<a href="https://www.wionews.com/india-news/saudi-arabia-looking-at-100-billion-investment-in-indian-petrochemicals-infrastructure-and-mining-252735">Indian</a>&nbsp;shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts.

The NSE Nifty fell by 0.68 per cent&nbsp;to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent&nbsp;last week after the <a href="https://www.wionews.com/india-news/india-can-become-a-major-tourism-destination-by-2022-pm-modi-252678">government slashed</a> corporate taxes in a bid to boost slowing economic growth.

The benchmark BSE Sensex declined by&nbsp;0.71 per cent&nbsp;to 38,547.03.

Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent&nbsp;to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender.

The bank's directors are also being investigated by&nbsp;police after a customer accused them of misappropriating funds.

Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped&nbsp;21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index.

The wider Nifty private banks index lost 1.9 per cent.

Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds.

The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said.

Earnings announcements for the quarter ended September are scheduled to begin from next week.

The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent&nbsp;each, while JSW Steel was down by 4 per cent.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.68 per cent to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent last week after the government slashed corporate taxes in a bid to boost slowing economic growth. The benchmark BSE Sensex declined by 0.71 per cent to 38,547.03. Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender. The bank's directors are also being investigated by police after a customer accused them of misappropriating funds. Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped 21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index. The wider Nifty private banks index lost 1.9 per cent. Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds. The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said. Earnings announcements for the quarter ended September are scheduled to begin from next week. The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent each, while JSW Steel was down by 4 per cent.

Nifty, Sensex fall as banks slide; Indiabulls down by 21%

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues.

The BSE S&amp;P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477.

At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent.

Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share.

Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising.

Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business.

Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT).

The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red.

However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone.

Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477. At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent. Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share. Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising. Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business. Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT). The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red. However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone. Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Sensex closes 155 points lower, Indiabulls Housing Finance slumps over 34%

Equity indices were volatile during early hours on Tuesday with most sectoral indices in the red.

At 10:15 am, the BSE S&amp;P Sensex was down by 144 points at 37,259 while the Nifty 50 edged lower by 58 points to 10,995.

At the National Stock Exchange, most sectoral indices were in the negative territory with Nifty PSU banks down by 1.2 per cent and private banks by 0.5 per cent. However, Nifty IT was up by 1.4 per cent.

Among stocks, Yes Bank was lower by 4.4 per cent to trade at Rs 73.30 per share. A day earlier, it had closed 3.3 per cent down to Rs 76.80 per share.

Indiabulls Housing Finance too slipped over 3 per cent lower while Britannia lost by 1.6 per cent. UltraTech Cement and Coal India lost by 1.5 per cent each.

However, IT stocks showed some gains with Infosys up by 2 per cent, Tata Consultancy Services by 1.5 per cent and Tech Mahindra by 1.2 per cent.

Pharma major Dr Reddy's was up by 1.4 per cent while Hero MotoCorp too was in the positive territory despite a countrywide slowdown in the auto sector.

Meanwhile, Asian shares were mixed with investors hoping for more stimulus in major economies to avert a global recession.

The Shanghai Composite slipped 0.1 per cent and Hong Kong's Hang Seng Index dropped 0.3 per cent. But Japan's Nikkei traded 0.4 per cent higher and South Korea's KOSPI also gained 0.4 per cent.

Equity indices were volatile during early hours on Tuesday with most sectoral indices in the red. At 10:15 am, the BSE S&P Sensex was down by 144 points at 37,259 while the Nifty 50 edged lower by 58 points to 10,995.

Equity indices were volatile during early hours on Tuesday with most sectoral indices in the red. At 10:15 am, the BSE S&P Sensex was down by 144 points at 37,259 while the Nifty 50 edged lower by 58 points to 10,995. At the National Stock Exchange, most sectoral indices were in the negative territory with Nifty PSU banks down by 1.2 per cent and private banks by 0.5 per cent. However, Nifty IT was up by 1.4 per cent. Among stocks, Yes Bank was lower by 4.4 per cent to trade at Rs 73.30 per share. A day earlier, it had closed 3.3 per cent down to Rs 76.80 per share. Indiabulls Housing Finance too slipped over 3 per cent lower while Britannia lost by 1.6 per cent. UltraTech Cement and Coal India lost by 1.5 per cent each. However, IT stocks showed some gains with Infosys up by 2 per cent, Tata Consultancy Services by 1.5 per cent and Tech Mahindra by 1.2 per cent. Pharma major Dr Reddy's was up by 1.4 per cent while Hero MotoCorp too was in the positive territory despite a countrywide slowdown in the auto sector. Meanwhile, Asian shares were mixed with investors hoping for more stimulus in major economies to avert a global recession. The Shanghai Composite slipped 0.1 per cent and Hong Kong's Hang Seng Index dropped 0.3 per cent. But Japan's Nikkei traded 0.4 per cent higher and South Korea's KOSPI also gained 0.4 per cent.

Sensex slips over 100 points, Nifty below 11,000

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91.

For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12.

India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters.

The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell.

Indiabulls Housing Finance closed up 14.8%.

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs). The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91. For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12. India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters. The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell. Indiabulls Housing Finance closed up 14.8%.

Nifty, Sensex post first weekly gain in five on FPI surcharge rethink

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued.

