Strong rupee, fall in crude help D-Street kickstart week higher, Nifty above 10750

Strong rupee, fall in crude help D-Street kickstart week higher, Nifty above 10750

Mumbai, Nov 19: A sharp surge in the last hour helped the market end the session on a strong note. The Sensex closed with gains over 300 points, while the Nifty surpassed 10,750-mark.
A strengthening rupee along with fall in crude oil prices aided sentiment on D-Street. Brent crude was trading below USD 67 per barrel at the time of close. Further, global markets too looked to shrug off Brexit and US-China trade war issues and rose further.
Buying counters were buzzing among sectors such as automobiles, consumption, energy, infrastructure, IT, metals and pharmaceuticals as well. In the broader markets, the Nifty Midcap index rose around half a percent.
Financials saw a rally as news reports indicated that the central bank was open to tweaking/review of PSU banks’ prompt corrective action (PCA) plan.
HDFC twins, Reliance Industries, ITC and Yes Bank were big movers in the positive direction, while ICICI Bank, Asian Paints, and Bajaj Finance were among losers.
At the close of market hours, the Sensex closed up 317.72 points or 0.90% at 35774.88, while the Nifty was higher 81.20 points or 0.76% at 10763.40. The market breadth was narrow as 1,330 shares advanced, against a decline of 1,278 shares, while 160 shares were unchanged.
Yes Bank and ITC were the top gainers, while ONGC, ICICI Bank, Indiabulls Housing and GAIL lost the most.
Stocks in News
Tata Investment Corporation gained more than 5 percent after the company approved the buyback plan.
Shares of Siemens declined 4 percent after company’s net profit fell in the quarter ended September 2018.
PNB Gilts added a percent after it fell 3.3 percent intraday after company reported weak set of numbers for the quarter ended September 2018.
Shares of Surya Roshni added 2 percent after the company won an order from Government of Odisha.
Dr Reddy’s Laboratories shares climbed 2 percent after the company received zero observations for its Srikakulum plant unit II.
Hathway Cable and Datacom shares gained as much as 2 percent after global investment firm Morgan Stanley retained its overweight call on the stock.
Shares of Yes Bank soared 7 percent as investors reacted to reaffirmation of its rating by ICRA. Lastly, Jet Airways closed down 7 percent amid media reports that pilots plan to give November 30 as a deadline to pay salaries, failing which they will refuse to fly over and above roster hours.
Global Markets
European stocks were higher amid uncertainty around Brexit-related developments. Stoxx 600 was up around 0.6 percent. Meanwhile, Asian markets were higher even as US-China trade tensions continued to weigh on sentiment. The Shanghai composite gained 0.91 percent to close at around 2,703.51 while the Shenzhen composite advanced 0.514 percent to 1,417.43. Japan’s Nikkei 225 rose 0.65 percent to close at 21,821.16.