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Sensex, Nifty climb; PSU banks extend gains

Share Source By

Dion Global

28 Dec 2018

The Indian benchmark indices continued to trade in the green in this Friday afternoon session. All sectoral indices are trading in the green, with maximum gains visible among banks, pharmaceuticals and automobiles. The shares of select public sector undertaking (PSU) banks were trading higher for the third straight day on the report that the central government would release Rs 286.15 billion before the end of this month towards a fresh tranche of funds to recapitalise state-run banks. The sharp moderation in bond yields should significantly boost the treasury performance of the banking sector, especially public sector banks (PSBs). Canara Bank, Punjab National Bank (PNB), Vijaya Bank and Syndicate Bank hit their respective three-month highs in intra-day trade on Friday. These stocks were up in the range of 1 per cent to 4 per cent. Besides these four banks, United Bank of India, Union Bank of India, Corporation Bank, Indian Bank, Oriental Bank of Commerce (OBC), Bank of India (BOI), Bank of Baroda (BOB), Central Bank of India and State Bank of India (SBI) gain between 1 per cent to 8 per cent.

The 30-benchmark index at 13:17 PM was trading at 36148.36 up by 341.08 points or by 0.95 per cent and then NSE Nifty was at 10879.05 up by 99.25 points or by 0.92 per cent. The BSE Sensex touched intraday high of 36170.57 and intraday low of 35911.99 The NSE Nifty touched intraday high of 10888.3 and intraday low of 10817.15

The top gainers of the BSE Sensex were Sun Pharmaceutical Industries Ltd. (Rs. 426.85,+3.53%), Vedanta Ltd. (Rs. 200.10,+2.12%), YES Bank Ltd. (Rs. 182.25,+2.07%), Housing Development Finance Corporation Ltd. (Rs. 1985.00,+1.97%), Tata Motors Ltd. (Rs. 171.85,+1.81%).

Coal India Ltd. (Rs. 242.85,-2.72%), Asian Paints Ltd. (Rs. 1362.00,-0.37%), Bajaj Auto Ltd. (Rs. 2727.00,-0.33%), Hero MotoCorp Ltd. (Rs. 3122.60,-0.29%),were at loss.

While BSE HCS index was at 13826.35 up by 170.31 points or by 1.25%. Alembic Ltd. (Rs. 48.90,+6.89%), SMS Pharmaceuticals Ltd. (Rs. 68.30,+3.72%), Sun Pharmaceutical Industries Ltd. (Rs. 426.85,+3.53%), Healthcare Global Enterprises Ltd. (Rs. 199.00,+3.32%), Gufic BioSciences Ltd. (Rs. 93.80,+2.74%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2681 , shares advanced were 1633 while 899 shares declined and 149 were unchanged.