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Market Live: Sensex extends gains to over 200 points, Nifty above 10,350; auto, pharma indices surge

10 Oct 2018 : 01:00 Comments: 0 Views: 
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Good morning and welcome to the live coverage of all the action from D-Street. Stay tuned to this blog for all live updates from the market in India and around the world.

US markets end lower: The Dow and S&P 500 ended slightly lower on Tuesday as investors, worried about global growth prospects, fled from materials and industrials stocks but falling bond yields kept declines in check in the three major indexes.

The International Monetary Fund cut global economic growth forecasts for 2018 and 2019 and its 2019 US and China estimates, saying the two countries would feel the brunt of their trade war next year.

The Dow Jones Industrial Average fell 56.21 points, or 0.21 percent, to 26,430.57, the S&P 500 lost 4.09 points, or 0.14 percent, to 2,880.34 and the Nasdaq Composite added 2.07 points, or 0.03 percent, to 7,738.02
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SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader index in India, a gain of 23.5 points or 0.23 percent. Nifty futures were trading around 10,335.5-level on the Singaporean Exchange.

Crude Update: Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of US Gulf of Mexico crude output, reported Reuters.

Brent crude futures were down 2 cents at $84.98 a barrel by 0049 GMT, after a 1.3 percent gain on Tuesday.

US West Texas Intermediate (WTI) crude was down by 16 cents, or 0.2 percent, at $74.8 a barrel, after rising nearly 1 percent in the previous session.

Gold prices trade higher: Gold prices crawled higher on Wednesday, as long-dated US Treasury yields retreated from multi-year highs, pressuring the dollar, reported Reuters.

Spot gold was up 0.2 percent at $1,191.03 an ounce at 0108 GMT. On Tuesday, it touched a more than one-week low of $1,183.04

US gold futures rose 0.3 percent to $1,194.50 an ounce.

Market at pre-open: Benchmark indices are trading higher in the pre-opening trade with Nifty trading above 10,350 mark.

At 09:02 hrs IST, the Sensex is up 107.49 points or 0.31% at 34406.96, and the Nifty up 66.40 points or 0.64% at 10367.40.

Aviation stocks are flying higher today with 10 percent gain, also TVS Motor, HDFC, Bajaj Finance, Reliance Industries are trading higher in the pre-opening trade.

Rupee Opens: The Indian rupee gained in the early trade on Wednesday. It opened higher by 24 paise at 74.15 per dollar versus previous close 74.39.

On Tuesday rupee ended at a fresh record low of 74.39 per US dollar.

The dollar-rupee October contract on the NSE was at 74.50 in the previous session. October contract open interest increased 2.20% in the previous session, said ICICIdirect.

Market Opens D-Street has begun the day on a positive note, with the Sensex gaining 100 points, while the Nifty is above 10,300-mark.

Among sectors, automobiles, infra, banks and consumer names are gaining, while Nifty IT index is trading in the red.

The Sensex is up 116.98 points or 0.34% at 34416.45, while the Nifty is higher by 26 points or 0.25% at 10327.00. The market breadth is positive as 335 shares advanced, against a decline of 151 shares, while 2,878 shares were unchanged.

HEG, Graphite soar Graphite-linked stocks such as HEG and Graphite India soared in trade on Wednesday morning after research firm Bank of America Merrill Lynch has initiated coverage on these stocks with a buy call. HEG was higher by 17 percent, while Graphite India was locked in 5 percent upper circuit. The firm also sees potential upside of 96-108 percent.

DR REDDY’S GAINS 6% ON ROLL OUT OF CHOLESTEROL LOWERING DRUG

Shares of Dr Reddy’s Laboratories rose over 6 percent as investors cheered a product launch by the firm.

The company rolled out launched cholesterol-lowering medication Colesevelam HCI tablets in the United States.

Colesevelam HCI tablet is a therapeutic equivalent generic version of Japanese drug maker Daiichi Sankyo's Welchol.

The Welchol brand and generic drug had US sales of approximately $471 million in year ended August 2018, according to IMS Health.

Market Update Equities have extended their gains from opening levels. The Nifty is trading above 10,350-mark, while the Sensex has risen over 200 points.

Among sectors, auto stocks have gathered steam along with banks, infrastructure, metals, and pharmaceuticals. The Nifty Midcap index is higher by 2 percent.

The Sensex is up 229.49 points or 0.67% at 34528.96, while the Nifty is higher by 79.80 points or 0.77% at 10380.80. The market breadth is positive as 1,236 shares advanced, against a decline of 420 shares, while 1,708 shares were unchanged.

Hero MotoCorp, Maruti Suzuki, Bajaj Finance and Bajaj Finserv are the top gainers, while Yes Bank and Infosys have lost the most.

Garden Reach Listing Pre-open: Market debutant Garden Reach Shipbuilders’ shares have settled around Rs 102,.50 apiece in the pre-opening market. The stock will list at 10 am.
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