy's Laboratories Ltd dropped 6.6% to Rs 2,423.05, their biggest daily pct loss since July 16. The US FDA issued eight form 483 observations after inspecting co's formulations manufacturing facility at Duvvada, Visakhapatnam in southern India. According to Citi analysts, "fresh 483s issued post inspection at the Duvvada plant takes one potential positive out of the equation". The brokerage has maintained 'neutral' rating with price target of Rs 2,680 rupees, adding that it is too early to get constructive on the stock and financial impact is limited.

    11:18 (IST)31 Oct 2018
    IDFC to sell controlling stake in IDFC Infrastructure Finance to NIIF II

    Private lender IDFC Ltd will sell controlling interest in IDFC Infrastructure Finance Ltd to National Investment and Infrastructure Fund II, for an undisclosed amount. IDFC Ltd, IDFC Financial Holding Company Ltd (IDFC FHCL) and IDFC Infrastructure Finance Ltd (IDFC IFL) have entered into a definitive agreement with National Investment and Infrastructure Fund II (NIIF II) in this regard, IDFC said in a regulatory filing. "Pursuant to the said agreement, NIIF II shall acquire controlling interest in IDFC IFL from IDFC FHCL," the filing added. National Investment and Infrastructure Fund Limited (NIIFL) is an investor-owned fund manager, anchored by the Government of India in collaboration with leading global and domestic institutional investors. It manages over USD 3 billion of capital commitments across three funds including NIIF II, each with its distinct investment strategy, as per the company website.

    IDFC shares traded 2.08% lower at Rs 35.35 on the BSE.

    11:16 (IST)31 Oct 2018
    Nifty LIVE! Check out top five gainers and losers

    The NSE Nifty wiped off early morning gains and trade lower by 0.35% at 10,162.90 points during mid-morning deals on Wednesday. Check out the top five Nifty gainers and losers here: 

    11:12 (IST)31 Oct 2018
    Q2 UPDATE: Strides Pharma

    Key highlights:

    • Revenue up 4% to Rs 738.1 crore YoY
    • EBITDA up 11% to Rs 1,00.9 crore YoY
    • Strong business momentum in Australia with a topline growth of 12 % YoY and 4 % QoQ with steady margins
    • US business delivered a healthy sequential growth of 27% and reached breakeven despite a higher R&D spend
    • Other regulated markets delivered a strong quarterly performance with revenue growth of 52 % YoY and 15 % QoQ. This continues to be the fastest growing market for Strides

    Shares of Strides Pharma Science were trading 2.71% lower at Rs 402.55 per share on the BSE.

    11:06 (IST)31 Oct 2018
    Dollar at 16-month peak, yen weakens as BOJ in no hurry to exit stimulus

    Dollar index touches 16-month peak on Wednesday. The Japanese yen edged lower against the dollar on Wednesday after the Bank of Japan signaled it was a long way off from exiting crisis-era stimulus, while the greenback scaled 16-month highs versus its key rivals on continued strength in the U.S. economy, said a Reuters report. The Bank of Japan (BoJ) kept monetary policy steady on Wednesday and cut its price forecasts, reinforcing market expectations that subdued inflation will force it to maintain its massive stimulus programme for the time being. In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1% and a pledge to guide 10-year government bond yields around zero percent.

    10:51 (IST)31 Oct 2018
    Sector UPDATE: Pharma sector in green; Dr Reddy's Lab slips 3%

    The Nifty Pharma index reversed losses and traded in the green during mid-morning deals on Wednesday. Dr Reddy's Lab shares slipped 3% in trade, after the pharma major on Tuesday said the US health regulator has issued eight observations after inspecting its formulations plant at Duvvada, Visakhapatnam.

    10:33 (IST)31 Oct 2018
    Oil prices rise for first time in three days

    Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the U.S.-China trade war kept pressure on the market, according to a Reuters report. Brent crude futures had gained 47 cents, or 0.6 percent, to $76.38 a barrel by 0441 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel. U.S. West Texas Intermediate (WTI) crude futures advanced 16 cents, or 0.2 percent, to $66.34 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel. Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October, and are on track to post their worst monthly performance since July 2016.

