Market Updates: Banking stocks lifted the Sensex, Nifty
Market Updates: Banking stocks lifted the Sensex, Nifty: Indian Market opened flat and after a few minutes of volatility, the market turned positive and ended in the green today. At close, Nifty gained 186.90 points or 1.68% whereas Sensex jumps 645.97 points or 1.72%.
Banking stocks updates
The NSE Banking stocks Index has gained 3.67% at close or 1018.25 points during the day. It was the banking stocks which has lifted the market today. The Bank Nifty today opened at 27901.65 and touched high at 28857.70 and low 27702.05, during the day it has made a movement of 1155 points. IndusInd, ICICI, SBI, Kotak are the major gainer in banking stocks today.
The top five Nifty50 gainers of the day are IndusInd Bank, Bharti Airtel, ICICI Bank, SBI and Ultratech Cement. The top losers of the Nifty50 stocks for the day are Yes Bank, Hero Motorcorp, Titan, Zee Ent, and HCL Tech. IndusInd Bank has rallied today on expectation of good Q2 result tomorrow.
The Nifty midcap 100 index also gained 198.20 points or 1.28% and Nifty Smallcap gained 47.05 or 0.88% during the day today. Dish TV and Indiabulls Vent are the gainers in midcap space and DHFL and Edelweiss are losers. In the Nifty smallcap NCC and Raymond are the gainers of the day and Hind Copper and Vakrangee are the losers.
The market sentiments have improved after the I&B minister’s press conference to increase 5% Dearness Allowances to the government staff. Around 50L government employees and 62 Lakh, pensioners will be benefited from the hike.
Stocks in News today
Raymond’s associate company JK Investo Trade (India) has signed an agreement to sell Thane property. The share price of Raymond has gained 10.25% and closed at Rs 602.60 per share.
Citi has downgraded Titan Company stock to neutral due to slow growth in the second quarter. The share price of Titan has declined 2.28% and closed at Rs 1230.30 per share.
The most active banking stock Yes Bank declined almost 10% on intraday today after the bank denied the media reports saying in talks with three technology companies including Microsoft for a strategic investment. In the end, the share price of Yes Bank declined at 5.26 % and closed at Rs 43.25 per share.
The shares of JBM Auto received orders for supply of 300 buses from different organizations. The share price gained 19.40% and closed at Rs 224.05 per share.
BHEL received Rs 1600 crores orders, the share price of BHEL has gained 1.99% and closed at Rs 43.65 per share
Citi has maintained a buy rating on JSW Energy with a target price of Rs 85 per share. The share price of JSW Energy gained 2.41% and closed at Rs 61.60 per share.
CDSL has frozen DHFL’s promoters shareholding due to the delay in the announcement of the Company’s earning. The share price of DHFL declined 9.84 % and closed at Rs 26.10 per share.
Indiabulls Real Estate may consider share buyback in the board meeting today. The share price of Indiabulls Real Estate has gained 5% and closed at Rs 43.05 per share.
Pharma Stocks in the news
The last day Aurobindo Pharma tanks 19% due to observations received from USFDA. The company now said that none of the observations are related to data integrity. The company will address the issue within the stipulated time. The share price of Aurobindo Pharma gained 3.16 % and closed at Rs 474.40 per share.
Glenmark Pharma has received a tentative approval by the USFDA for Dimethyl Fumarate delayed-release capsules. The share price of Glenmark Pharma gained 1.84% and closed at Rs 290.85 per share.
Cadila Healthcare rallied 3.77 % today after the company received the final approval from USFDA for a cholesterol-lowering drug. The share price of Cadila Healthcare closed at Rs 236.55 per share.
Crude and Rupee Update
The Brent crude oil future is trading $ 58.60 per barrel currently it is trading 0.78% higher. As long as Brent Crude is below $60 per barrel there is no tension in the market. The Indian Rupee is trading Rs 71.02 against the US dollar.
Conclusions:
Indian market ended in green after 6-days consecutive fall. Banking stocks has lifted the market today. The market sentiment has also improved due to a 5% increase in Dearness Allowances. Tomorrow, the Indian market may remain volatile due to high-level talks between the US-China for trade relations. Though technically the market is looking positive but it may become volatile ahead of US and China trade talk.
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