Market Live: Sensex jumps 200 points, Nifty rises above 9,950, metal stocks gain

BSE Sensex trades higher by over 200 points, while the Nifty 50 rises above 9,950. Here are the latest updates from the markets


Mumbai: The benchmark Sensex surged over 200 points on Friday, shaking off its earlier weakness, as oil and banking shares took spotlight. The broader NSE Nifty regained the 9,900 mark. Expectations built up that Friday’s GST Council meeting may provide some relief to exporters and SMEs in terms of faster refunds and compliance. Reflecting the widespread recovery, all the sectoral indices led by consumer durables, metal and oil and gas were trading in the green.

Traders said gains at most Asian markets tracking rallies on Wall Street following more buoyant US data and hopes of tax reforms bolstered trading sentiment here. Financial markets in China are closed for a week-long holiday. US Dow Jones Industrial Average rose 0.50% to close at another record high Thursday.

Here are the latest updates from the markets:

■ 11.42am: BSE Sensex jumped 212.31 points, or 0.67%, at 31,804.34, while the Nifty 50 gained 76.20 points, or 0.77%, to 9,964.90

■ 11.40am: The BSE metal index gained most and was up 2.52% led by Tata Steel, which was up 3.82%. SAIL 3.14%, Hindalco 2.93% and Jindal Steel 2.74%.

■ 11.35am: Tata Motors said Jaguar and Land Rover sales rose 6.6% in September compared to last year. The company also said it will launch of the 2018 model of Range Rover Sport in October.

■ 11.03am: BSE Sensex rose 204.16 points, or 0.65%, at 31,796.65, while the Nifty 50 gained 70.70 points, or 0.71%, to 9,959.40.

■ 11.00am: The government may cut its stakes in state-run banks to 52%, Sanjeev Sanyal, principal economic adviser at the finance ministry, said at a World Economic Forum event in New Delhi. The Nifty PSU Bank rose 1.82%.

■ 10.58am: Tech Mahindra Ltd has filed three cases against Reliance Communications Ltd (RCom) and two of its subsidiaries—Reliance Telecom Ltd and Reliance Big TV Ltd—in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. Shares of RCom were trading at Rs17.5, up 1.27%.

■ 10.34am: BSE Sensex was trading higher by 179.45 points, or 0.57%, at 31,771.48, while the Nifty 50 gained 69.35 points, or 0.70%, to 9,958.05.

■ 10.30am: The initial public offering (IPO) of MAS Financial Services Ltd will open for subscription on Friday. The Gujarat-based firm plans to raise Rs2,275 crore through the share sale with a price band of Rs456-459 per share.

■ 10.25am: The initial public offering (IPO) of Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, was subscribed 2.37 times on Thursday, the second day of the share sale

■ 10.13am: BSE Sensex rose 191.57 points, or 0.61%, at 31,783.60, while the Nifty 50 gained 66.70 points, or 0.67%, to 9,955.40

■ 10.10am: BASF India Ltd rose 10% to Rs 1622.90 after Emkay initiated coverage on the stock with a ‘Buy’ and price target of Rs 2,212

■ 10.05am: Shilpa Medicare Ltd rose 7% to Rs 623.40 after Motilal Oswal maintained ‘Buy’ on the stock with price target of Rs 805.

■ 9.25am: BSE Sensex opened higher by 145.51 points, or 0.46%, at 31,737.54, while the Nifty 50 rose 45.80 points, or 0.46%, to 9,934.50.

■ 9.20am: Shoppers Stop Ltd rose 8% to Rs574.25, while Future Consumer Ltd gained 3%, Future Enterprises Ltd 2.5%, Future Retail Ltd 4.2%. Kishore Biyani-led Future Retail Ltd Thursday announced the Rs655 crore acquisition of HyperCity Retail India Ltd owned by K Raheja Corp. Future Retail owns Big Bazaar, Easyday, Nilgiris and Heritage stores and online furniture store, while HyperCity Retail, a subsidiary of Shoppers Stop Ltd, operates HyperCity large format stores.

■ 9.15am: The rupee opened at 65.20 a dollar. At 9.15am, the home currency was trading at 65.22 against the dollar, down 0.12% from its Thursday’s close of 65.14

■ 9.13am: The 10-year bond yield was at 6.731%, compared to its previous close of 6.729%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading lower ahead of US jobs data. Philippines peso was down 0.23%, Malaysian ringgit 0.18%, Indonesian rupiah 0.15%, Singapore dollar 0.12%, Thai Baht 0.12%, Taiwan dollar 0.07%. However, China renminbi was up 0.12%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.943, down 0.02% from its previous close of 93.961.

With inputs from PTI


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