Daily market commentary - October 16, 2019 - BONANZA PORTFOLIO LTD

By Mr Jaipal Shetty, Fundamental Analyst

The markets closed in the green today with NIFTY 50 up by 0.38% at 11,471.55 and SENSEX closing higher by 0.24% at 38,598.99 The Indian benchmarks have been closing in the green for the past three trading sessions led by global optimism, government move to privatize certain PSUs, expectation of worst of asset quality issues of financial sector being factored in and hope of a better festive season which would revive consumption.

Bajaj Consumer rallied 20% after news emerged that promoters sold 22% of their stake in the company to pare down the loan taken against shares.

ICICI Lombard reported 23% decline in total premium collection for the month of September, the stock closed 4.7% in the red today.

As per media reports Saudi Aramco is interested in buying stake in BPCL, the stock closed higher by 4.4% today.

HPCL closed higher by 0.7% today as Oil Minister yesterday said that ONGC was free to sell its stake in HPCL.

Wipro raised its revenue guidance for 3QFY20 beating the analyst estimate, stock closed up by 2% today.

Both ACC and SBI Life closed in the green today by 1.5% & 4.7% as they reported good set of results for 2QFY20.

Source : Equity Bulls

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