SENSEX trades 200 pts higher, NIFTY50 tests 24,850; City Union Bank jumps over 12% post Q2 results

At 9:55 AM, the S&P BSE SENSEX was trading at 81,375.17 levels, up 223.90 points, or0.28% while the NSE's NIFTY50 was trading at 24,839.30, up 58.20 points, or 0.23%. 

Buzzing Stocks

City Union Bank shares were trading over 11% higher at ₹167.50 apiece on the BSE after the lender on Monday reported a net profit of ₹285.2 crore for the second quarter of FY25, showing a modest 1.6% growth compared to ₹280.6 crore logged in the year-ago period. 

Net interest income (NII) for Q2 FY25 rose by 8.2%, reaching ₹582.5 crore, up from ₹538.4 crore in the same quarter last year.

The bank’s asset quality improved too. The gross non-performing assets (NPA) fell to 3.54%, down from 3.88% in Q1 FY25 and 3.99% in the March quarter.

Ambuja Cements said on Tuesday, October 22, in an exchange filing that the company will acquire Orient Cement Ltd. (OCL) at an equity value of ₹8,100 crore.

Shares of Ambuja Cements after the announcement were trading nearly 1.5% higher at ₹580.10 apiece on the BSE. Orient Cement stock was trading nearly 2.5% higher at ₹360.90 in the opening deals.

It is expected to post a sharp rise in revenue as well as net profit for the September quarter of FY 2024-25.

Foreign investors (FIIs/FPIs) on Monday net sold equities worth ₹2,261.83 crore, while domestic institutional investors (DIIs) net bought shares worth ₹3,225.91 crore. 

Broader Market

The BSE MidCap index was trading at 47,100.25 levels, down 64.68 points, or 0.14%, while the BSE SmallCap index was trading at 55,164.29, down 484.67 points, or 0.87%. 

Global Markets

Asian stocks turned lower and the US dollar stood by multi-month peaks on Tuesday as a sharp sell-off in bonds and a jump in gold suggested investors are adopting a cautious approach ahead of the US election.

In the overnight trade, the Dow Jones Industrial Average and S&P 500 closed lower on Monday, retreating from Friday's record high closes and six straight weekly gains as Treasury yields rose and investors wary of high valuations awaited earnings from major companies.