MARKET UPDATE:Sensex rose 140 pointsto 40,700 levels and the Nifty testing 12,000-mark


Published On: Friday, October 23, 2020 | By:

MARKET UPDATE:Sensex rose 140 pointsto 40,700 levels and the Nifty testing 12,000-mark

The markets in India advanced close to half a percent in today's(23rd October 2020) early deals, in line with the overnight gains in the main Wall Street indices. The S&P BSE Sensex rose 140 points, or 0.35 percent, to 40,700 levels and the Nifty50 index was testing the psychological mark of 12,000. Tata Steel (up 2%), ICICI Bank, HDFC Bank, and Bharti Airtel (all up 1%) were the top Sensex gainers. Meanwhile, SBI Cards plunged 10 percent after announcing its September quarter results. All the Nifty sectoral indices were trading higher, led by the Nifty Bank index, up 1 percent. The broader market tracked the gains in the headline indices, with the S&P BSE MidCap and SmallCap indices trading half a percent higher, each. Tech Mahindra, Nestle India, Yes Bank, and ICICI Lombard General Insurance Company are among the 38 companies set to announce quarterly earnings today.

Tech Mahindra is expected to post up to 2.3 per cent quarter-on-quarter revenue growth in constant currency for the quarter under review. Further, analysts expect up to 250 basis points increase in Ebit margin on a sequential basis.

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