Market

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

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

8 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

8 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

8 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

8 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

8 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

8 months ago