Sensex closes shy of 33,700 mark, Nifty rises 28 points; banking stocks lead gains

The Sensex closed 112.34 points or 0.33 percent higher at 33,685 points, shy of the 33,700 level on gain in banking stocks. The BSE Sensex rose to its highest ever level of 33,733 level in intra-day. The Nifty rose 28 points to 10,452 level. Banking and capital goods stocks were in focus as the BSE capital goods index and BSE bankex rose the most among sectoral indices. While the capital goods index rose 201 points to 18,601 level, the bankex rose 289 points to 29,092 level.  Among banks, Punjab National Bank (5.07 percent), Axis Bank (1.87 percent), IndusInd Bank (2.78  percent), SBI (3.57 percent) and YES Bank (1.79 percent) were among the top gainers on the BSE. Bank Nifty closed 223 points higher at 25650 level. We look at key developments, which are affecting the market today.

15:40 pm: Realty firm Godrej Properties reported a 91 per cent rise in its consolidated net profit at Rs 44 crore for the quarter to September. Net profit stood at Rs 23 crore in the year-ago period. Total income increased to Rs 536.08 crore in the second quarter of this fiscal, from Rs 359.04 crore in the same period of the previous year.

15:34 pm: Hindalco Industries, an Aditya Birla Group company, posted a 11 per cent fall in standalone profit at Rs 392.8 crore in Q2 against a net profit of Rs 439.7 crore in the corresponding quarter of previous fiscal. "Net profit for quarter before exceptional items was at Rs 461 crore. Exceptional items (post tax adjustment) were Rs 68 crore. Reported net profit after adjustment for exceptional items (is) Rs 393 crore," Hindalco Industries said.

15:33 pm: BSE IPO index drops 0.37 percent, power index down 0.35 percent, oil and gas index falls 0.16 percent, IT index dips 0.04 percent.

15:31 pm: Amtek Auto hits upper circuit, closes 20 percent higher at Rs 29.70 on the BSE . Multinational firm Bharat Forge said it has also participated in in the process of buying the debt-laden  Amtek Auto along with other potential bidders.

15:29 pm: GMR Infrastructure, Jaiprakash Associates and Punjab National Bank are among the top traded stocks by volume on the NSE.

15:14 pm: Tata Power Co net profit falls about 44% on lower income from its power generation business. Stock trading 0.12 percent higher on the BSE.

14:55 pm: Reliance Nippon Life Asset Management will make its stock market debut on Monday. The company's IPO was subscribed 81.54 times during October 25-27.

14:34 pm: Power Finance Corporation reports Rs 1,886 crore net profit in Q2.

12:54 pm: HEG Ltd hits upper circuit of 5 percent at 1840 level on the BSE after the firm logged net profit of Rs 114 crore in Q2 of the current fiscal. The firm had reported net loss of Rs 14 crore in the corresponding quarter of the previous fiscal. HEG is a premier company of the LNJ Bhilwara group and manufactures graphite electrodes. It has one of the largest integrated graphite electrode plants in the world, processing sophisticated UHP (Ultra High Power) electrodes.

12:41 pm: Punjab National Bank net profit rises 2 percent to Rs 560.6 crore in Q2, net NPAs at Rs 34,570 crore. Stock rises over 4 percent to 205 level on the BSE.

12:09 pm: The Glenmark Pharmaceuticals stock was trading lower after the drug firm reported a 4.23 per cent fall in its consolidated net profit to Rs 214.12 crore for the second quarter ended September 30, 2017. The company had posted a net profit of Rs 223.58 crore for the corresponding period of the previous fiscal, Glenmark Pharmaceuticals said. At 12:08 pm, the stock was trading 2.41 percent or 15 points lower at 632 level on the BSE.

12:00 pm: The Indian rupee was trading at 64.575 level today. The home currency closed at 64.61 against the dollar, down 0.02% from its Wednesday's close of 64.60.

11:56 am: India has pipped Canada to become the world's eighth-largest stock market by capitalization. This year's 47% surge in market capitalization has helped India seal its position in the $2-trillion club. At $2.26 trillion, the Indian stock market is now bigger than those of Canada and Switzerland. It is 5.3% and 12% behind Germany and France, respectively.

11:48 am: Deutsche Bank raises target price of Container Corporation of India to Rs 940 from Rs 840; rating 'sell'. Stock trading 0.33 percent lower at 1377 level on the BSE.

11:39 am: Market breadth was positive with 1,463 stocks trading higher against 977 falling on the BSE.

11:31 am: Punjab National Bank shares up 1.95 percent to 201 level at 11:31 am ahead of quarterly results today.

11:28 am: Services industry activity expanded at its fastest pace in four months in October as demand continued to strengthen despite accelerating price pressures. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 51.7 last month - its highest since June - from 50.7 in September. In July and August, the index was below the 50-mark that separates growth from contraction.

10:49 am: Hathway Cable rises 19.91 percent on the BSE as the firm reports Rs 14-crore net profit in Q2 against Rs 40 crore loss in Q2 of previous fiscal.

10:43 am: Jet Airways stock rises over 3.50 percent to 610 level amid rising crude oil prices.

10:42 am: Lupin announced the launch of its Doxycycline Hyclate Tablets USP, 75 mg and 150 mg having received an approval from the US FDA earlier. Stock trading 1.08 percent lower at 1049 level on the BSE.

10:07 am: Bharti Airtel (2.15 percent), Axis Bank (1.91 percent),  Larsen and Toubro (1.04 percent) top gainers on the 30-stock Sensex.

9:53 am: Former RBI governor Raghuram Rajan said the US Treasury should not label India as a "currency manipulator", as the country needs to build forex reserves to protect the economy from surge in outflows. Rajan, currently a professor at University of Chicago Booth School of Business, further said India runs a current account deficit, which could get larger on rise in crude oil prices in international market.

9:50 am: Footwear retailer Khadim India's initial public offer was subscribed 14 percent on the first day of bidding on Thursday. The IPO, which aims to raise Rs 543 crore, received bids for 7,16,960 shares against the total issue size of 50,73,006 shares.

9:44 am: The initial public offering (IPO) of New India Assurance was subscribed by 1.07 times on Thursday, the second day of issue, with investors bidding for 12.87 crore shares against 12 crore shares on offer.

9:41 am: Higher production and strong commodity prices helped Vedanta post a 43 per cent jump in consolidated net profit at Rs 2,036 crore for the July-September quarter. Total income during the quarter increased to Rs 22,466 crore, over Rs 18,154 crore in the year-ago period.

9: 23 AM: Bharti Airtel rises 3.42 percent or 18 points to 561 level on the BSE.

9:10 AM: Asian markets are trading mostly higher on the last trading day of the week on the back of better than expected Services PMI numbers from China which came in at 51.2 vs. 50.6.

In Europe, markets closed mixed yesterday. FTSE closed higher as BoE hiked interest rates for the first time in a decade but signaled at gradual easing in the future. On the earnings front, we saw good numbers coming in from Howden Joinery and Credit Suisse.

US markets closed higher after the release of tax reform bill which is expected to lower the corporate tax rate to 20%.

9:05 am: President Donald Trump on Thursday tapped Fed Governor Jerome Powell to become head of the U.S. central bank, breaking with precedent by denying Janet Yellen a second term but signaling a continuation of her cautious monetary policies.