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Closing Bell: Sensex gains 181 points, Nifty ends above 13,350; PSU banks outshine, IT stocks support

Closing Bell: Sensex gains 181 points, Nifty ends above 13,350; PSU banks outshine, IT stocks support

Closing Bell: Sensex gains 181 points, Nifty ends above 13,350; PSU banks outshine, IT stocks support
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By CNBCTV18.com Dec 8, 2020 3:57:36 PM IST (Updated)

Indian benchmark equity indices, Sensex and Nifty ended higher Tuesday led by strong gains heavyweight IT stocks and PSU Banks amid mixed global cues. The Sensex ended 181.54 points or 0.40 percent higher at 45,608.51, while the Nifty gained 37.20 points or 0.28 percent to close at 13,392.95.

Indian benchmark equity indices, Sensex and Nifty ended higher Tuesday led by strong gains heavyweight IT stocks and PSU Banks amid mixed global cues.

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The Sensex ended 181.54 points or 0.40 percent higher at 45,608.51, while the Nifty gained 37.20 points or 0.28 percent to close at 13,392.95.
Broader indices underperformed as Nifty Smallcap100 and Nifty Midcap100, ended flat. Nifty Bank advanced 50 points to 30,262.
Among sectors, Nifty PSU Bank rallied the most followed by Nifty IT and Nifty Realty. However, selling was witnessed in Nifty Metal, Nifty Pharma and Nifty Private Bank.
UltraTech Cement, TCS, Reliance Industries, Wipro and HCL Technologies led gains among Nifty50 constituents while Hindalco Industries, Sun Pharmaceuticals, Coal India, IndusInd Bank and NTPC were the top index losers.
"The markets have closed within the resistance passage of 13,400-13,700. There is always a possibility of turning around from these levels and correcting. The overall trend continues to remain positive, but traders should exercise caution at these levels of the Nifty. Strict stop losses should be maintained for all long trades," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Goa Carbon shares ended at a 5 percent upper circuit after the company declared its business performance for the month of November. The company’s production in November went up by 58.8 percent at 14,309.200 MT as against 9,006.000 MT in October.
On the global front, Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with fresh concerns about a surge in COVID-19 infections, a Reuters report said.
Mixed Asian trade followed a similarly mixed Wall Street session in which the tech-heavy Nasdaq Composite closed at a record high while the two other major US indices fell.
European markets are also likely to struggle for firm direction with London's FTSE down 0.3 percent and Eurostoxx 50 futures and those of Germany's DAX flat.
MSCI's broadest index of Asia-Pacific shares outside Japan narrowed its losses from early trade, but was still down 0.02 percent as anxiety over the coronavirus pandemic capped sentiment.
However, Japan's Nikkei 225 dipped 0.22 percent and Seoul's Kospi lost 1.53 percent.
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