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Sensex, Nifty Close Higher As Metal Pack Shines

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A telephone handset sits on a desk on the trading floor. (Photographer: Jason Alden/Bloomberg)
A telephone handset sits on a desk on the trading floor. (Photographer: Jason Alden/Bloomberg)
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Closing Bell: Sensex, Nifty End Higher For Second Day

Indian equity benchmarks closed higher driven by a rally in metal stocks such as Vedanta, Tata Steel and Hindalco.

The S&P BSE Sensex rose 0.42 percent to 40,581.70 and the NSE Nifty 50 rose 0.52 percent to 11,971.80. The broader markets represented by the NSE Nifty 500 Index rose 0.57 percent.

The Nifty Index may move conclusively beyond 13,000-mark by end of June next year on account of earnings growth. That’s according to Mahantesh Sabarad, Head (retail research), SBICAP Securities.

By the time we are in June next year, there will be a distinct base effect over which a lot of companies will show growth

The market breadth was tilted in favour of buyers. About 1,058 stocks advanced and 715 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.36 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 1.04 percent.

Sensex, Nifty Close Higher As Metal Pack Shines

Companies May Show Earnings Growth From Q1 Next Year, Says SBICAP Securities

The Nifty Index may move conclusively beyond 13,000-mark by end of June next year on account of earnings growth. That’s according to Mahantesh Sabarad, Head (retail research), SBICAP Securities.

"By the time we are in June next year, there will be a distinct base effect over which a lot of companies will show growth," he said in an interview.

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Market Check: Sensex, Nifty At Day's High; Yes Bank Top Gainer

Indian equity benchmarks traded at day’s high in the afternoon session paced by gains in Yes Bank and Tata Motors.

The S&P BSE Sensex rose 0.54 percent to 40,626.30 and the NSE Nifty 50 rose 0.55 percent to 11,976.65 as of 2:30 p.m. The broader markets represented by the NSE Nifty 500 Index rose 0.6 percent.

The market breadth was tilted in favour of buyers. About 1,047 stocks advanced and 677 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.57 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.05 percent.

Sensex, Nifty Close Higher As Metal Pack Shines

Tata Motors Jumps Over 6%

Shares of the Jaguar Land Rover-parent rose as much as 6.3 to a one-week high of Rs 171.95 each.

The trading volume was more than double the 20-day average for this time of the day, according to Bloomberg data.

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Equitas Holdings Falls Private Placement In Unit

Shares of Equitas Holdings Ltd. extended their losing streak to a fourth day, falling as much as 5.8 percent to Rs 100.10 apiece—the lowest in three weeks.

The microfinance firm has allotted 4.75 crore shares of Equitas Small Finance Bank to investors, a day after the lender announced a fundraising plan to garner up to Rs 2,500 crore through private placement of the shares.

The shares have fallen 14 percent compared with a 13 percent advance in Sensex.


Cholamandalam Investment Rises After QIP Approval

Shares of the Chennai-based financial services firm rose as much as 1.5 percent to Rs 307.50 each.

The company’s approved issue of equity shares by way of qualified institutions placement to the tune of Rs 1,000 crore, according to an exchange filing. Also, the board approved an interim dividend of Re 1 per share.

The stock traded 10 percent below the Bloomberg one-year consensus target price.

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