Sensex, Nifty Edge Higher; Axis Bank Falls After September Quarter

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Sensex, Nifty Edge Higher; Axis Bank Falls After September Quarter Earnings

The Indian equity benchmarks edged higher on Wednesday led by gains in Asian Paints, Reliance Industries, Infosys, HDFC, TCS, and Sun Pharma. However, the upside was capped owing to weakness in Axis Bank, HDFC Bank, Bajaj Finance, and Reliance Industries. The Sensex rose as much as 210 points and the Nifty 50 index touched an intraday high of 18,331.30.

Meanwhile, other Asian markets were trading lower with Japan’s Nikkei down 0.55 percent. Hong Kong’s Hang Seng index fell 1.46 percent, South Korea’s KOSPI declined 0.76 percent, and the Shanghai Composite index down 0.7 percent.

As of 9:27 am, the Sensex was up 24 points at 61,374. The Nifty 50 index advanced 12 points to 18,280.

Overnight, equity markets gained globally on Tuesday. As upbeat corporate earnings buoyed investor appetite for riskier investments, while gold prices fell nearly 1 percent.

On Wall Street, Facebook Inc was the biggest drag on the S&P 500 and Nasdaq. After the company warned that Apple Inc’s new privacy changes would weigh on its digital business.

The Dow Jones Industrial Average rose 0.04 percent to 35,756.88; the S&P 500 gained 0.18 percent at 4,574.79, and the Nasdaq Composite added 0.06 percent at 15,235.72.

Back home, nine of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty PSU Bank index’s 1.2 percent gain. Nifty Pharma, FMCG, Healthcare, Consumer Durables, IT, and Oil & Gas indices rose between 0.2-0.8 percent.

On the other hand, Nifty Bank, Financial Services, Media, Metal, and Private Bank indices were trading lower.

Mid- and small-cap shares were witnessing buying interest. As Nifty Midcap 100 index rose 0.52 percent and the Nifty Smallcap 100 index advanced 0.7 percent.

Asian Paints was the top Nifty gainer. The stock rose over 5 percent to Rs 3,126. State Bank of India, UPL, SBI Life, Divi’s Labs, HDFC Life, ICICI Bank, ITC, Shree Cements, and Nestle India also rose between 0.9-1.8 percent.

On the flip side, Axis Bank was the top Nifty loser, the stock fell nearly 4 percent to Rs 810 despite reporting its highest-ever quarterly profit at Rs 3,133 crore on a standalone basis, compared to Rs 1,682.67 crore in the corresponding period last year, marking a growth of 86 percent year-on-year.

Bajaj Finance fell 3.32 percent to Rs 7,595 after September quarter earnings. Tata Motors, Hindalco, ONGC, Tech Mahindra, Tata Steel, Bajaj Finserv, Coal India, JSW Steel, HDFC Bank, and Power Grid were among the laggards.

The overall market breadth was positive as 1,882 shares were advancing while 817 were declining in the BSE.

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