Sensex ends 461 points higher; midcaps soar

CNBC

Market at Close: It was all guns blazing by the bulls today. Financials propelled a big rally on benchmark indices, while a big surge in the midcaps space also boosted sentiment on D-Street on Wednesday. 

Bank Nifty closed over 3 percent higher, while the Nifty Midcap index soared over 4 percent. Even PSU banks were one of the biggest movers; the Nifty PSU bank index rose over 5 percent. Other gainers include automobiles, which rose around 3 percent. 
The big loser, though, was the Nifty IT which fell over 1.5 percent. 
At the close of market hours, the Sensex closed up 461.42 points or 1.35% at 34760.89, while the Nifty rose 159.10 points or 1.54% at 10460.10. The market breadth was positive as 2,031 shares advanced, against a decline of 610 shares, while 759 shares were unchanged.
Axis Bank, State Bank of India, Bajaj Finance and Bajaj Finserv were the top gainers, while Infosys, TCS, and Bharti Infratel lost the most. 
Porinju Veliyath view on markets: Porinju Veliyath, MD & Portfolio Manager at Equity Intelligence India is bullish on the market as he thinks that all the negative news has already priced in.
In an interview with CNBC-TV18, he said worst is over for equity market as correction in small & midcaps is overdone.
Taking about petrol, diesel prices, he said Re 1/litre burden on oil marketing companies is not a prudent move.
Gold Update: Gold prices spurted by Rs 200 to Rs 31,850 per 10 grams on increased buying by jewellers and retailers at the bullion market Wednesday following beginning of auspicious week of 'Navratri'.
Silver remained weak and traded RS 50 lower at Rs 39,200 per kg due to slackened demand from industrial units and coin makers, reported PTI.
JPMorgan on Tata Steel: Foreign research firm maintained overweight call with target of Rs 980. 
Company management said Bhushan is ramping up well with iron ore supplies from Tata starting, while they sees strength in domestic steel market for the next 3 years.
The firm expect Tata Steel is likely to surprise positively on deleveraging over next 2 years.
Market Update: Benchmark indices continue to trade higher on Wednesday with Nifty hovering around 10,450 mark.
The Sensex is up 400.52 points at 34,699.99, while Nifty is up 138.30 points at 10439.30. About 1813 shares have advanced, 513 shares declined, and 1052 shares are unchanged 
Auto, bank, infra stocks are trading with over 2 percent gain, while IT stocks remained laggards with 1.5 percent fall.  
Buzzing: Shares of Dilip Buildcon rose 9 percent as company altered its main object clause of MoA to start new business activity.
The company altered its main object clause of the MoA (Memorandum of Association) to carry on the business of purchase and sale of petroleum and petroleum products.
The company is going to act as dealers in and distributors for petroleum companies. It will run service station for repair and servicing of automobiles and to manufacture or deal in fuel oils, cutting oils and greases.
Macquarie on Ashoka Buildcon: Research house maintained outperform rating on stock with target of Rs 215. Research house feels that, financial closure of all HAM projects will boost confidence on execution pick up from Q3.
EPC business is in sweet spot with strong revenue/net profit growth of 30%/17% over FY18-21. There is a minimal dependency on new order inflows due to strong order book, it added. 
DILIP BUILDCON SURGES 
Shares of Dilip Buildcon soared 7 percent after the company changed its Memorandum of Association (MoA) to start a new business activity. 
The company told exchanges that it made an alteration in the main object clause of the memorandum of association of the company to start new business activity
- To carry on the business of purchase and sale of petroleum and petroleum products
-  To act as dealers in and distributors for petroleum companies
-  To run service station for repair and servicing of automobiles and to manufacture or deal in fuel oils, cutting oils and greases
- To explore, develop, produce, purchase or otherwise acquire petroleum crude oil, natural gas, all kinds of hydrocarbons and mineral substances, both onshore, within the territorial jurisdiction of the Indian Union and anywhere in the World.
IL&FS GROUP STOCKS LOCKED IN LOWER CIRCUIT
Shares of IL&FS Group have hit lower circuits on reports that the law enforcement agencies are probing allegations of fund diversion. 
IL&FS Investment Managers and IL&FS Transportation Networks were locked in 5 percent lower circuit, while IL&FS Engineering and Construction was locked in 10 percent lower circuit. 
News agency Reuters reported, quoting The Economic Times that the Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing & Financial Services (IL&FS) which may have been involved in fund diversion and mismanagement.   
NBFC STOCKS RALLY 
Shares of non-banking financial companies (NBFCs) are surging in trade on Wednesday as investors are betting on reports of banks eyeing portfolio purchases from NBFCs. 
