Sensex, Nifty Close At New Highs Fuelled By PSU Bank Stocks Rally
Indian equity benchmarks surged to record highs powered by a rally in government-owned banks which came in high demand a day after government announced Rs 2.11 lakh crore recapitalisation package to strengthen the NPA-hit public sector banks.
The S&P BSE Sensex rose 1.33 percent or 435 points to 33,042 and the NSE Nifty 50 Index advanced 0.86 percent or 88 points to 10,295.
Nine out of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank Index's 30 percent surge, its biggest single day gain since inception. On the other hand, Nifty Pharma Index was the top sectoral loser, down 1.5 percent.
Emami Gains On Meeting Estimates In Q2
Shares of the FMCG product maker rose 3.2 percent to Rs 1,173 after it met consensus earnings estimates compiled by Bloomberg in September quarter.
- Net profit up 50 percent at Rs 98.6 crore versus estimate of Rs 100 crore
- Revenue up 8 percent at Rs 628 crore versus estimate of Rs 625 crore
- Total costs at Rs 427 crore
- EBITDA up 14.7 percent at Rs 201.3 crore versus Rs 175.5 crore (YoY)
V-Guard Industries Rises On Q2 Profit Beat
Shares of the Kochi-based electrical components maker jumped as much as 6.78 percent, the most in over five months, to Rs 211 after it beat consensus earnings estimates compiled by Bloomberg.
- Net profit up 25 percent at Rs 46.5 crore versus estimate of Rs 39.9 crore
- Revenue up 15 percent at Rs 559.91 crore versus estimate of Rs 544 crore
IDFC Bank Gains As Asset Quality Improves In Q2
Shares of the private sector lender rose as much as 1.4 percent to Rs 57.85 after its asset quality improved slightly in the July-September quarter.
- Net profit down 40 percent at up Rs 234 crore versus estimate of Rs 313 crore
- Net interest income down 7 percent at Rs 462 crore versus estimate of Rs 492 crore
- Gross non-performing assets as a percentage of total advances at 3.92 percent versus 4.13 percent in the previous quarter
- Net non-performing assets at 1.61 percent versus 1.7 percent (QoQ)