Indian shares snapped six-day losing streak to end 1.7 percent higher on Wednesday led by gains in financials as investors were optimistic ahead of September-quarter corporate results. Meanwhile, global equities took a beating after US-China standoff broadened.

Share Market Live

NSE

Company earnings are expected to receive a boost after the Indian government moved to slash corporate taxes last month.

The Sensex ended 646 points higher at 38,178, while the broader Nifty50 index added 187 points to end the day at 11,313. In broader markets, the Nifty Midcap and the Nifty Smallcap indices rose 1.3 percent and 0.9 percent, respectively.

IndusInd Bank, Bharti Infratel, Bharti Airtel, SBI and UltraTech Cement were the top gainers on the Nifty50, while Yes Bank, Hero MotoCorp, Zee, HCL Tech and Titan led the losses.

All sectoral indices, except the Nifty IT, ended in green for the day. The banking and financial indices advanced the most with all indices up over 3 percent each. Meanwhile, the Nifty Metal and the Nifty Realty added 2 percent each. The Nifty Auto was also up 1.4 percent. However, the Nifty IT fell 0.8 percent ahead of TCS' earnings due tomorrow.

Major buying was seen in banking stocks with the index up 3.7 percent led by gains in IndusInd Bank, ICICI Bank, SBI and Bank of Baroda up between 4-5.5 percent.

Sobha gained nearly 6 percent after Citi maintained buy call on the stock with a target at Rs 640 per share. Citi has maintained buy given the company’s quality of operations.

Yes Bank fell 5 percent after the lender denied media reports saying it is in talks with three technology companies including software major Microsoft for a strategic investment.

Raymond rose more than 10 percent after one of its unit, JK Investo Trade, entered into an agreement to sell 20-acre land parcel in Thane.

Titan Company slipped more than 2 percent after the company showed muted growth in the second quarter. The jewellery segment, which contributes around 80 percent to its total business, reported a 2 percent year-on-year decline in the revenue for the quarter ended September substantially due to the adverse impact of the hedges matured during the time period.

Globally, Asian stocks fell the most in a week on Wednesday as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.61 percent. Chinese shares fell 0.32 percent after briefly touching a five-week low. Australian shares were down 0.76 percent.

First Published:Oct 9, 2019 3:48 PM IST