NEW DELHI: Equity benchmarks Sensex and Nifty settled in positive territory after four straight sessions of losses, on healthy buying in most sectors.
IT and pharma came as major disappointments.
Easing global crude oil prices lifted mood and the market remained in the green for much of the day.
The Sensex was up 187 points, or 0.55 per cent, to end the day at 34,033.96. A good 16 stocks were in the green and 15 in the red. The NSE Nifty finished at 10,224.75, up 78 points, or 0.77 per cent.
BSE Midcap and Smallcap indices were ahead of the Sensex, closing 0.95 per cent and 0.74 per cent higher, respectively.
Let's run you through today's market highlights:
Oil prices at two-month low
Oil prices fell near $75 a barrel to its lowest since late August on concerns of weak demand and ample supply after Saudi Arabia promised that it will keep oil market adequately supplied in the wake of US sanctions on Iran. Moreover, a fall in global equities due to weak prospects of economic growth amid fears of an intensifying trade war cast their shadow. According to Reuters, the International Energy Agency expects a slower oil demand growth for 2019 due to a slowing economy.
Rupee gains weight
The oil cool-off rubbed off on the rupee as the domestic currency closed higher today, offering more hope to market participants. Rupee's rise is a major relief for the market as current account deficit swells on a weak rupee, which distorts India's macroeconomic mathematics.
Who moved my Sensex?
Bharti Airtel, surging 11 per cent, stood out as the top Sensex gainer, followed by Asian Paints (up 4.49 per cent), IndusInd Bank (3.21 per cent), HDFC (3.02 per cent), Hindustan Unilever (2.06 per cent) and Larsen & Toubro (1.76 per cent). Among losers of the index, YES Bank bled, falling 4.52 per cent. Bajaj Auto (down 4.30 per cent), Adani Ports (down 1.40 per cent), NTPC (down 1.18 per cent) and Infosys (down 1.17 per cent) were other prominent losers.
Airtel's stellar show
Shares of telecom giant Bharti Airtel shot up on Wednesday on reports of fundraising through stake sale in its Africa business. Airtel Africa, a subsidiary of India's Bharti Airtel, on Wednesday said it raised $1.25 billion through a primary equity issuance from six global investors, including SoftBank Group Corp, Warburg Pincus and Temasek Holdings. The funds will be used to reduce existing debt of about $5 billion and grow its Africa operations, Airtel said in a regulatory filing. Shares of the company closed 10.79 per cent up at Rs 316.75 on the BSE.
Bajaj Auto plumbed 52-week low
Bajaj Auto plunged nearly 5 per cent to its 52-week low of Rs 2,460 on the BSE today, before closing at Rs 2,475.30, still down 4.30 per cent. The stock dropped even as the company posted a 4 per cent year-on-year rise in profit at Rs 1,152 crore for July-September. Total revenue jumped 21.63 per cent to Rs 7,986.79 crore in Q2 FY19 over Rs 6,566.43 crore in Q2 FY18.
Top gainers & losers of BSE
Can Fin Homes (up 12.91 per cent), Bajaj Finance (10.97 per cent), Bharti Airtel (10.79 per cent), MCX (10.19 per cent) and Oberoi Realty (9.77 per cent) emerged as the top five gainers on the BSE today. By contrast, Bayer Cropscience (down 8.96 per cent), Cadila Healthcare (down 5.17 per cent), Kwality (down 4.99 per cent), Sonata Software (down 4.98 per cent) and Manpasand Beverages (down 4.88 per cent) lost big today.
250 stocks at 52-week lows
As many as 250 stocks, including Tata Motors, Time Technoplast, CCL Products, CG Power and Industrial Solutions, D B Corp, GHCL, Grasim Industries, Wockhardt, Shree Cement, Navkar Corporation, Motilal Oswal Financial Services, Manpasand Beverages, Laurus Labs, Kwality, Kalpataru Power Transmission and Greaves Cotton, melted despite positive market sentiment to hit 52-week lows on the BSE. On the other hand, Grandeur Products, Sportking India, Tiaan Ayurvedic & Herbs, Coastal Corporation, Dalal Street Investments and Kothari World Finance featured among 28 stocks that scaled 52-week highs.
Rs 1.05 lakh crore wealth created
The cumulative market capitalisation of BSE companies jumped by 1.05 lakh crore as the m-cap jumped to 1,35,24,629 crore from Rs 1,34,19,627 crore today. JP Associates, Reliance Communications, YES Bank, DHFL and Vipul emerged as the top five most traded stocks on the BSE while Bajaj Finance, Infosys, Piramal Enterprises, Mahindra & Mahindra and Indiabulls Housing Finance featured among the top five most active stocks in value terms.
136 stocks hit the upper circuit
Radico Khaitan, Zim Laboratories, Manaksia Steels, Polymechplast Machines, Gulshan Chemfill and Sportking India were part of 136 stocks that hit upper circuit on the BSE today. However, 241 stocks, including Kwality, CRP Risk Management, Advance Syntex, Unique Organics, Omax Autos and ANG Lifesciences India, hit lower circuit.
73 stocks bullish on BSE
Momentum indicator moving average convergence divergence (MACD) showed bullish crossovers at 73 counters on the BSE. Among the stocks that showed bullish crossovers were Dabur India, Fortis Healthcare, SRF, ICICI Securities and Tata Metaliks. However, 88 stocks, including Torrent Power, Tejas Networks, Lupin, Welspun India and India Glycols showed bearish crossovers.
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