Regrow Investment Research Advisor Morning Update : Sensex, Nifty Rise Higher Amid Mixed Global Cues

Equity benchmarks have given up morning gains and trading flat. The Nifty is around 10,750.

The Sensex is up 8.54 points or 0.02% at 35750.61, and the Nifty down 7.70 points or 0.07% at 10746.30. The market breadth was narrow as 594 shares advanced, against a decline of 534 shares, while 53 shares were unchanged. 


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Asia Stocks Hesitant As Investors Rush To Bonds

                                         

Asian share markets played second string to bonds on Wednesday as a spectacular fall in the price of oil spurred speculation the U.S.Federal Reserve might be done with tightening after its policy meeting later in the session. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent, while Shanghai blue chips were flat. Japan’s Nikkei steadied after an early dip and E-Mini futures for the S&P 500 added 0.4 percent. Oil had stolen the show as a supply glut saw Brent shed almost 6 percent overnight. U.S. crude was last down another 13 cents at $46.11 a barrel, while Brent recouped just 4 cents to $56.30.
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MARKET NEWS CORNER

NEWS CORNER

 1- FMCG major Nestle India reported a 29.99 percent increase in net profit to Rs 446.11 crore for the third quarter ended September 2018, supported by broad-based volume growth. The company, which follows the January-December financial year, had posted a net profit of Rs 343.17 crore for the July-September period of the previous fiscal.

 2- Country's largest private sector lender ICICI Bank's second quarter profit fell sharply by 55.84 percent to Rs 908.88 crore compared to the year-ago period. Elevated provisions and high treasury base hit the bottom line.Net interest income, the difference between interest earned and expended, grew 12.41 percent on year to Rs 6,417.6 crore with good loan growth of 12.8 percent YoY and margin improvement.

3.     State-owned Indian Overseas Bank (IOB) on Friday reported narrowing of its net loss to Rs 487.26 crore in the second quarter ended September 2018 on lower provisioning. The bank had registered a net loss of Rs 1,222.50 crore in the year-ago period. Sequentially also, its net loss narrowed from Rs 919.44 crore in the first quarter ended June of the current fiscal.

4.     Jindal Stainless Ltd (JSL) reported a standalone loss of Rs 36.44 crore for the quarter ended September 30, 2018. The company had posted a profit of Rs 27.30 crore in the year-ago period.

5.     Retail chain Shoppers Stop reported a standalone net profit of Rs 13.20 crore for the second quarter ended September 30, 2018. The company had posted a net loss of Rs 21.80 crore in the July-September period a year ago.

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