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Closing bell: Sensex, Nifty snap two day losing streak; IndusInd Bank, Tata Steel top gainers

Closing bell: Sensex, Nifty snap two-day losing streak; IndusInd Bank, Tata Steel top gainers

Closing bell: Sensex, Nifty snap two-day losing streak; IndusInd Bank, Tata Steel top gainers
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By CNBC-TV18 Jul 31, 2019 5:07:28 PM IST (Published)

Indian benchmark indices snapped two days of losses to end higher on Wednesday led by gains in banking, metal, and auto stocks. IndusInd Bank, Tata Consultancy Services, Kotak Bank, and Sun Pharma contributed the most in gains.

Indian benchmark indices snapped two days of losses to end higher on Wednesday led by gains in banking, metal, and auto stocks. IndusInd Bank, Tata Consultancy Services, Kotak Bank, and Sun Pharma contributed the most in gains.

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Meanwhile, fresh trade war fears weighed on global stocks ahead of the US Federal Reserve meeting. As a new round of trade negotiations started in Shanghai, US President Donald Trump tweeted that if he wins re-election in November 2020, the deal between the two nations could be a tougher one or no agreement at all.
The Sensex ended 84 points higher at 37,481, while the broader Nifty50 index added 33 points to end at 11,118. In broader markets, the Nifty Midcap rose 1.4 percent and Nifty Smallcap index advanced 0.4 percent.
IndusInd Bank, Tata Steel, YES Bank, IOC, and Hero MotoCorp were the top gainers on Nifty50 while Zee, Axis Bank, Bharti Airtel, Titan, and Bharti Infratel led the losses.
Sectoral indices ended mixed for the day. The Nifty Metal index rose the most, up 2.4 percent, followed by Nifty PSU Bank, up 1.7 percent. Nifty Auto advanced 1.3 percent while, Nifty Pharma gained 1.4 percent for the day. Nifty FMCG and Nifty IT also added 0.7 percent each.
Meanwhile, Nifty Media fell 2.9 percent for the day.
Shares of Coffee Day Enterprises shed another 20 percent to hit 52-week low after Cafe Coffee Day founder VG Siddhartha's body was found near the Netravathi river in Mangaluru. He is believed to have committed suicide.
Axis Bank fell nearly 4.5 percent after the private lender reported higher provisioning and slippages in the June quarter. The bank's profit rose 95 percent year-on-year to Rs 1,370 crore, despite a decline in asset quality. The lender had reported a profit of Rs 701 crore in Q1FY19.
DishTV fell over 4 percent after the company reported losses in the quarter ended June 2019. The company's Q1 consolidated net loss was at Rs 32 crore against a profit of Rs 37.9 crore in the Q1FY19.
Hero MotoCorp rose 4 percent after it posted a 38.3 percent YoY increase in Q1FY20 profit on account of one-time gain with respect to reversal of a calamity fund.
Gujarat Gas added 5 percent after the company reported strong numbers for the quarter ended June 2019.
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