Stock market: The Sensex rose as much as 174.25 points to 36,898.99 at the day's strongest levelThe S-P BSE Sensex and NSE Nifty 50 indices erased intraday gains owing to weakness in banking and financial services shares.
The Sensex fell 300 points from day's high and Nifty 50 index fell below important psychological level of 10,900.
HDFC, ICICI Bank, Tata Consultancy Services, Hindustan Unilever, Kotak Mahindra Bank and State Bank of India were among the biggest drags on the Sensex.
Earlier in the day, the benchmarks opened higher and Sensex rose as much as 174 points from its previous close.On Wednesday, the Sensex and Nifty had ended 162 points (0.4 per cent) and 47 points (0.4 per cent) higher, rebounding after falling the most since July 8 in the previous session.Bharti Airtel, Vodafone Idea Down Over 6% Since August 12Bharti Airtel shares have declined 6.81 per cent and Vodafone Idea has dropped 6.34 per cent since the day Reliance Industries chairman Mukesh Ambani announced launch date of JioFiber at its AGM on August 12.
Meanwhile, Reliance Industries shares have advanced 3.4 per cent since that day.Oil Marketing Companies Gain On Lower Crude PricesShares oil marketing companies rose after Brent Crude fell 0.3 per cent to $60.52 per barrel.Indian Oil up 4.26% at Rs 125.40Bharat Petroleum up 5.02% at Rs 381.80Hindustan Petroleum Corporation up 3.77% at Rs 266.90Aditya Birla Capital Gains On Fund Raising PlanAditya Birla Capital rose as much as 2.2 per cent to Rs 92.40 after the company's board approved raising Rs 2,100 crore via preferential issue of equity shares.The company will issue 7.7 crore equity shares of face value of Rs 10 each at a price of Rs 100 for an aggregate consideration of Rs 770 crore on a preferential basis to Grasim Industries, according to an exchange filing posted by Aditya Birla Capital.The company will also issue 2.3 crore shares at Rs 100 for total consideration of Rs 230 crore on preferential basis to Surya Kiran Investments Pte.
Limited, IGH Holdings Private Limited and Pilani Investment and Industries Corporation Limited, members of promoter group of the company.At 12:16 pm, Aditya Birla Capital traded 1.44 per cent higher at Rs 91.70.Sensex, Nifty Erase Gains; Banking Shares WeighThe S-P BSE Sensex and NSE Nifty 50 indexes erased intraday gains after banking shares came under selling pressure.
The Sensex fell 47 points to 36,679 and the Nifty 50 index was up 2 points at 10,847.Top Nifty losersHDFC down 2.57%ICICI Bank down 1.77%HCL Technologies down 1.21%Hindustan Unilever down 1.17%Tech Mahindra down 1.01%Top Nifty gainersTata Motors up 4.89%ONGC up 4.41%Coal India up 4.28%Bharat Petroleum up 3.97%NTPC up 3.10%ONGC Surges 9% On Heavy VolumesShares of the state-run oil exploration company, ONGC, surged as much as 9 per cent to Rs 129.80 on the BSE on the back of heavy trading volumes.As many as 13 lakh shares changed hands on the BSE compared with an average of 5.24 lakh shares traded daily in the past two weeks.Market Update: Sensex, Nifty Turn Flat; HDFC, ICICI Bank Among LaggardsThe S-P BSE Sensex and NSE Nifty 50 indices came off intraday highs owing to weakness in ICICI Bank, HDFC, Kotak Mahindra Bank and Hindustan Unilever.
The Sensex was up 73 points at 36,798 and Nifty was at 10,887, up 42 points.Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.4 per cent and the Nifty Smallcap 100 index advanced 0.8 per cent.The overall market breadth was positive as 1,181 shares were advancing while 463 were declining on the NSE.Reliance Industries Rises Ahead Of JioFiber LaunchReliance Jio Infocomm is set to launch its optical fiber-based fixed-line broadband service, JioFiber, on a commercial basis from today - the third anniversary of the launch of Reliance Industries' telecom arm.
At Reliance Industries' 42nd annual general meeting last month, chairman and managing director Mukesh Ambani said the company had received more than 15 million Jio Fiber registrations from nearly 1,600 towns.
(Read his full speech here)Reliance Industries sharesrose as much as 1.02 per cent on Thursday.
At 10:32 am, RIL shares traded 0.42 per cent higher at Rs 1,206.60 apiece on the BSE, in line with a 0.42 per cent gain in the benchmark Sensex index.PNB Market Share To Improve Its Funding After Merger: MoodysThe upwards revision in its outlook by the credit ratings agency comes days after the government announced the merger of PNB with Oriental Bank of Commerce and United Bank to create the country's second largest public sector bank with a business of Rs.
