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Sensex, Nifty surges; PSU banks gain

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Dion Global

27 Dec 2018

The benchmark indices are trading over 0.5 per cent higher on Thursday taking cues from their Asian peers which have risen following an overnight rise in Wall Street. A 1,000-point jump in the US stocks and the rub-off effect on the Asian equities are likely to boost stocks back home. The rupee opened 14 paise higher at 70.20 against the US dollar on Thursday. Minutes later, the currency slipped further to 70.27. The domestic unit trimmed its early sharp gains to settle 8 paise higher at 70.06 on Wednesday, mainly due to dollar buying by importers in the last hour of trade. On the global front, oil prices fell in early trade after soaring 8 per cent in the previous session.

Among the sectoral indices, the PSU Bank index is trading over 0.5 per cent higher led by a rise in the shares of Central Bank of India and Bank of India. According to reports, the next tranche of public sector banks recapitalisation bond worth Rs 280 billion may be issued today or tomorrow.

At 10:25AM BSE SENSEX was trading at 35912.33 up by 262.39 points or by 0.74 per cent and then NSE Nifty was at 10797.65 up by 67.8 points or by 0.63 per cent.

Infosys Ltd. (Rs. 660.50,+2.47%), Tata Consultancy Services Ltd. (Rs. 1926.70,+1.97%), Reliance Industries Ltd. (Rs. 1117.25,+1.85%), IndusInd Bank Ltd. (Rs. 1579.20,+1.41%), YES Bank Ltd. (Rs. 181.80,+1.31%) were the top gainers of the BSE Sensex.

Whereas, the top losers of the BSE Sensex were Power Grid Corporation of India Ltd. (Rs. 194.00,-0.97%), Bharti Airtel Ltd. (Rs. 319.85,-0.42%), Kotak Mahindra Bank Ltd. (Rs. 1244.50,-0.41%), Hero MotoCorp Ltd. (Rs. 3175.35,-0.33%), Coal India Ltd. (Rs. 246.65,-0.26%).

On sectoral front, IT index was at 14110.56 up by 249.85 points or by 1.8%. Quick Heal Technologies Ltd. (Rs. 212.60,+3.83%), Datamatics Global Services Ltd. (Rs. 108.40,+3.09%), TVS Electronics Ltd. (Rs. 198.95,+2.92%), Zen Technologies Ltd. (Rs. 82.45,+2.81%), Tanla Solutions Ltd. (Rs. 31.45,+2.78%). One the flip side, TECk index was at 7071.61 up by 110.38 points or by 1.59%. ITI Ltd. (Rs. 92.65,+3.17%), Infosys Ltd. (Rs. 660.50,+2.47%), TV18 Broadcast Ltd. (Rs. 36.95,+2.07%), Tata Consultancy Services Ltd. (Rs. 1926.70,+1.97%), Mahindra & Mahindra Ltd. (Rs. 707.50,+1.85%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1998 , shares advanced were 1314 while 570 shares declined and 114 were unchanged.