Closing Bells: Financials Drove Upward Movement of Benchmark Indices

The Indian benchmark indices closed Tuesday nearly 1.25% higher. The gains in the widely followed cues are attributed to the rallying of financial stocks. This is a positive development ahead of the US presidential elections. All the sectoral indices on the National Stock Exchange (NSE) ended the day in the green. 

The S&P BSE Sensex closed Tuesday at 40,261.13 points. It moved ahead by 1.27% or 503.55 points. The trend was such that nineteen of the thirty stocks that form the Sensex index advanced, eleven closed in the red, while the remaining two folded the day nearly flat. 

ICICI Bank emerged as the top gainer in the index. It’s share price surged by 6.51%. SBI and HDFC followed by gaining 4.46^ and 4.32% respectively. IndusInd Bank, HDFC Bank, Axis Bank, Bajaj Finance, Kotak Bank and Bajaj Finserv witnessed their share pierce expanding by 3.13%, 2.69%, 2.20%, 0.77%, and 0.72% respectively. 

Also Read: Closing Bells: Indian Benchmark Indices Closed Wednesday Over 1.3% Lower

NTPC and Nestle India turned out to be the most significant losers. Their share price fell by 3.75% and 1.84% respectively. The share price of Reliance Industries Limited (RIL) went on to lose by 1.48% over the. HCL Tech and Infosys followed with their share price reducing by 1.48% and 1.02% respectively. 

The NSE Nifty 50 zoomed by 1.24% or 144.35 points. It closed the day at the 11,813.50 levels. Only fifteen of the fifty stocks that constitute the Nifty index closed in the adverse terrain, one closed flat. At the same time, the remaining thirty-four folded the day in the favourable territory. The share price of GAIL closed unchanged. 

ICICI Bank and Hindalco Inds gained the most among the Nifty stocks. Their share price jumped by 6.32% and 5.27% respectively. UPL and NTPC happened to lose the most with their share price going down by 6.35% and 3.64% respectively. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

You May Also Like
Gold Jewellery

24K Gold Rate in India for October 2019: Week 3

The week commenced with the gold rate in India holding at Rs.38,300…

Is income tax applicable on Bonus Income?

Did you know that tax deductions don’t apply for the incentives and…
Gold rate

24K Gold Rate in India for February 2020: Week 4

When trading opened for the week, 24K gold rate in India was…

24K Gold Rate in India for July 2019: Week 5 (29 – 31)

Trading commenced for the final week with gold price in India holding…