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Market Live: Sensex extends gains to over 500 points, Nifty races past 10,400; auto, banks gain big

12 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.


IT stocks such as Tata Consultancy Services, Infosys and HCL Technologies are trading lower on the back of a rising rupee. Here is a look at their intraday chart.

OIL PRICES Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week.

Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT. The contract fell 3.4 percent on Thursday, after hitting a low of $79.80, its weakest since September 24.

Shares of Hindustan Unilever have risen over a percent in the morning trade ahead of its September quarter earnings announcement. Here is a look at its intraday chart.

TCS down 1% Shares of Tata Consultancy Services are down over a percent as investors reacted to its September quarter earnings.

Market opens After the drubbing yesterday, equities have begun the session on a strong note. The Nifty has soared past 10,350, while the Sensex is higher by 400 points.

All sectoral indices are trading in the green, with maximum gains visible among banks, auto, metals and pharmaceutical sectors. The Nifty Midcap index is higher by 2 percent.

The Sensex is up 419.39 points or 1.23% at 34420.54, while the Nifty is higher by 135.10 points or 1.32% at 10369.80. The market breadth is positive as 624 shares advanced, against a decline of 168 shares, while 2635 shares were unchanged.

Rupee Update: The Indian rupee gained in the early trade on Friday. It has opened higher by 29 paise at 73.83 per dollar versus 74.12 yesterday.

Yesterday the rupee ended higher by 8 paise after it plunged to all-time low of 74.48 per dollar during the intraday trade.

Market at Pre-opening: Benchmark indices are trading higher in the pre-opening trade with Nifty is above 10,300 mark.

At 09:01 hrs IST, the Sensex is up 234.76 points or 0.69% at 34235.91, and the Nifty up 95.70 points or 0.94% at 10330.40.

HDFC, JSPL, Yes Bank, GM Breweries are among the major gainers in the pre-opening trade.

Crude price update: Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week.

Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT. The contract fell 3.4 percent on Thursday, after hitting a low of $79.80, its weakest since September 24.

Gold Update: Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal's safe-haven appeal.

Spot gold was down 0.2 percent at USD 1,221.06 an ounce. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at USD 1,226.27. That was also the metal's best one-day percentage gain since June 2016.

Asian markets trade mixed: Asian shares appeared tentative on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high.

Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent after the opening of the South Korea and Australian markets, a day after it fell 3.6 percent to hit 1-and-a-1/2 year low. Japan's Nikkei fell 0.6 percent.

SGX Nifty: Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a gain of 27.50 points or 0.27 percent. Nifty futures were trading around 10,307-level on the Singaporean Exchange.

Wall Street extends slide: Wall Street indexes continued their slide in Thursday's volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kickoff, reported Reuters.

In its sixth consecutive day of declines, the S&P closed down 2.1 percent after shedding 3 percent in Wednesday's session. But at its session low the benchmark fell 2.7 percent to its lowest level since early July.

The Dow Jones Industrial Average fell 545.91 points, or 2.13 percent, to 25,052.83, the S&P 500 lost 57.31 points, or 2.06 percent, to 2,728.37 and the Nasdaq Composite dropped 92.99 points, or 1.25 percent, to 7,329.06

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