Market opens The market has begun the day on a strong note, with the Sensex jumping over 200 points up. The Sensex is up 210.98 points or 0.59% at 36191.91, and the Nifty up 54.10 points or 0.50% at 10856.30. The market breadth is positive as 330 shares advanced, against a decline of 109 shares, while 30 shares were unchanged.
Banks, automobiles and pharmaceutical sectors are gaining the most, while the Nifty Midcap index is higher by half a per cent. Infosys, Tata Motors, and Bharti Airtel are the top gainers, while Tata Steel and Eicher Motors have lost the most.
Rupee edges higher against US dollar
The Indian rupee strengthened marginally against the US dollar, tracking gains in Asian markets as increasing optimism the US and China will be able to defuse their trade war outweighed a worsening global growth outlook. At 9.10am, the rupee was trading at 70.13 a dollar, up 0.09% from the previous close of 70.20.
Jet Airways falls 1% Shares of Jet Airways fell over a per cent in morning trade on Wednesday as investors reacted to multiple developments. The Naresh Goyal-led airline flew 14.7 lakh passengers in November 2018, down by about 1.5 lakh passengers from January. In January 2018, the airline had flown 16.2 lakh passengers, show statistics from the DGCA.
Bandhan-Gruh Finance merger favours HDFC, no one else
Bandhan Bank Ltd’s merger with Gruh Finance Ltd appears to be a deal that was born out of compulsion and is anything but sweet for minority shareholders of the bank and the mortgage lender, analysts said. The crash in share prices of Bandhan Bank and Gruh Finance following the merger announcement points to that effect. In the past two days, Bandhan Bank has dropped by around 10% to ₹477.05 on BSE, while Gruh Finance, controlled by Housing Development Finance Corp. Ltd (HDFC), has plunged by around 20% to ₹256.