MARKET SUMMARY 10 OCT 2018

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The benchmark indices settled over 1 per cent higher on Wednesday aided by a firm rupee against the dollar.The S&P BSE Sensex ended at 34,761, up 461 points, while the broader Nifty50 index settled at 10,460, up 159 points.During the day, the rupee traded on a firm note having risen to 74.05 against the greenback in intra-day trade. The Indian currency had opened 24 paise firm at 74.14 earlier in the day after ending at a record low of 74.39 per dollar on Tuesday.Among the sectoral indices, Nifty Bank index rose 3.2 per cent led by a rise in Axis Bank, State Bank of India and ICICI Bank. The Nifty Auto index, too, rose 2.6 per cent higher led by Maruti Suzuki India. However, the Nifty IT index slipped 1.5 per cent weighed by Infosys and Tata Consultancy Services.In the broader markets, the S&P BSE MidCap index rose 4.2 per cent to settle at 14283 while the S&P BSE SmallCap rose 3.7 per cent to 13998.

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Markets ended lower on Friday after the Reserve Bank of India (RBI) sprung a surprise and kept the repo rate unchanged at 6.50 per cent. Most experts had expected the central bank to hike rates by 25 bps. The S&P BSE Sensex lost 792 points, or 2.25 per cent, to settle at 34,377 while the broader NSE's Nifty50 index dropped 283 points, or 2.7 per cent, to close at 10,316. Among specific stocks, shares of oil marketing companies such as HPCL, BPCL and IOCL hit 52-week lows after the government announced that it will cut excise duties on petrol and diesel prices and OMCs will absorb Re 1 per litre.Heavy losses were also visible in banking stocks with the Nifty Bank index slipping 1.5 per cent. YES Bank, State Bank of India (SBI), Bank of Baroda (BoB), IDFC Bank and ICICI Bank lost up to 5.1 per cent.

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The benchmark indices settled over 2 per cent lower on Thursday following a weak rupee which sunk to a fresh low in the intraday trade.The rupee slipped to a fresh record low 73.81 per dollar in intraday trade on Thursday, after settling at a record low of 73.34 on Wednesday.The S&P BSE Sensex ended at 35,169, down 806 points while the broader Nifty50 index settled at 10,599, down 259 points.Among major stocks, ICICI Bank settled over 4 per cent to Rs 316. It had risen over 5 per cent to Rs 321.25 in intraday trade on the National Stock Exchange (NSE) after the bank's CEO Chanda Kochhar resigned with immediate effect. ICICI Bank has named Sandeep Bakhshi as MD and CEO for five years with effect from October 3.

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The S&P BSE Sensex ended at 36,542, down 110 points while the broader Nifty50 index settled at 11,054, down 14 points.Among sectoral indices, the Nifty FMCG index fell 1.5 per cent led by a fall in ITC and Hindustan Unilever. The Nifty IT index, on the other hand, settled 1.9 per cent lower weighed by Infosys and Tata Consultancy Services (TCS).
In key individual stocks, YES Bank rose 1.4 per cent to Rs 223 on the BSE. DHFL also rose nearly 1 per cent to Rs 303.20.
Investors will keenly watch US Fed meet outcome due later in the day for fresh cues in the markets. Shares of Biocon hit a new high of Rs 718 per share, up 2% on Wednesday, extending their 6% rally on Tuesday on the BSE in an otherwise subdued market after the company said the inspection of its drug substance manufacturing site at Bengaluru campus by the US health regulator has concluded without any observations.In past one year, the stock of biotechnology firm has zoomed 109% as compared to a 16% rise in the S&P BSE Sensex.

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The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar.The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi's Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank. "Ease in inflation and recovery in rupee added optimism in the market. Stability in yield and rupee will be crucial for the market momentum while investors have continued to stay cautious due to global triggers. The global peers also traded on a positive note in expectation of ease in trade tensions between US & China.