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Closing Bell: Sensex, Nifty end marginally higher led by banks, IT stocks; Jet Airways crashes 41%

Closing Bell: Sensex, Nifty end marginally higher led by banks, IT stocks; Jet Airways crashes 41%

Closing Bell: Sensex, Nifty end marginally higher led by banks, IT stocks; Jet Airways crashes 41%
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By CNBC-TV18 Jun 18, 2019 4:15:52 PM IST (Published)

The Sensex ended 85 points higher at 39,046, while the broader Nifty50 index added 19 points to end at 11,691.

The Indian benchmark indices end with minor gains on Tuesday after a volatile session, led by IT and banking stocks ahead of the US Federal Reserve’s two-day meet later in the day.

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The Fed is expected to leave interest rates unchanged after its policy meeting this week, even as US President Donald Trump pressed fresh demands for a rate cut.
Asian markets were wobbly on investor caution ahead of the meet, with the MSCI’s broadest index of Asia-Pacific shares outside Japan moving up 0.2 percent.
The Sensex ended 85 points higher at 39,046, while the broader Nifty50 index added 19 points to end at 11,691. Broader markets underperformed benchmark indices with the Nifty Midcap and the Nifty Smallcap indices falling 0.2 percent and 0.3 percent, respectively.
Vedanta, BPCL, Coal India, ICICI Bank and PowerGrid were among the top gainers on the Nifty50, whereas Indiabulls Housing, YES Bank, Hindalco, Asian Paints, and Sun Pharma led the losses.
Sectoral indices ended mixed during the day. The Nifty IT index gained the most, up 0.6 percent followed by the Nifty Metal, up 0.5 percent. All banking and financial indices also gained during the day. Among losers, the Nifty Pharma fell 0.7 percent, while the Nifty Auto lost 0.5 percent and the Nifty FMCG declined 0.4 percent for the day.
The Nifty FMCG index fell 0.4 after New Delhi slapped tariffs on 28 US goods, including almonds, apples, and walnuts from Sunday. Dabur, Emami and Colgate Palmolive were down in the range of 1.3-3.5 percent.
Jet Airways slumped 41 percent, extending their losing streak to nine days after lenders sought bankruptcy for the airline in the last ditch effort to recover some of their dues. The stock witnessed a free-fall, eroding Rs 2,800 crore in market capitalisation in the last six months.
HDFC Asset Management Company tanked 6.2 percent after the company took Essel Group exposure on its books. It has offered exits to investors of some fixed-maturity plans (FMPs) impacted by the Essel Group exposure.
Shares of Jain Irrigation cracked 20 percent as investors remained concerned on the liquidity status of the company after promoters pledged 3.5 million shares between Jun 7-11.
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