Banking stocks drive markets up
Indian stock markets shrugged off weak global cues and reversed two-day losing streak to inch up into positive territory as the government’s decision to pump Rs 22,915 crore into 13 public sector banks buoyed bourses, especially banking stocks.
Sensex adds 41 points after a two-day losing streak
Mumbai: Indian stock markets shrugged off weak global cues and reversed two-day losing streak to inch up into positive territory as the government’s decision to pump Rs 22,915 crore into 13 public sector banks buoyed bourses, especially banking stocks.
Hopes over passage of the GST bill in the ongoing session of Parliament and good progress in monsoon rains across the country also helped trading sentiment. Shares of state-run banks such as Canara Bank, State Bank of India and Indian Overseas Bank turned buyers' fancy and recorded gains of up to 4.71 per cent.
Meanwhile, global oil prices eased on concerns over a glut in the industry, pulling down Brent by 0.30 per cent to $46.82 per barrel. Consequently, shares of state-run oil marketing companies were in limelight, surging by up to 5.09 per cent.
The benchmark BSE Sensex resumed higher at 27,790.05 and firmed up to 27,826.69 on emergence of buying in blue-chips. However, it fell afterwards to 27,637.98 before ending at 27,787.62, showing a rise of 40.96 points or 0.15 per cent. The NSE Nifty closed 19.85 points or 0.23 per cent higher at 8,528.55 after shuttling between 8,540.05 and 8,476.70.
As many as 16 scrips out of the 30-share Sensex pack finished higher. Major gainers were ICICI Bank (2.11 pc), Power Grid (1.90 pc), Lupin (1.52 pc), Tata Steel (1.27 pc), TCS (1.15 pc), Tata Motors (1.12 pc) and RIL (1.11 pc). However, HUL fell 2.75 per cent followed by Axis Bank (1.06 pc) and HDFC Bank (1.03 pc). Broader markets displayed a mixed trend with BSE mid-cap rising 0.18 per cent, while the small-cap shed 0.11 per cent.
Overseas, Europe was lower amid a drop in oil prices and ongoing geopolitical tensions, despite US markets closing at all-time highs in Monday's trade. Asian indices ended mixed, Hong Kong, Japan, South Korea and Singapore were down 0.21 per cent to 0.60 per cent while China and Taiwan rose 1.37 per cent to 0.30 per cent.
