MARKET WRAP UP 29-OCT-2018

Closing Bell: Sensex ends over 700 points higher, Nifty around 10,250; PSU bank index up 8%.

An extremely strong day of trade comes to a close, with the Sensex jumping over 700 points, while the Nifty ended above 10,250-mark.

Intense buying among PSU banks, automobiles, infra, IT, metals, and pharmaceuticals boosted the indices. The Nifty Midcap index rose 3 percent.

Index heavyweights such as Reliance Industries, ITC, Infosys, and TCS rallied and aided sentiment.

At the close of market hours, the Sensex closed up 718.09 points or 2.15% at 34067.40, while the Nifty ended higher by 220.90 points or 2.20% at 10250.90. The market breadth is positive as 1,814 shares advanced, against a decline of 769 shares, while 1,046 shares were unchanged.

HEADLINES OF THE DAY

KRBL Q2 result: The company's consolidated net profit rose 52 percent at Rs 157.2 crore against Rs 103.3 crore. Revenue was up 74 percent at  Rs 1,245 crore against Rs 715.2 crore, YoY.

Colgate Palmolive India's second quarter profit grew by 10.6 percent year-on-year to Rs 196.37 crore, driven by good volume growth and operating income.

Relief for Adani, Tata Power: Supreme Court allowed for application to be made before CERC to amend PPA as per recommendations.

Vijaya Bank Q2: The company has posted 24 percent dip in its Q2 net profit at Rs 140 crore against Rs 185.5 crore. Net interest income was up 15.6 percent at Rs 1,165.5 crore against Rs 1,008.4 crore, YoY.

ICICI Bank soars 10% Shares of ICICI Bank rose over 6 percent as investors are reacting to its September quarter performance.

Results to be announced tomorrow :- Bank of Baroda,Birla Corp,Cholamandalam,Container Corp,Dalmia Bharat,IDFC,JK Tyre & Ind,Merck,Motilal Oswal,Pidilite Ind,Tata Global Bev,Torrent Power,Unichem Labs,Vakrangee.

The crucial resistance for Nifty spot is now seen at 10320 and above this 10450 Support for the immediate term is now placed at 10100 next support will be 9900.

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