17.95 lakh crore.In a statement on Wednesday, Moody's said it expects Punjab National Bank's asset quality and profitability to remain broadly unchanged following the merger.
However, PNB's enlarged market share will benefit its deposit franchise and help improve its funding.PNB Shares Rise After Moody's Changes Outlook To "Positive"Punjab National Bank shares rose more than 3 per cent on Thursday, after credit ratings major Moody's affirmed its ratings on the lender while changing its outlook to "positive" from "stable".
At 10:13 am, PNB shares traded 2.75 per cent higher at Rs 61.55 apiece on the BSE, outperforming the benchmark Sensex index which was up 0.35 per cent.Advance-Decline Ratio Sharply PositiveAt 10:06 am, the Sensex traded at a gain of 100.92 points to trade firmly above 36,800 and the Nifty was just above the 10,900 mark.
Market breadth favoured gains, with 1,031 stocks on the BSE trading higher and 444 moving lower.On the National Stock Exchange, 1,127 stocks advanced while 449 declined.ONGC, NTPC, Coal India Shares Top GainersTop Nifty GainersTop Nifty LosersNSE Sectoral IndicesNifty Financial Services0.63%Oil - Natural Gas Corp, NTPC, Indian Oil Lead GainsTop gainers on the Nifty were ONGC, NTPC, Indian Oil, Coal India, Bharat Petroleum and Vedanta, trading between 2.63 per cent and 5.50 per cent higher.
Infosys, Larsen - Toubro, HDFC Bank and NTPC contributed the most to the upmove in Sensex.Markets Give Up Some Of Early GainsThe markets however gave up most of the gains in the first few minutes of trade, as selling emerged in financial stocks.
At 9:41 am, the Sensex traded 74.71 points - or 0.20 per cent - higher at 36,799.45, while the Nifty was up 28.70 points - or 0.26 per cent - at 10,873.35.Rupee Moves Above 72 Mark Against DollarThe rupee appreciated against the US dollar to move above the 72 mark.
After opening at 71.85 against the greenback, the rupee gained as much as 28 paise from the previous close to 71.84 against the US currency.
It was last seen trading 0.26 per cent higher at 71.93 against the dollar.
(Catch Latest Updates On Rupee Here)On Wednesday, the rupee had settled at 72.12 against the dollar.Sensex Rises Over 150 Points, Nifty Hits 10,900At 9:22 am, the Sensex traded 152.49 points - or 0.42 per cent - higher at 36,877.23, while the Nifty was up 62.20points - or 0.57 per cent - at10,906.85.
Ten out of the 11 sectoral indices on the National Stock Exchange traded higher, with the Nifty Auto, Metal and Pharma indices up 1.07 per cent, 3.22 per cent and 0.89 per cent respectively.Link Certain Loans To External Benchmarks: RBI To BanksOn Wednesday, the Reserve Bank of India mandated commercial lenders tolink certain loans to the external benchmark-based interest ratesfrom October 1, in a bid to allow faster transmission of its rate cuts to consumers.The RBI said banks were not satisfactorily transferring the cuts in policy rates.
Banks would now have to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark, the central bank said.Sensex, Nifty In Pre-Open MarketIn the pre-open session, the S-P BSE Sensex index gained as much as 195.94 points - 0.53 per cent - to 36,920.68.
At 9:05 am, the broader NSE Nifty benchmark was up 85.20 points (0.79 per cent) at 10,929.85 in the pre-open market.Top gainers on the index were Adani Ports, Wipro, Kotak Bank, Tata Steel and Vedanta, up between 1.68 per cent and 4.28 per cent.
Top laggards were ICICI Bank, GAIL, UPL, ITC and Maruti Suzuki, down between 0.44 per cent and 2.00 per cent.
Indicative values in the pre-open market are replaced with final values in the order matching phase.Before Markets Open, Here's A Look At Global CuesEquities in other Asian markets extended gains and US stock futures jumped on rising hopes the United States and China can de-escalate their trade war before it inflicts further damage on the global economy.US stock futures reversed early losses and rose 1 per cent.
China's confirmation of trade talks added to upbeat geopolitical news overnight.
A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing.SXG Nifty Indicates Higher Opening For NSE Nifty TodayDomestic stock markets are likely to open higher with the SGX Nifty, trading on the Singapore Exchange, trading 20.00 points - or 0.18 per cent - higher at 10,877.50.
Equities in other Asian markets rose, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.8 per cent, the Shanghai composite index surging 1.8 per cent, and Japan's Nikkei adding 2.4 per cent.