Nifty up 1.7% - Mr Jaipal Shetty, Fundamental Analyst, BONANZA Portfolio Ltd

Daily Market Commentary - 09th October 2019

The markets rallied today with NIFTY 50 up by 1.7% closing at 11,313 and SENSEX closing higher by 1.7% to 38,177. There were sentiment boosting news that came through the day such as hiking of dearness allowance by 5% for Government employees and clearance of stuck payments by PSUs to the MSME/SMEs that took the benchmarks higher.

Global markets were subdued on fresh concerns regarding the trade dispute between US and China.

Minda Industries is set to acquire Germany-based automotive lamps firm Delvis Gmbh and its two subsidiaries for about Rs 164 crore, the stock closed up by 1.8%.

Titan in its quarterly update stated that revenues for 2QFY20 declined 2% y-y due to adverse impact of hedges that matured during the quarter, the stock closed lower by 2.4% today.

Sebi has stated that there are no reasonable grounds to believe misrepresentation of financials at J.Kumar Infraprojects, the stock closed higher by 12.2%.

Indiabulls Real Estate stock was locked in upper circuit of 5% today on back of the news that Board meeting will be held on October 11, 2019 to consider buyback of its listed shares.

Source : Equity Bulls

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