INSUBCONTINENT EXCLUSIVE:
country's largest private lender HDFC Bank announced that its net profit rose 18 per cent to Rs 7,513 crore in September quarter, raising
hopes of similar quarterly earnings from other banks
The benchmarks had staged a gap-up opening and extended gains in late-morning deals, wherein the Sensex rose as much as 536 points and Nifty
50 index touched an intraday high of 11,898.25
Investor sentiment was also lifted by hopes of a US stimulus package before the presidential election and expectations of a COVID-19 vaccine
by year-end.The Sensex ended 449 points or 1.12 per cent higher at 40,432 and Nifty 50 index advanced 111 points or 0.94 per cent to close
at 11,873.The Sensex and Nifty have been on an upward spiral for the last 12 trading session, barring one session.Seven of 11 sector gauges
compiled by the National Stock Exchange ended higher, led by the Nifty PSU Bank index's over 4 per cent gain
Nifty Bank, Private Bank, Financial Services, FMCG and Realty indices also rose 1-3 per cent each.On the other hand, auto, information
technology and pharma shares faced selling pressure.Mid- and small-cap shares also witnessed buying interest, as the Nifty Midcap 100 index
and Nifty Smallcap 100 indexes rose 0.8 per cent each."Bank stocks are steadily gaining momentum after HDFC Bank's results and markets
think that other private sector banks could follow suit," Saurabh Jain, assistant vice president at SMC Global Securities told Reuters.Among
the individual shares, Jet Airways was locked in a 5 per cent upper circuit at Rs 42.20 on the National Stock Exchange after the company on
Saturday informed exchanges that its creditors agreed to sell the carrier under a multi-million dollar resolution plan
The stock has rallied 47 per cent in the last eight sessions.Hyderabad-based Dr Reddy's Laboratories shares gained nearly 3 per cent on
Monday after the drug maker received a regulatory nod to conduct clinical trials for Russia's Sputnik V COVID-19 vaccine in India.ICICI
Bank was top Nifty gainer, the stock rose 5 per cent to close at Rs 416
side, Divi's Labs, Eicher Motors, Hero MotoCorp, Cipla, Bajaj Auto, TCS, Mahindra - Mahindra, Bharti Airtel and Adani Ports were among the
losers.The overall market breadth was positive, as 1,492 shares ended higher while 1,168 closed lower on the BSE.