The broader NSE Nifty closed down 0.84% at 11,189.20, while the benchmark BSE Sensex ended 0.52% lower at 37,686.37.

The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector.

Tata Motors ended 6.5% down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2% lower

Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5% after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion).

Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued. The broader NSE Nifty closed down 0.

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued. The broader NSE Nifty closed down 0.84% at 11,189.20, while the benchmark BSE Sensex ended 0.52% lower at 37,686.37. The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector. Tata Motors ended 6.5% down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2% lower Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5% after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion). Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.

Sensex, Nifty end lower dragged by auto stocks

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71.

Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock.

Meanwhile, troubled property finance firm <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-lifted-by-infosys-yes-bank-dhfl-sinks-236036&amp;sa=U&amp;ved=2ahUKEwiKpe-t4LbjAhXy6nMBHfmRD9EQFjAAegQIAxAC&amp;usg=AOvVaw0yJmh1gzqkNzvGQjHVVVqO">Dewan Housing Finance Corporation</a> Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter.

This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing &amp; Financial Services and DHFL first sparked a sell-off in the share market.

DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast. The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71. Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock. Meanwhile, troubled property finance firm Dewan Housing Finance Corporation Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter. This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing & Financial Services and DHFL first sparked a sell-off in the share market. DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Nifty, Sensex close higher on Infosys boost

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday.

The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am.&nbsp;

Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30.

In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25.

Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment.

Economists expect her to take measures to boost domestic growth and rural consumption, among other things.

Meanwhile,&nbsp;Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am. Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30. In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25. Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher. Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment. Economists expect her to take measures to boost domestic growth and rural consumption, among other things. Meanwhile, Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Sensex rises over 100 points ahead of budget

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week.

At 10:15 am, the BSE S&amp;P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849. All sectoral indices except PSU bank at the National Stock Exchange were in the positive zone.

Among stocks, Dr Reddy traded 2.3 per cent higher while power utility major NTPC gained over 2 per cent.

Indiabulls Housing Finance, Eicher Motors and Tata Steel also moved up over 1.5 per cent.

However, shares of Reliance Home Finance slipped 5.5 per cent after the company failed to repay the principal obligations on its non-convertible debentures held by Reliance Mutual Fund worth Rs 400 crore.

Eveready Industries too fell 5 per cent after Price Waterhouse resigned as its statutory auditor over the weekend, citing the inability to analyse the impact of financial support extended by the battery maker to its promoter group entities.

Indian Oil, Bharat Petroleum, Ultratech Cement and Bharti Infratel were also in the red.

Meanwhile, Asian stocks rallied as a thaw in US-China trade dispute averted one threat to the global economy.

The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met on sidelines of G-20 summit in Japan.

The Shanghai Composite gained 1.3 per cent. Japanese shares also jumped through South Korea's benchmark was little changed. 
&nbsp;

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week. At 10:15 am, the BSE S&P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849.

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week. At 10:15 am, the BSE S&P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849. All sectoral indices except PSU bank at the National Stock Exchange were in the positive zone. Among stocks, Dr Reddy traded 2.3 per cent higher while power utility major NTPC gained over 2 per cent. Indiabulls Housing Finance, Eicher Motors and Tata Steel also moved up over 1.5 per cent. However, shares of Reliance Home Finance slipped 5.5 per cent after the company failed to repay the principal obligations on its non-convertible debentures held by Reliance Mutual Fund worth Rs 400 crore. Eveready Industries too fell 5 per cent after Price Waterhouse resigned as its statutory auditor over the weekend, citing the inability to analyse the impact of financial support extended by the battery maker to its promoter group entities. Indian Oil, Bharat Petroleum, Ultratech Cement and Bharti Infratel were also in the red. Meanwhile, Asian stocks rallied as a thaw in US-China trade dispute averted one threat to the global economy. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met on sidelines of G-20 summit in Japan. The Shanghai Composite gained 1.3 per cent. Japanese shares also jumped through South Korea's benchmark was little changed.

Sensex rallies over 200 points in early trading, Nifty hovers near 11,800

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day.

Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month.

Investors have been eagerly awaiting the last quarter&#39;s results after strong gains in share markets this year pushed valuations for the NSE index&#39;s price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8.

The results also come at a time when the economy has slowed to a more than three-year low due&nbsp;to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax.

&quot;People are expecting earnings to match the valuations this quarter,&quot; said Jayant Manglik, president, Religare Securities.

&quot;This will be a litmus test for financial stocks to see the final effect of demonetisation.&quot;

The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd.

The Sensex was 0.33 per cent higher at 32,614.44.

Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months.

The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday&#39;s close.

Indiabulls Housing Finance Ltd&#39;s shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day. Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month. Investors have been eagerly awaiting the last quarter's results after strong gains in share markets this year pushed valuations for the NSE index's price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8. The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax. "People are expecting earnings to match the valuations this quarter," said Jayant Manglik, president, Religare Securities. "This will be a litmus test for financial stocks to see the final effect of demonetisation." The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd. The Sensex was 0.33 per cent higher at 32,614.44. Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months. The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday's close. Indiabulls Housing Finance Ltd's shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

Sensex, Nifty gain in early trade, sentiment positive ahead of HDFC Bank, Infosys results