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Markets close near day's high; PSU Bank index surges

Updated : July 30, 2018 03:57 PM IST

Shares of SBI, HPCL, ONGC, Vedanta, ICICI Bank, were among top index gainers.

Kotak Mahindra Bank, Infosys, Wipro, HDFC Bank, ITC, Eicher Motors, Grasim declined.

PSU Bank has surged by 3.59 percent with all 12 stocks advancing, led by Bank of Baroda at 9.58 percent.

Indian equity markets ended Monday's trading session on a high note with benchmark indexes recovering from mid-day bout of selling in IT and midcap stocks. They were largely helped by bank, telecom, oil stocks primarily in offsetting losses in other sectors.

The BSE Sensex ended 157 points higher at 37,494, while the Nifty 50 closed 41 points up at 11,319 on the first day of week after record opening in the morning.

ICICI Bank, Bharti Airtel, SBI, Axis Bank, UltraTech Cement were among top gainers, while IT stocks led by Infosys, Wipro declined along with HDFC twins, Adani Ports, L&T, Bajaj Auto, Kotak Bank.

Among sectoral indices, Nifty PSU Bank shone the most with 4.3 percent rise with all 12 public sector banks listed rising on the indice.

Market breadth is in favour of advances with advance-decline ratio at 2:1. Banks lead Nifty gains today with the SBI, ICICI and Axis Bank leading the pack. Texrail surges over 14% intra-day after good Q1 numbers. Tech Mahindra gained ahead of Q1 results.

(Market update as of 3.50 pm)

The markets recouped losses ahead of close

Indian equity markets recouped losses in early afternoon trade with the Sensex rising by over 155 points, or 0.42 percent, to 37,491.85, while the Nifty 50 reclaimed 11,300 mark, to trade higher by 39 points, or 0.34 percent, to 11,317.20.

ICICI Bank, SBI, Bharti Airtel, Vedanta, M&M, were among top index gainers, while shares of HDFC Bank, Kotak Mahindra, Infosys, L&T, Adani Ports, HCL Tech, Hindalco, Bajaj Finance declined. Midcaps were trading in the green with the BSE MidCap nearing half a percent.

Among sectoral indices, BSE Telecom, Bankex surged by up to 1.73 percent, while IT, Capital Goods, Teck trading in the negative zone. All other indices were trading higher of flat.

On the NSE, PSU Bank surged 4.70 percent, while Nifty IT traded in the red.

(Market update as of 2.10 pm)

Here's how the markets performed around noon

Indian benchmark equity indexes, the Sensex and the Nifty, pared gains on Monday after sustained selling pressure was seen in IT and midcap stocks.

The bank stocks, particularly public sector banks, led by Bank of Baroda and State Bank of India (SBI) have helped offset losses in indexes along with ICICI Bank, metal and telecom stocks. Index heavyweight Reliance Industries has come down from the day’s high.

At 11:38 am, the Sensex was trading higher by just 30 points, or 0.08 percent, to 37,367.13, while the Nifty 50 traded at 11,288.20, marginally higher by 9.85 points, or 0.09 percent.

Shares of SBI, HPCL, ONGC, Vedanta, ICICI Bank, were among top index gainers, while Kotak Mahindra Bank, Infosys, Wipro, HDFC Bank, ITC, Eicher Motors, Grasim declined.

Midcaps trade in the red, with the Nifty MidCap lower by 0.31 percent, while the BSE midcap was down by 0.15 percent.

Among sectoral indices on the NSE, PSU Banks has surged by 3.59 percent with all 12 stocks advancing, led by Bank of Baroda at 9.58 percent. Other notable gainer is Pharma at 0.50 percent, while Nifty IT has lost by 0.68 percent.

On the BSE, Bankex gained by 0.78 percent, along with oil and gas, power, consumer durables, telecom and energy. IT, capital goods, teck and realty stocks have declined.

Earlier, the markets opened on a strong note breaking all previous records. The BSE Sensex rose by over 150 points to 37,496.80, while the Nifty hit a fresh high of 11,300 in opening trade.

Also, catch all the action and updates in our Market Live blog.

Markets close near day's high; PSU Bank index surges

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