Monday 21 January 2019

Sensex Rallies Over 250 points L&T Erases Early Morning Gains

Posted by suhani varma on Monday, January 21, 2019 with No comments


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Equity benchmark indices swung between gains and losses in opening trade in today’s session. However, the stock market rallied later led by Reliance Industries, Infosys, HDFC Bank, and L&T.

The Sensex jumped 264 points at 36,651, while the Nifty rose 65 points at 10,973 levels. The market breadth was positive with 843 shares advancing, 676 shares declining, and 540 remaining unchanged.

NTPC, Reliance Industries, Bharti Airtel, Sun Pharma, and Infosys were the top gainers on the Nifty50, while Wipro, L&T, BPCL, Kotak Mahindra Bank, and Axis Bank were trading in the red.

Shares of Larsen and Toubro erased morning losses and are currently trading near 1%. The stock declined as Sebi rejected its Rs9,000cr share buyback plan, citing compliance issues over its post-buyback debt-equity ratio. 

Shares of HDFC Bank gained 1% on the BSE in morning trade. The bank’s net profit was in line with consensus estimates, indicating an improvement of 20.3% to Rs5,586cr against Rs4,643cr yoy. NII for Q3FY19 improved 21.9% yoy to Rs12,577cr against Rs10,314cr in the corresponding quarter last year.

Volatility index India VIX rose 2% to 16.58.

The most active stocks were L&T, Sun Pharma, Reliance Industries, Wipro, and HDFC Bank.

The Indian rupee weakened for the second trading session depreciating 0.3% to 71.4 against the greenback.

Asian markets rallied on Monday as investor sentiment turned positive over a report that China had offered to eliminate its massive trade surplus with the United States.

US markets will be closed on Monday in honor of Martin Luther King Jr. Day.

In Europe, investors are waiting to hear British Prime Minister Theresa May's "Plan B" for Brexit which is due to be presented to parliament later on Monday.

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