Daily market commentary - October 17, 2019 - BONANZA PORTFOLIO LTD

Mr Jaipal Shetty, Fundamental Analyst

Finance Minister Nirmala Sitharaman has said that trade negotiations between India and the US are going well and will conclude sooner than expected.

Finance Minister stated that the government is focused on boosting consumption.

The central bank's estimates come in the wake of GDP growth plunged to 5% in the first quarter of 2019-20, touching a six-year low, on a massive slowdown in consumption and private sector investments.

Mindtree closed -1.88% as its operating margin missed estimate.

Bajaj consumer care share zoomed after Bajaj Resources, a promoter of firm offloaded stake in company.

The BSE Sensex closed at 39,052.06, up by 453.07 points or 1.17% and NIFTY50 closed at 11,586.35, up by 122.35 points or 1.07%.

The BSE mid cap index up by 1.77%, while small cap index up by 0.89%.

The top gaining sectoral indices are NIFTY Auto up by 3.13%, NIFTY PSU Bank up by 3.00%, NIFTY PVT Bank up by 1.71%, NIFTY Bank up by 1.58%. The top losing sectoral index today was NIFTY IT down by 0.41%.

The top gainers on the Sensex were Yes Bank Ltd up by 15.31%, Tata Motors Ltd up by 13.35 %, Indusind Bank Ltd up by 5.18 %, Bajaj-Auto Ltd up by 3.89% and Tata Steel Ltd up by 3.61%. On the flip side, Bharti Airtel Ltd down by 0.18%, Infosys Ltd down by 0.22%, Tech Mahindra Ltd down by 0.28%, Kotak Mahindra Bank down by 0.31%.

Source : Equity Bulls

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