State Bank of India (SBI) has come out in support of non-bank lenders, stating there is still opportunity to buy up to Rs 30,000 crore more of their loans.
"The bank had initially planned for a growth of Rs 15,000 crore through portfolio purchase during the current year which is now being enhanced," SBI said in a statement.
"As per the bank's internal assessment, there may be an opportunity to buy additional portfolio in the range of Rs 20,000-30,000 crore," it said.
NBFCs typically sell down a part of their loan portfolios after holding them for a particular amount of time. Banks buy these portfolios to show growth or to meet priority sector lending requirements.
NO CLARITY ON PAYMENT OF SEPTEMBER SALARY: JET AIRWAYS 
Jet Airways has paid its pilots the balance 25 percent of the August salary, but payment for September remains unclear.
"There is nothing right now on the September salary. Talks are on," an official told Moneycontrol.
The payment follows a meeting last week between the airline management and National Aviator's Guild, the pilots' union.
Market Update: Equities have extended their gains from opening levels. The Nifty is trading above 10,350-mark, while the Sensex has risen over 200 points. 
Among sectors, auto stocks have gathered steam along with banks, infrastructure, metals, and pharmaceuticals. The Nifty Midcap index is higher by 2 percent. 
The Sensex is up 229.49 points or 0.67% at 34528.96, while the Nifty is higher by 79.80 points or 0.77% at 10380.80. The market breadth is positive as 1,236 shares advanced, against a decline of 420 shares, while 1,708 shares were unchanged.
Hero MotoCorp, Maruti Suzuki, Bajaj Finance and Bajaj Finserv are the top gainers, while Yes Bank and Infosys have lost the most.  
DR REDDY’S GAINS 6% ON ROLL OUT OF CHOLESTEROL LOWERING DRUG
Shares of Dr Reddy’s Laboratories rose over 6 percent as investors cheered a product launch by the firm.
The company rolled out launched cholesterol-lowering medication Colesevelam HCI tablets in the United States.
Colesevelam HCI tablet is a therapeutic equivalent generic version of Japanese drug maker Daiichi Sankyo's Welchol.
The Welchol brand and generic drug had US sales of approximately $471 million in year ended August 2018, according to IMS Health.
Market Opens: D-Street has begun the day on a positive note, with the Sensex gaining 100 points, while the Nifty is above 10,300-mark. 
Among sectors, automobiles, infra, banks and consumer names are gaining, while Nifty IT index is trading in the red.
The Sensex is up 116.98 points or 0.34% at 34416.45, while the Nifty is higher by 26 points or 0.25% at 10327.00. The market breadth is positive as 335 shares advanced, against a decline of 151 shares, while 2,878 shares were unchanged.
Rupee Opens: The Indian rupee gained in the early trade on Wednesday. It opened higher by 24 paise at 74.15 per dollar versus previous close 74.39.
On Tuesday rupee ended at a fresh record low of 74.39 per US dollar.
The dollar-rupee October contract on the NSE was at 74.50 in the previous session. October contract open interest increased 2.20% in the previous session, said ICICIdirect.
Market at pre-open: Benchmark indices are trading higher in the pre-opening trade with Nifty trading above 10,350 mark.
At 09:02 hrs IST, the Sensex is up 107.49 points or 0.31% at 34406.96, and the Nifty up 66.40 points or 0.64% at 10367.40.
Aviation stocks are flying higher today with 10 percent gain, also TVS Motor, HDFC, Bajaj Finance, Reliance Industries are trading higher in the pre-opening trade.
Gold prices trade higher: Gold prices crawled higher on Wednesday, as long-dated US Treasury yields retreated from multi-year highs, pressuring the dollar, reported Reuters.
Spot gold was up 0.2 percent at $1,191.03 an ounce at 0108 GMT. On Tuesday, it touched a more than one-week low of $1,183.04
US gold futures rose 0.3 percent to $1,194.50 an ounce.
Crude Update: Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of US Gulf of Mexico crude output, reported Reuters.
Brent crude futures were down 2 cents at $84.98 a barrel by 0049 GMT, after a 1.3 percent gain on Tuesday.
US West Texas Intermediate (WTI) crude was down by 16 cents, or 0.2 percent, at $74.8 a barrel, after rising nearly 1 percent in the previous session.
US markets end lower: The Dow and S&P 500 ended slightly lower on Tuesday as investors, worried about global growth prospects, fled from materials and industrials stocks but falling bond yields kept declines in check in the three major indexes.
The International Monetary Fund cut global economic growth forecasts for 2018 and 2019 and its 2019 US and China estimates, saying the two countries would feel the brunt of their trade war next year.
The Dow Jones Industrial Average fell 56.21 points, or 0.21 percent, to 26,430.57, the S&P 500 lost 4.09 points, or 0.14 percent, to 2,880.34 and the Nasdaq Composite added 2.07 points, or 0.03 percent, to 7,738.02.