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Capitalstars market wrap up & Updates – 13 FEB 2018

Trading for the week started on a buoyant note as key indices settled with noteworthy gains as firmness in global stocks perked up sentiment. The Nifty 50 index gained 84.80 points or 0.81% to settle at 10,539.75. Trading in US index futures indicating Dow could jump at the open today also boosted sentiment.

State Bank of India, however, declined after reporting net loss in Q3. BPCL dropped after reporting weak Q3 results. ONGC and Tata Steel advanced after declaring impressive October-December 2017 quarterly earnings.

The market opened higher on firm global cues. Key indices held steady in morning trade after paring initial gains. Stocks held firm till mid-afternoon trade. Strong European stocks further perked up stocks as indices extended gains and hit fresh intraday highs in late trade. The Indian stock market will remain shut tomorrow, 13 February 2018, on account of Mahashivratri.

Key bank stocks advanced. Among public sector banks, Bank of Baroda (up 7.83%), Punjab National Bank (up 3.09%), Bank of India (up 1.61%) and IDBI Bank (up 7.64%) surged.

Tata Steel rose 4.22% after consolidated net profit surged 389.83% to Rs 1135.92 crore on 20.05% rise in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

The government will also announce industrial production data for December 2017 after market hours today, 12 February 2018. India’s industrial production rose sharply by 8.4% in November 2017 over November 2016.

Overseas, European registered strong gains, erasing part of their sizable monthly loss. Asian stocks gained after a late-day rally on Wall Street on Friday, 9 February 2018, as investors fretted about the risks from looming US inflation data. Japanese markets are closed today in observance of a public holiday.

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