Indian stock market today: Range-bound| Volatile
Indian stock market today: It was a Range-bound and Volatile market today
Indian stock market today opened in green. The benchmark indices moved in a range based volatility today. At close, Nifty managed to close above 11,450 levels. Nifty gained 35.70 points and closed at 11464 whereas Sensex gained 92.90 points and closed at 38598.99
Indian Stock Market commentary today
The NSE Banking index Bank Nifty closed almost flat fell 16.30 points in spot and only 3 points in future. In the end, Bank Nifty closed at 28538.80 today in spot. Nifty midcap 100 index fell 23.80 points and closed at 15605.35. Whereas the Nifty smallcap 100 index gained 19.95 points and closed at 5428.30.
Top Nifty gainers and losers
The top five gainers in Nifty50 stocks are BPCL, Grasim, Zee Ent, Bajaj Fin, and ONGC. The top five losers in Nifty50 stocks are Hero Motor Corp, Hindalco, Vedanta, Asian Paints, and NTPC. In the Nifty midcap space, the top gainers are Edelweiss, Sun Pharma Adv and losers are PNB Housing Fin, R Power. The top five gainers in Nifty smallcap are India Tourism and MMTC Ltd and losers are Rcom and Jain Irrigation.
Among sectors, Insurance, Paper, IT, Oil & Gas, Construction Materials are the gainers and the losers are Power, Aviation, Banks, Infra and Chemical. The FIIs/FPIs are the net buyers since last three days in cash segment. Whereas after two days of selling, yesterday DIIs also bought in cash segment.
Tomorrow’s Result in Nifty50 stocks – ZEEL
Stocks in news today
Inox Winds has closed a deal for sale of 50MW wind power project at Dayapar, Kutch. Adani Green Energy will be the strategic investor for the deal. The share price of INOX has gained 16.30% and closed at Rs 36.75 per share.
A wholly-owned subsidiary of Sun Pharma has launched Drizalma Sprinkle in the United States. It is the first and only USFDA approved s Drizalma sprinkle formulation in the US for oral use. The share price of Sun Pharma has gained 0.73% and closed at Rs 399.70 per share.
BPCL was the top gainer in the Indian stock market today. BPCL gained 4.51 % today after the news flashed that Saudi Aramco is interested in buying the government’s 53.3% stake in BPCL. The share price of BPCL has closed at Rs 512.40 per share at close.
Start Cement will buy back shares, the offer will open on October 22 and close on Nov 5th. The share price of Star Cement has gained 0.43% on the news and closed at Rs 94 per share.
One of the big Credit Rating Agency Fitch has downgraded Jain Irrigation System from CCC- to C. The share price of Jain Irrigation fell 6.23% and closed at Rs 12.80 per share.
Vakrangee has announced a strategic alliance with TSI Yatra for online travel services Would offer services like domestic/international flight bookings, hotel bookings & holiday packages. The share price of Vakrangee has gained 0.18% and closed at Rs 27.90 per share.
PNC Infra has bagged an order of Rs 1062 crores from National Highway Authority of India (NHAI). The share price of PNC Infra has gained 3.60% and closed at Rs 168.30 per share.
Q2 Results
Wipro on Tuesday reported a 36% YoY rise in consolidated net profit at Rs 2561.30 for Sept end quarter 2019. This is compared with Rs1885.70 crore in the same period last year. The profit was up 6.2% on a sequential basis.
It beats the street estimates. The operating margin for the IT services segment rose 18.1% increased by 3.1% YoY. The share price of Wipro gained 2.15% and closed at Rs 248.90 per share.
The Federal Bank reported a 57% jump in profit in Q2FY20 to Rs 416.7 crores as against Rs 266 crores in the same period last year. The Net Interest Income (NII) grew by 9.9% to 1,123.8 crores with a loan growth of 14.8 %.
The net NPA increased 10bps to 1.59% QoQ. The fresh slippage and provisions has increased sharply in the last quarter. The share price of Federal Bank fell 3.18% and closed at Rs 82.25 per share.
Crude and Rupee Update
The Brent crude oil is trading flat today, the current Brent crude oil price in the future is $58.66, down 0.14%. The Indian rupee is also trading flat at Rs 71.45 against the US dollar.
Conclusion:
The benchmark indices of Indian stock market Nifty and Sensex closed in green today. The market looks positive as FIIs are also started buying in cash segments. The global cues are also in favor of the market. Investors can start buying good quality stocks for the long term.
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