Share Market update: Sensex closes above 40,000 for first time in five months, Nifty at 11,849; SBI, TCS, ITC top gainers
businesstoday.in | Updated Oct 30, 2019, 4:08 PM IST
Share Market update: Benchmark indices closed higher on hopes of
tax sops for investors. While Sensex rose 220 points to end at 40,051,
Nifty gained 57 points to 11,844. Sensex has closed above 40,000 for
first time in nearly five months. On June 4, Sensex hit its all-time
high of 40,312 and Nifty reached record high of 12,103 on June 3. On
June 4, Sensex closed at 40,083 ending above 40,000 for the second time
in 2019. On June 3, Sensex closed at 40,267. On Tuesday, benchmark indices ended over 1.4% higher after the media reports suggested that PMO with consultation with the Finance Ministry's Revenue Department and NITI Aayog, is reviewing the existing structure of Long Term Capital Gains (LTCG) tax, the Securities Transaction Tax (STT) and Dividend Distribution Tax (DTT). Sensex closed 581.64 points higher at 39,831.84 and Nifty gained 159.70 points to 11,786 on Tuesday.
Share Market Update: Indian equity markets on Tuesday traded majorly bullish after an extended three-day weekend, with Sensex and Nifty ending 1.40% each, amid strong global equities. While Sensex closed 581 points higher at 39,831 level, Nifty ended 159 points higher at 11,786 mark. On the sectoral front, except media, all the other indices ended in the green, with over 4% rise recorded in Auto and metal stocks, followed by 1% hike in IT, energy, CPSE, commodities, PSU banks and pharma scrips. Broader Asian markets also rose amid buoyed investor sentiment over U.S.-China trade deal optimism and fed rate cut hopes.
Rupee started with the loss of 5 paise on expectation of month end dollar demand from importers and stronger dollar index.
Stocks pulled back Tuesday afternoon after a Reuters report that a "phase one" trade deal may not be ready
The Federal Open Market Committee (FOMC) the policy making arm of the U.S. Fed will announce its rate decision today at 2 PM ET. The central bank's rate decision will come after the publication early Wednesday of U.S. GDP data which is expected to show a further slowdown in the third quarter 
Telecom stocks rose early in the trade after media reports suggested that the Governement has formed a Committee of Secretaries (CoS) to find out ways to reduce financial stress in the telecom sector. The panel, formed under Cabinet Secretary Rajiv Gauba, will suggest ways to make a favourable environment for investment in the sector struggling to keep up revenue.
Benchmark indices Sensex and Nifty are trading at record levels today after yesterday's rally. The Sensex had hit an all-time intra-day high of 40,312 on June 4 this year. On Tuesday, benchmark indices ended over 1.4% higher after the media reports suggested that PMO with consultation with the Finance Ministry's Revenue Department and NITI Aayog, is reviewing the existing structure of Long Term Capital Gains (LTCG) tax, the Securities Transaction Tax (STT) and Dividend Distribution Tax (DTT). Sensex closed 581.64 points higher at 39,831.84 and Nifty gained 159.70 points to 11,786.
Top gainers in the Sensex pack included Bharti Airtel, L&T, Infosys, ITC, Vedanta, HDFC Bank, Bajaj Auto, Kotak Bank and Sun Pharma rose up to 2%. On the other hand, Tata Motors, Yes Bank, IndusInd Bank, Tata Steel, ICICI Bank and TCS fell up to 3%. 
Sectorally, except auto, metal and pharma stocks, all the other indices traded in the green, with 2% rise in PSU bank stocks, followed by marginal gains in banking and IT stocks.
Shares of Bandhan Bank fell 4.76% to the day's low of Rs 593.8 as the Reserve Bank of India (RBI) on October 29 imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40%.
Share price of BEML Limited, previously Bharat Earth Movers Limited, rose 9.87% to the intraday high of Rs 1,108.2 , also hits 52-week high on the BSE over reports that the government has started the divestment process for BEML and is likely planning strategic stake sale from the state-owned commercial vehicles' company.
Global equities traded down as expectations the Federal Reserve rate cut hope was offset by a potential delay in a U.S.-China trade deal, which clouded sentiment and weakened the dollar.
Oil prices fell on Wednesday, with Brent crude trading down 18 cents, or 0.3%, at $61.41 a barrel, as a possible delay in resolving the U.S.-China trade war coupled with a drop in U.S. crude inventories shadowed investors sentiments. 
Stock price of Interglobe Aviation opened with a gain of 3.1% today and rose 5.55% intarday to Rs 1,488.55 after the airline announced that it has placed an order for 300 Airbus A320neo family aircraft worth more than $30 billion at list prices.
Cochin shipyard shares rose 4% intraday to Rs 408.35 on the BSE after the company announced it has signed agreement with Kochi Metro Rail for order of design and construction of 23 hybrid-electric passenger ferries valued at Rs 175.7 cr. 
The equity benchmark indice Sensex has crossed 40,000 mark at a 220 points rise, while Nifty is currently hovering near 11,850 level.
Shares Petronet LNG rose over 6% in the early trade on Wednesday after the energy company reported nearly doubling of net profit in September quarter on the back of improved margins.
Listed companies that are due to release their September quarterly earnings today are namely Container Corporation of India, JK TYRE, Tata Global Beverages, United Bank Of India, Tata Chemicals, Quess Corp, Graphite India, Heritage Foods, Indoco Remedies, OnMobile Global, PTC India and Sonata Software.
Central Bank of India shares opened with a gain of 5.29% today and later rose almost 16% to the intraday high of Rs 20.8 on the BSE, after the lender's capital raising committee of the board of directors approved raising of equity capital by way of preferential allotment aggregating to Rs 3,353 crore. While 'Public Banks' sector has gained by 3.62%, the Central Bank of India stock has outperformed the sector by 7.16%.
