MARKET UPDATE:Sensex up 80 points at 40,590 levels and the Nifty reclaimed the 11,900-mark
Published On: Wednesday, October 28, 2020 | By: Team KnowMyStock
The equity markets in India were trading flat with a positive bias in today's(28th October 2020) early morning deals after a volatile start. The S&P BSE Sensex was up 80 points, or 0.2 percent, at 40,590 levels and the broader Nifty50 index reclaimed the 11,900-mark. Bharti Airtel surged 10 percent after announcing its September quarter results. Besides, Mahindra & Mahindra, Axis Bank, and Reliance Industries (all up 1%) were the other top gainers. On the other hand, Kotak Mahindra Bank, HDFC, and Ultratech Cement (all down over 1%) were the top Sensex laggards. Hero MotoCorp was also up 4 percent after it announced a wide-ranging partnership with Harley-Davidson for the Indian market. The Nifty sectoral indices were mixed, with gains in the Nifty IT index, up 0.7 percent, being offset by the Nifty Financials index, down 0.6 percent.
In the broader market, the S&P BSE MidCap and SmallCap indices were trading 0.3 per cent higher, each.
Seventy companies including L&T, Axis Bank, and Hero MotoCorp are scheduled to announce their September quarter earnings today.Analysts expect L&T to post muted numbers for the quarter though the strong contribution of its service business is likely to moderate the impact. Meanwhile, brokerages expect Hero MotoCorp to report up to 13 per cent increase in profit while revenues are expected to rise over 20 per cent, led by volume growth and increase in realisation.
Tags: Indian equity markets
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