    10:30 (IST)31 Oct 2018
    Sector UPDATE: IT stocks gains as INR weakens

    The Nifty IT index emerged as the only sectoral gainer amid a weakening rupee. Tech Mahindra shares gained nearly 4% after the company reported a 27.2% rise in its consolidated net profit to Rs 1,064.3 crore for the second quarter ended September 30.

    10:02 (IST)31 Oct 2018
    BSE Live! Sensex drops over 200 points; check top gainers and losers

    The BSE Sensex, which opened over 150 points higher on Wednesday, gave up all gains in the first one hour of trade. The Sensex fell over 200 points to an intra-day low of 33,659.92 points. Here are the top gainers and losers on the Sensex:

    09:49 (IST)31 Oct 2018
    Rupee at 74/$ again!

    Rupee hit the 74 per dollar mark in early morning trade on Wednesday, falling nearly 36 paise to a low of 74.0350 against the US dollar, tracking a rise in crude oil prices.

    Read here: Rupee slips below 74 per US dollar again; falls 38 paise in early trade

    09:44 (IST)31 Oct 2018
    Sector UPDATE: Banking stocks trade mixed; Bank of Baroda up 2% on strong Q2

    Banking stocks traded on a mixed note in early morning trade today, with most PSU Banks trading with gains while profits were booked in private bank stocks. The Bank Nifty index was trading 0.07% lower. Bank of Baroda shares rose 4.3% to a high of Rs 114.75 per share on the NSE after the state-run lender posted a 19.7% rise in Q2 net profit, helped by lower provisions. The results showed that asset quality of the bank improved during the quarter.PNB shares traded higher by 1.17%, while SBI shares gained 0.59%.

    09:39 (IST)31 Oct 2018
    Coal India shares slip 4% ahead of stake sale

    Coal India shares slipped 4.4% in early morning trade on Wednesday, falling to a low of Rs 263.80 per share on the BSE. Coal India announced yesterday that the government will be selling up to 9% of its stake in the prized public sector company as part of its ambitious disinvestment plan. The company announced a two-day-window for the sale of stakes via Offer for Sale (OFS) and greenshoe option starting today.

    Read for all details: Coal India stake sale begins today: Price, time, rules, how to buy – All you need to know

    09:31 (IST)31 Oct 2018
    NSE Live: Check out the most traded stocks

    Bank of Baroda was the most traded stock by volume in the first 15 minutes of trade on Wednesday. Check out the most traded stocks on the NSE here:

    09:29 (IST)31 Oct 2018
    LIVE: Sensex, Nifty erase opening gains; LT, Tata Motors in red ahead of Q2 earnings

    The BSE Sensex erased its opening gains to trade flat in the first 10 minutes on Wednesday. The Sensex traded 41.44 points or 0.12% higher at 33,932.57 points. The NSE Nifty hovered around the 10,200-level, up 9.30 points or 0.09%. LT and Tata Motors were trading lower ahead of its Q2 results, while Vedanta shares gained 0.23%. Coal India shares slipped over 4% in opening trade.

    09:19 (IST)31 Oct 2018
    OPENING BELL: Sensex opens 150 points higher; Nifty above 10,200; Coal India down 4%

    The BSE Sensex opened nearly 150 points higher, while the NSE Nifty opened above the 10,200 level. Coal India shares slipped 4% in opening trade.

    Share market on Tuesday: The BSE Sensex closed trade 176.27 points or 0.52% lower at 33,891.13 points, while the broader NSE Nifty ended below the 10,200-level. The share market closed lower amid a plunge in pharma and financial stocks, even as midcap and small cap stocks outperformed. Shares of Mukesh Ambani-led Reliance Industries ended 2.6% lower at Rs 1,058.9 per share.
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