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Markets strong on Diwali Day
Thu, 23 Oct Closing

Marking the festival of Diwali, the hour-long auspicious Muhurat trading session witnessed strong gains and the Indian benchmark indices closed on a firm note today. The Indian markets have stood buoyant for the past four trading sessions owing to global market gains and energy sector reforms announced by the government. While the BSE-Sensex closed higher by about 61 points, the NSE-Nifty breached the 8000 mark and ended higher by about 19 points during the Muhurat trading session. Stocks from capital goods and pharma spaces were the most in demand. BSE Mid Cap and BSE Small Cap too gathered steam and both indices surged higher by 0.9% and 1.6% respectively.

Stock markets in other parts of Asia ended the day on a mixed note and European stocks too stood mixed at the time of writing. The rupee was trading at Rs 61.2 to the dollar at the time of writing.

Barring few such as NIIT Ltd and Moser-Baer India, all the other Software stocks traded on a firm note today. Stocks of Wipro and CMC Ltd led the pack of gainers today.

The IT major Wipro Ltd opened weak for the Muhurat trading session on account of disappointing 2QFY15 earnings performance. The company reported a consolidated net profit of Rs 20.9 bn during the quarter, down 0.9% YoY. Sales during the quarter increased by 12.4% YoY. While the revenue and margins missed the expectation levels, the guidance too stood softer. Management is still confident of improving growth momentum in H2FY15 on the back of large deal wins. The stock was up towards the end of Muhurat trading session and stood higher by 1.5%.

Barring few such as Mahindra Finance, Power Finance Corp. And Rural Electrification Corp., most of the Investment and Finance stocks witnessed strong gains today. Edelweiss Financial and Prime Securities witnessed maximum buying interest today. HDFC Ltd had announced its 2QFY15 earnings last evening and the performance of the company has been satisfactory. The net profits for the company rose by 7.2% YoY on the back of other income but impacted by rise in provisions and deferred tax liability. The net interest income grew 19% YoY. However, the provisions jumped by staggering 133% YoY. The stock was up by 0.9% today.

We wish all our subscribers a very happy and peaceful Diwali ! ! !

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Feb 21, 2018 (Close)