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Closing Bell: Sensex ends 169 points higher, Nifty above 11,900; IT, FMCG stocks gain

Closing Bell: Sensex ends 169 points higher, Nifty above 11,900; IT, FMCG stocks gain

Closing Bell: Sensex ends 169 points higher, Nifty above 11,900; IT, FMCG stocks gain
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By CNBC-TV18 Jun 10, 2019 3:58:31 PM IST (Published)

The Sensex ended 169 points higher at 39,784, while the broader Nifty50 index added 52 points to end at 11,923. Among broader markets, the Nifty Midcap was flat, while the Nifty Smallcap index fell 0.6 percent.

Indian benchmark indices ended higher on Monday, following the trend in global markets. Gains in the domestic indices were led by IT and FMCG stocks.

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Asian stocks were also higher after the United States shelved plans to impose tariffs on Mexico and as investors anticipate lower US interest rates when the Federal Reserve meets next week on the back of poor jobs data.
The Sensex ended 169 points higher at 39,784, while the broader Nifty50 index added 52 points to end at 11,923. Among broader markets, the Nifty Midcap was flat, while the Nifty Smallcap index fell 0.6 percent.
Britannia Industries, Tech Mahindra, TCS, Dr. Reddy's, and Infosys were among the top gainers on the Nifty50, whereas BPCL, Coal India, GAIL, and IOC led the losses.
Sectoral indices were mixed during the day. The Nifty IT index was the best performing sector, up over 1.5 percent followed by the Nifty FMCG, up 1.3 percent and Nifty Pharma, up 0.9 percent for the day. Meanwhile, Nifty Media fell the most, down 1.5 percent, followed Nifty PSU Banks, down 1.3 percent. Nifty Bank, Nifty Pvt Bank, and Nifty Fin Services were also down for the day.
Oil marketing companies were under pressure as crude oil prices rose on Monday after Saudi Arabia said that the Organization of the Petroleum Exporting Countries (Opec) and Russia were likely to keep withholding supplies.
BPCL fell over 3 percent, while HPCL and IOC were down nearly 1.5 percent each.
Nifty IT gained over 1.5 percent, led by Tech Mahindra, TCS, Infosys, and HCL Tech, which were up in the range of 1.4-2.4 percent.
Shares of Jammu & Kashmir Bank (J&K Bank) plummeted 12 percent after the Jammu & Kashmir government removed the chairman and managing director (CMD) of the bank, Parvez Ahmed and appointed the bank’s executive president, RK Chhibber, as interim chairman.
Dewan Housing Finance Limited (DHFL) shares gained 6.5 percent after chairman Kapil Wadhawan told CNBC-TV18 that the company is not facing any solvency issues and is well on track with the non-convertible debentures (NCDs) pay-out.
Eros International tanked 10 percent after allegations of potential wrongdoing at parent firm. Short seller Hindenburg Research in a report alleged potential wrongdoing at parent Eros International Plc.
PC Jeweller shares plunged over 11 percent after rating agencies CRISIL and CARE Ratings revised their ratings to the company's bank loan facilities and fixed deposit program.
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