MARKET WRAP: Sensex up 297 pts\, banks\, auto gain; Infy flat ahead of Q2 nos

MARKET WRAP: Sensex up 297 pts, banks, auto gain; Infy flat ahead of Q2 nos

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SI Reporter  |  New Delhi 

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Sectoral gainers & losers on NSE BSE Sensex: Top gainers & losers   Future Group shares rise on reports Amazon may buy stake in Future Retail   Future Retail has soared 19% to Rs 518 on back of an over six-fold jump in trading volumes. A combined 2.37 million equity shares changed hands on the BSE and NSE till 02:59 PM. READ MORE ICICI Bank gets RBI clearance to appoint Sandeep Bakhshi as its MD and CEO   Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years.   After resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals. READ MORE   Impact   Market check Index Current Pt. Change % Change   S&P BSE SENSEX 35,105.47 +240.37 +0.69   S&P BSE SENSEX 50 11,064.23 +74.56 +0.68   S&P BSE SENSEX Next 50 31,324.79 +354.94 +1.15   S&P BSE 100 10,822.73 +80.30 +0.75   S&P BSE Bharat 22 Index 3,368.16 +30.74 +0.92 How investors view Emerging Markets   I had the opportunity to spend last week in the US, meeting up with a bunch of global investors. A fascinating week amidst the turmoil roiling global markets. Some of the takeaways for me personally were as follows: 1. There is tremendous pain vis-a-vis Emerging Market (EM) assets.   Most of the smartest and most-sophisticated investors have been reducing weights in US equities and increasing EM and non-US positions over the last few years. This has not worked. Investors have taken it on the chin this year with a dramatic divergence opening up between US and EM equities. READ MORE

Holding on to recovery for the third day in a row, the domestic equity market ended on a firm note on Tuesday. The S&P BSE Sensex added 297 points or 0.85 per cent to end at 35,162, with Mahindra & Mahindra (up 4 per cent) being the top gainer and HDFC Bank (down 1 per cent) the biggest loser. The broader NSE's Nifty50 ended at 10,585, up 72 points or 0.69 per cent. 

Positive global cues and strong quarterly earnings season boosted the investor sentiment on Dalal Street. IT major Infosys ended flat at Rs 696, down 0.4 per cent ahead of its Q2 results, due later in the day.
 
Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns capped gains.

Amid individual stocks, shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network.

MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 per cent, crawling away from a 19-month trough touched on Thursday. Japan’s Nikkei bounced 0.3 per cent following a decline of nearly 2 per cent the previous day.
First Published: Tue, October 16 2018. 08:08 IST