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Indices gain on last hour pull-back, banking stocks rise

Indices gain on last hour pull-back, banking stocks rise

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  2 Jan 2019 6:18 AM GMT

Mumbai: A last hour pick-up in banking and realty stocks, along with positive global markets, buoyed the key Indian equity indices on Tuesday. The day’s trade saw 30-scrip Sensex gaining over 180 points to regain the 36,000 points-mark. However, the two key indices traded mostly in the red throughout the day’s session, but a sharp recovery in the last hour changed the overall scenario.

Index-wise, the S&P BSE Sensex settled 186.24 points or 0.52 per cent higher at 36,254.57 points after touching an intra-day high of 36,284.04 and a low of 35,888.62. The NSE Nifty50 closed at 10,910.10 points up 47.55 points or 0.44 per cent. “Expectations of weak monthly auto sales and slower industrial November data, concerned the market,” said Vinod Nair, Head of Research at Geojit Financial Services. “But market inched up by the end of the day, led by banking sector on account of capital infusion and improvement in NPA situation. Additionally, market will focus on the upcoming Q3 earnings and government fiscal plans in the coming days, while global headwinds might add volatility.” Nair added.

In terms of sectors, realty index on both the NSE and the BSE out-performed major indices throughout the session, ending with gains of around 2.21 per cent. Apart from realty sector, finance stocks also edged higher, gaining close to 1 per cent. Similarly, the Indian currency made gains on Tuesday. It ended Tuesday’s session at 69.45 per dollar from its previous close of Rs 69.76. The domestic currency however, was one of the worst performing currency in Asia for the year 2018. It lost over 9 per cent per cent. “Technically, with the Nifty surging higher, the bulls remain in control,” said Deepak Jasani of Kotak Securities. “Further, upsides are likely once the immediate resistances of 10,985 are taken out. Crucial supports to watch for any trend reversal is at 10,807-10,850 band.” According to the provisional figures from the stock exchanges, foreign institutional investors (FIIs) sold shares worth Rs 48.19 crore, while domestic institutional investors (DIIs) bought Rs 142.58-crore stocks. Stock-wise, Bharti Airtel led the gains on Sensex with 2.76 per cent gains. HDFC, Yes Bank, HDFC Bank, State Bank of India and Axis Bank inched up in a range of 1 to 2 per cent. In contrast, Mahindra and Mahindra lost 3.75 per cent over dismal December sales figures released earlier in the day. Tata Steel, ONGC, Hindustan Uniliver, IndusInd Bank and Kotak Mahindra Bank declined upto 1.20 per cent. (IANS)

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