MARKET LIVE: Sensex soars over 400 points, Nifty rises over 1%; banking stocks lead gains

The Sensex on Wednesday rose over 400 points to 33,635 level while the Nifty rose to 10,446 level in trade today. The NSE Nifty rose 111 points or 1.07 percent with Asian markets soaring to 10-year high on robust economic growth globally. Banking stocks led by ICICI Bank and SBI led the surge in indices with Bank Nifty rising nearly 2 percent or 482 points to 25,505 level.  The BSE Bankex too rose 607 points or 2.15 percent at 28,891 level.

We look at key developments, which will affect the market today.

12:48 pm: Realty index rises 3.5 percent, bankex gains 2 percent, metals and PSU indexes add 1-1.5 percent, oil and gas index climbs 0.3 percent, auto index edges 0.2 percent higher.

11: 34 am: Maruti Suzuki India total sales up about 9 percent in October. Total sales of 146,446 vehicles in October against 133,793 vehicles last year. Total domestic sales of 136,000 vehicles versus 123,764 vehicles last year. Passenger cars sales at 99,077 vehicles versus 92,886 vehicles last year.  The Maruti Suzuki stock was trading 0.33 percent or 27 points lower at 8,192 level.

11:26 am: Syndicate Bank shares jump 10.3 percent to Rs 91 level.

11.25 am: Welspun India shares rise 7.8 percent to Rs 72.25on the BSE.

10: 59 am: The rupee is trading at 64.5875 to the dollar versus its previous close of 64.75.

10:01 am: State Bank of India (SBI), the country's top lender by assets, has cut marginal cost-based lending rates (MCLR) across maturities by 5 basis points, in what will be its first lending rate cut in 10 months. The SBI stock was trading 3 percent higher to 315 level.

9: 53 am: The Dabur India stock rose nearly 6 percent or 20 points to 352 level after the firm reported a Dabur India reported a 1.2% rise in consolidated net profit at Rs 362.67 crore for the second quarter ended September 30, 2017. The company had posted a consolidated net profit of Rs 358.35 crore in the same period last fiscal.

9:38  am: New India Assurance's Rs 9,600 crore IPO to open today. New India Assurance (NIA) is the largest general insurance company in the country.

Also read: Bharti Airtel Q2'18 results hit by Jio effect: Net profit falls 76.5% Y-o-Y to Rs 343 crore

9: 36 am: On the 30-stock Sensex,  Bharti Airtel (3.32 percent), Axis Bank (2.79 percent), State Bank of India (2.52 percent), and ICICI bank 1.82 percent were among the top gainers.

9: 34 am: Bharti Airtel rises nearly 4 percent to 516 level post its Q2 earnings on Tuesday. The stock hit a 52-week high of 522 level in early morning trade. The earnings were announced after market hours.

9: 33 am: InterGlobe Aviation rises 1.73 percent or 21.55 points to 1265 level on robust Q2 earnings

9:17 am: Bharti Airtel, IndiGo are the stocks to watch out for today. Airtel, the country's largest telco's net profit for the July-September quarter plunged by a whopping 77 percent from a year earlier, as it struggled with the fierce price war unleashed by Mukesh Ambani-led Reliance Jio.

Budget carrier IndiGo IndiGo's parent InterGlobe Aviation on Tuesday reported a 294% increase in net profit to Rs551.55 crore, aided by credits received from manufacturers for aircraft delivery delays and grounding, besides better revenue management. The airline had reported a net profit of Rs139.85 crore in the same period a year ago.

9:00 am: Asian shares hit a 10-year high on Wednesday on the back of solid economic growth globally, while oil prices extended a bull run on hopes that major oil producers will maintain their output cuts.

8:55 am: Earnings today: Tech Mahindra, Hero MotoCorp, Apollo Tyres, and TVS Motors Q2 results today.

8: 50 am: Asian markets are trading higher as Caixin PMI came in at 51, in line with estimates and better earnings numbers posted by Sony.

In Europe, markets closed higher on Tuesday taking cues from better earnings numbers especially by Ryanair and as Catalonian tensions ease a bit. Markets will wait for the Bank of England meeting on Thursday.

Markets closed higher in US. DOW and S&P 500 closing with seventh straight monthly gain supported by technology stocks like Facebook, Amazon, Apple, Alphabet and Microsoft. FOMC meeting decision to come out tonight and markets will further await for the announcement of new Fed Governor and release of tax bill later in the week.