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Sensex Zooms 646 Points; Banking and Telecom Stocks Rally
Wed, 9 Oct Closing | Monish Vora, TM Team

Indian share markets moved sharply higher in the afternoon trade today, led by gains in banking stocks. Shares of IndusInd Bank, State Bank of India, ICICI Bank and Kotak Mahindra Bank climbed 4%-6%.

Investor sentiments were boosted as Union Minister Prakash Javdekar announced a hike in dearness allowance to 17% from 12%, which is likely to benefit 5 million government employees and 6.2 million pensioners.

On the sectoral front, gains were largely seen in the telecom sector, banking sector and finance sector.

At the closing bell, the BSE Sensex stood higher by 646 points (up 1.7%) and the NSE Nifty closed higher by 187 points (up 1.7%).

The BSE Mid Cap index ended up by 1.4%, while the BSE Small Cap index ended the day up by 0.7%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng was down 0.8% and the Nikkei stood lower by 0.6%.

The rupee was trading at 70.97 to the US$ at the time of writing.

In news from the banking sector, Yes Bank share price was in focus today after the lender denied reports suggesting active talks between the bank and Microsoft Corporation and two other tech firms for a possible stake acquisition.

The lender in a regulatory filing said it is not aware of the source, which resulted in the news item and as a matter of policy, the bank would not like to comment on such article.

The private lender clarified that it continues to explore various means of raising capital and funds through the issuance of securities to a diverse set of investors, in order to meet its business regulatory requirements.

On Monday, news reports claimed that Microsoft is among three investors, which are in talks for a stake in Yes Bank.

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Speaking of the banking sector, the recent Punjab and Maharashtra Co-operative bank fiasco has put small savers in the limelight yet again.

These banks have poor lending practices. Depositors have had to pay the price time and again.

In the short run, this has an adverse effect on microfinance lending as well. Micro finance institutions (MFIs) are skeptical about lending to even genuine borrowers in an uncertain environment.

But this is actually a blessing in disguise for MFIs with strong business practices.

After all, last mile connectivity in lending is still a huge opportunity.

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    The sector itself has grown at an average annual rate of 27% for the last 4 years.

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A private bank that is part of Tanushree's 7 stocks to buy list has already taken a step in this direction.

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In other news, Raymond share price was also in focus today. The stock of the company witnessed buying interest after its associate company signed an agreement to sell its property in Thane.

The company in a BSE filing said that the associate company JK Investo Trade (India) (JKIT) has entered into an agreement for sale (AFS) for its property measuring 78,310 square meters (around 20 acres) located at Village Panchpakhadi, Thane (West) with an affiliate of Virtuous Retail South Asia Pte Ltd (VRSA) - Elpis Ventures.

The company agreed to sell the property for Rs 7 billion subject to payment of taxes, cost of approval as applicable.

From the pharma sector, market participants were also tracking Glenmark Pharma share price after it was reported that the company has received tentative approval by the United States Food and Drug Administration (USFDA) for Dimethyl Fumarate delayed-release capsules.

The company stated the approval to Glenmark Pharmaceuticals Inc, USA has been granted for 120 mg and 240 mg of Dimethyl Fumarate delayed-release capsules, a generic version of Tecfidera capsules of Biogen Inc.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

TVS MOTORS Surges by 9%; BSE AUTO Index Up 3.3% (Today's Market)

Oct 17, 2019 03:34 PM

TVS MOTORS share price has surged by 9% and its current market price is Rs 450. The BSE AUTO is up by 3.3%. The top gainers in the BSE AUTO Index are TVS MOTORS (up 8.7%) and EICHER MOTOR (up 7.1%). The top losers are CUMMINS INDIA (down 1.1%) and EXIDE INDUSTRIES (down 3.2%).

INDUSIND BANK Surges by 5%; BSE BANKEX Index Up 1.5% (Today's Market)

Oct 17, 2019 03:34 PM

INDUSIND BANK share price has surged by 5% and its current market price is Rs 1,345. The BSE BANKEX is up by 1.5%. The top gainers in the BSE BANKEX Index are INDUSIND BANK (up 5.2%) and YES BANK (up 15.2%). The top losers are KOTAK MAHINDRA BANK (down 0.1%) and HDFC BANK (down 0.1%).

HEG Surges by 6%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Oct 17, 2019 03:34 PM

HEG share price has surged by 6% and its current market price is Rs 957. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are HEG (up 5.6%) and LAKSHMI MACHINE (up 9.1%). The top losers are ABB INDIA (down 0.1%) and ELGI EQUIPMENTS (down 0.1%).

WHIRLPOOL OF INDIA at All Time High; BSE CONSUMER DURABLES Index Up 0.5% (Today's Market)

Oct 17, 2019 03:34 PM

WHIRLPOOL OF INDIA share price has hit an all time high at Rs 2,179 (up 2.0%). The BSE CONSUMER DURABLES Index is up by 0.5%. Among the top gainers in the BSE CONSUMER DURABLES Index today are WHIRLPOOL OF INDIA (up 2.0%) and TTK PRESTIGE (up 0.1%). The top losers include RAJESH EXPORTS (down 0.1%) and SYMPHONY (down 1.3%).

GILLETTE INDIA at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Oct 17, 2019 03:34 PM

GILLETTE INDIA share price has hit a 52-week high. It is presently trading at Rs 8,015. BSE 500 Index is up by 1.2% at 14,925. Within the BSE 500, GILLETTE INDIA (up 6.7%) and THE NEW INDIA ASSURANCE (up 20.0%) are among the top gainers, while top losers are JAIN IRRIGATION and SUNTECK REALTY.

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Oct 17, 2019 (Close)