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Market jumps on positive Asian cues
12-Oct-18   09:22 Hrs IST

Key benchmark indices jumped in early trade, mirroring a pull back in other Asian shares. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 487.61 points or 1.43% at 34,488.76. The Nifty 50 index was up 139.25 points or 1.36% at 10,373.90.

Among secondary barometers, the BSE Mid-Cap index was up 2.14%. The BSE Small-Cap index was up 1.70%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 991 shares rose and 173 shares fell. A total of 26 shares were unchanged.

Yes Bank (up 3.71%), Tata Motors (up 1.78%), NTPC (up 1.69%), Asian Paints (up 1.56%), ITC (up 1.40%), Maruti Suzuki India (up 1.39%) and Hindustan Unilever (up 1.35%), were the major Sensex gainers.

IT major TCS was down 1.24%. The company's consolidated net profit rose 7.67% to Rs 7927 crore on 5.91% rise in total income to Rs 37584 crore in Q2 September 2018 over Q1 June 2018. The announcement was made after market hours yesterday, 11 October 2018.

Commenting on the Q2 performance, Rajesh Gopinathan, CEO and MD, said revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in BFSI and Retail.

Power Grid Corporation of India (down 3.09%), Hero MotoCorp (down 0.23%) and Larsen & Toubro (down 0.1%), were the major Sensex losers.

Overseas, most Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.

US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.

In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes food and energy, rose at the same pace.

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