Market Live: Sensex jumps above 33,500, Nifty crosses 10,400, banking stocks rise

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Mumbai: The BSE Sensex jumped more than 250 points to hit an all-time high on Wednesday after closing lower in the previous session. The broader NSE’s Nifty, too, rose in the morning hours to cross the 10,400 mark for the first time. The Indian rupee opened at six-week high against the US dollar. India’s ranking in the World Bank ease of doing business survey for 2018 climbed a record 30 notches to 100 as a range of regulatory and policy reforms put in place by the Union and state governments over the past four years started delivering results.

Traders await the start of central bank meetings and the nomination of the next Fed chair. According to Bloomberg report, rates are widely seen staying unchanged and investors appear more focused on the nomination of the next Fed chair, which is expected on Thursday. Here are the latest updates from the markets:

■ 9.56am: BSE Sensex surged 301.07 points, or 0.91%, to 33,514.20, while the Nifty 50 rose 84.90 points, or 0.82%, to 10,420.20.

■ 9.53am: InterGlobe Aviation Ltd rose 2.2% to Rs 1271.35 after the company on Tuesday reported a 294% increase in net profit to Rs551.55 crore, helped by credits received from manufacturers for aircraft delivery delays and grounding, besides better revenue management.

■ 9.50am: Syndicate Bank rose 10% to Rs 90.65 after the bank reported a net profit of Rs 105.24 crore, up 27.7% from Rs 82.42 crore a year ago.

■ 9.47am: Dredging Corp. of India Ltd rose 11% to Rs 616.90 after news report said that the cabinet may consider stake sale in the company.

■ 9.45am: Dabur India Ltd rose 4.5% to Rs348 after the company on Tuesday reported consolidated net profit of Rs361.93 crore in the quarter ended 30 September as compared with Rs357.27 crore reported in the year-ago quarter. On absolute numbers, its net profit grew just 1.3%. However, the company said numbers are not comparable since the latest quarter came under the goods and services tax (GST) regime.

■ 9.25am: BSE Sensex jumped 266.53 points, or 0.80%, to 33,479.66, while the Nifty 50 rose 69.45 points, or 0.67%, to 10,404.75.

■ 9.23am: Bharti Airtel Ltd rose 5% to Rs520. Airtel’s net profit declined to Rs343 crore in the quarter ended 30 September from Rs1,461 crore a year earlier, the company said on Tuesday. That missed the Rs351.3 crore profit estimate of 16 analysts surveyed by Bloomberg.

■ 9.20am: State Bank of India up 1.3% to Rs310 after the bank cuts retail term deposit rates by 25 basis points across tenures. PSU Banks trading higher. Allahabad Bank rose 3.4%, Bank of India 3.2%, Punjab National Bank 3%, Andhra Bank 2.5%, Uco Bank 2.2%, Canara Bank 2.2%, Central Bank of India 2.2%, Bank of Baroda 2.2%, Oriental Bank of Commerce 2.1%, India Bank 2%, Corporation Bank 1.8%

■ 9.17am: Axis Bank rose 1.6% to Rs 531.45 after Mint reported that Singapore’s sovereign wealth fund GIC Pte. Ltd and Canada Pension Plan Investment Board (CPPIB) are in talks to co-invest with private equity firm Bain Capital to acquire a 10% stake in Axis Bank Ltd.

■ 9.15am: The rupee opened at 64.67 a dollar and touched a high of 64.64 — a level last seen on 21 September. At 9.15am, the home currency was trading at 64.65 against the dollar, up 0.15% from its Tuesday’s close of 64.75.

■ 9.13am: The 10-year bond yield was at 6.879% compared to its previous close of 6.862%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading lower. Japanese yen was down 0.22%, Indonesian rupiah 0.19%, Philippines peso 0.13%, Malaysian ringgit 0.04%. However, South Korean won was up 0.32%, Thai baht 0.14% and China renminbi 0.1%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.695, up 0.14% from its previous close of 94.552.