The Indian benchmark indices S&P BSE Sensex and NSE Nifty 50 closed the day over 0.5% higher on the back of rallying in the banking and financial stocks. The Indian cues ended the day in green as the global shares surged for the fourth day. The market’s positive movements are attributed to the speculation of another economic stimulus announced by the US Government soon.
The S&P BSE Sensex added 0.55% or 259.33 points to its tally over the day. It closed at 47,613.08 points. Among the 30 stocks that form the Sensex index, 16 closed higher while the remaining 14 closed in the red. IndusInd Bank and Axis Bank led the gains in the index. Their share price expanded by 5.41% and 2.06% respectively.
Tech Mahindra, HDFC, ICIC Bank, and HCL Tech followed as their share price moved ahead by 1.95%, 1.92%, 1.68% and 1.54% respectively. The banking giants HDFC Bank and State Bank of India saw their share price jump by 1.01% and 1% respectively. ITC, Infosys, Kotak Bank, Bajaj Auto, Sun Pharma, Asian Paints, TCS and UltraTech Cement were the other Sensex stocks to close the day in the positive territory.
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Nestle India and NTPC turned out to be the most significant losers. Their share price dropped by 1.77% and 1.69% respectively. PowerGrid and Dr Reddy’s followed as their share price collapsed by 0.80 and 0.70% respectively. Reliance Industries and ONGC witnessed their share price go down by 0.70 and 0.69% respectively. M&M, L&T, Maruti, Bharti Airtel, Hindustan Unilever, Bajaj Finserv, Titan and Bajaj Finance are the other stocks to close the day in the adverse terrain.
The NSE Nifty 50 closed the day 13,932.60 points. It shot up by 59.40 points or 0.43% over the day. Twenty-seven of the fifty stocks that form the Nifty index closed the day lower; twenty-two rallied while the remaining one stock closed the day flat. IndusInd Bank emerged as the top gainer while Hindalco lost the most.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
