Banking stocks helped the market to close in green
Banking stocks helped the Indian stock market to close in green
Banking stocks helped the Indian Stock market to end in a flat to positive today. On 27th Oct, Sunday Muhurat Trading is scheduled from 6.15 pm to 7.15 pm. So the next trading will be on Sunday for one hour.
Today at the close, Nifty gained 1.30 points almost flat and Sensex was up 37.67 points and closed at 39058.06. Bank Nifty gained 288 points and closed at 29396. Bank Nifty was trading in red today afternoon a strong pullback was seen after the announcement of SBI’s Q2 result. It was actually the Banking stocks which helped the market to close in green
Nifty midcap 100 index fell only 28.60 points and closed at 16166.70. Nifty smallcap 100 index also closed in red today, it fell 17.05 points or 0.30% and closed at 5598.85.
The five gainers in Nifty50 stocks are Yes Bank, SBI, ICICI Bank, Cipla, and Sun Pharma. The top five losers of the day in Nifty50 stocks are Bharti Infratel, Tata Motors, Titan Company, Ultratech Cement and JSW Steel.
In the Nifty midcap space, the top gainers of the day are PNB Housing Finance, Castrol and losers are Sterlite Techno and Reliance Power. The top gainers in Nifty smallcap are Stride Pharma, RCom and the losers are DCM Shriram, Ujjivan Finance.
Movement of banking stocks today
After the announcement of SBI’s Q2 result, there was a strong positive movement in Bank Nifty was seen especially in PSU Banking sectors. Yes Bank and SBI gained 7% to 8% today. ICICI Bank will announce its Q2 earnings tomorrow and the bank was trading positive ahead of the result. The above three banking stocks helped the market to close in the green today.
Among the sectors, Banks, Healthcare, Insurance, IT & Software, and Media were the gainers and Aviation, Construction, Metal, Manufacturing, Infrastructure were the losers of the day.
Stocks in news
The global Brokerage firm CLSA has downgraded Havells India from ‘buy’ to ‘outperform’ and also cut the target price from Rs 830 to Rs 770. The share price of Havels India fell 0.76% and closed at Rs 664.80 per share.
Yesterday PNB Housing Finance reported good Q2 results. The profit jumps 45% at Rs 366.8 crore against Rs 253 in the last year the same quarter. The share price of PNB Housing Finance gained 9.76% and closed at Rs 490.50 per share.
Marico reported a jump in its September quarter profit at Rs 253 crore against Rs 216 crore in the same quarter last year. The company’s revenue declined marginally and EBITDA was up 16%. The share price of Marico fell 0.16% and closed at Rs 393.80 per share.
Kaya Ltd reported a net loss of Rs 9.3 crores against loss of Rs1.5 crore in the last year the same period. The revenue of the company was down by 5.5%. The share price of Kaya Ltd fell 5.19% and closed at Rs 374.60 per share.
Arvind textile posted a 9% growth for the September end quarter. The company’s consolidated net profit was down 20% YoY to Rs 48 crores from Rs 60 crores in the last year same period. EBITDA of the company reported 7% higher compared to last year. The share price of Arvind gained 0.33% and closed at Rs 45.60 per share.
Banking stocks in news today
The IDFC First Bank posted Q2 numbers yesterday, the asset quality of the bank improved on a sequential basis. The bank reported a loss of Rs 679.50 crores in September end quarter against the loss of Rs 617.35 crores in the last quarter. The share price of IDFC First Bank gained 4.63% and closed at Rs 40.65 per share.
SBI has posted Q2 earnings today. The largest PSU Bank reported strong numbers, its profit jumps three times to Rs 3012 crore despite higher provisions. The asset quality has been improved and profit increased to Rs 3012 crores against Rs 944.87 crores in the same quarter last year. Asset quality improved both sequentially as well as YoY basis for the bank. Buying interest was seen in the banking stocks after the SBI results. The share price of SBI gained 7.26% and closed at Rs 281.55 per share.
Crude and Rupee Update
The Brent crude oil future price is trading lower today. Currently, the Brent crude future is trading at $61.37 per barrel 0.50% down from yesterday’s close. The Indian rupee has got appreciated 0.11% today, it has closed at Rs 70.86 against the US dollar.
Conclusions:
The strong SBI Q2 result may see some buying interest in PSU Banking stocks now. Tata Motors has reported a loss of Rs 217 crore in Q2 numbers which came after market hours today. ICICI Bank will announce its Q2 earnings tomorrow.
Sanday is Muhurat trading Day, we wish Happy Diwali to all our visitors. Monday market is closed on account of Diwali, the next trading day will be on Tuesday.
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Editors Desk
