MARKET LIVE: Sensex, Nifty hit record highs in opening trade; YES Bank, ICICI Bank fall

 The Sensex and Nifty opened higher on Friday. At 9:18 am, the BSE index was up 106 points at 33253 level. The Nifty too traded 11 points higher at 10,354 level.

The benchmark indices on Thursday closed at all-time highs supported by banking and infra sector stocks on the back of government's Rs 2.11 lakh crore public sector bank's recapitalisation plan and Rs 7 lakh crore allocation for building highways across the country. We look at key developments affecting the market today.

10:43 am: Crompton Greaves Consumer Electricals reported a 23.28 per cent increase in its net profit to Rs 70.80 crore for the second quarter ended September 30, 2017. The company had reported a net profit of Rs 57.43 crore in the same quarter a year ago.

10:32 am: Lupin has received final approval for its Clonidine Hydrochloride Extended-Release Tablets, 0.1 mg from the USFDA to market a generic version of Concordia Pharmaceuticals Inc.'s Kapvay Extended-Release Tablets. These tablets had annual sales of approx. $66 million in the US.

10:31 am: BSE has joined hands with Ebix Inc to set up a joint venture firm for building a robust insurance distribution network in India. Ebix is a leading international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries.

10:30 am: Reliance Nippon Life Insurance AMC was subscribed 4.9 times on the second day of IPO.

10:22 am: The YES Bank stock was trading 6.35 percent or 21.05 points lower at 310.65 on the BSE. Midsize private sector lender Yes Bank said its September quarter net profit rose 25 per cent to Rs 1,002 crore but it reported a massive net NPAs rising nearly three-fold to Rs 1,543.26 crore in Q2FY2018 from Rs 545.31 crore in Q1FY2018 - the incremental outstanding Net NPA is almost equivalent to its reported net profit of Rs 1,002.73 crore in Q2FY2018.

9: 22 am: Housing sales dropped 18% yoy to 44,755 units in nine major cities during the September quarter on continued slowdown in the property market. New launches of homes fell by 53% to 22,115 units in the second quarter of the current fiscal due to the implementation of new real estate law RERA.

9: 11 am: Global ratings agency Moody's has blamed Axis Bank for being a "laggard" and non-prudent in recognising asset quality stress and termed it as a credit negative. At its earnings update on October 17, Axis Bank, which is rated Baa3 with a stable outlook by Moody's, reported a 24% quarter-on-quarter increase in NPAs driven largely by a Rs 8,100-crore fresh slippages in the corporate front.

9:05 am: TVS Motor hit a lifetime high of 725 level on the BSE on Thursday. The stock is up 102 percent since the beginning of this year. It is up 83.47 percent on an yearly basis.

9:00 am: Stocks to watch out for in today's trade are United Spirits, GIC Housing, Indiabulls Ventures, Yes Bank, Ion Exchange , Cummins India, Biocon , Mphasis, Sagar Cements, Supreme Petro and United Spirits post their Q2 earnings.

8:50 am:Private sector lender ICICI Bank and FMCG major are among the big firms to announce their Q2 earnings today.

8:45 am: The rupee on Thursday closed over one-week high against the US dollar at 64.82 against the dollar, up 0.09% from its Wednesday's close of 64.90. So far this year, the rupee has gained 4.7%;