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Post Session: Sensex snaps 2-day losing streak; PSB Banks rally

Share Source By

Dion Global

04 Jan 2019

The domestic equity indices snapped out of a two-session losing streak to settle 0.5 per cent higher on Friday led by a rise in public sector banks and metal stocks. Asian shares found a crumb of comfort on Friday as Beijing announced a new round of trade talks with Washington, though recession fears still had markets betting the next move in U.S. interest rates might be down. European shares were higher on the back of reports indicating US and China holding trade talks. The rupee traded on a firm note having risen to 69.75 against the US dollar in intra-day trade. The domestic unit had settled at 70.17 against the greenback on Thursday. Among sectors, the PSU Bank rose the most on Friday, gaining 2.32 per cent led by Syndicate Bank, Punjab National Bank and State Bank of India. The shares of Ashok Leyland slipped to their 18-month low dipping 2 per cent on intra-day and extending their 4 per cent fall in the past two days after recording weak December sales numbers. Tata Motors ended higher after US JLR sales witnessed a growth. Coal India fell 0.4 percent before rising one-third of a percent after global research house CIMB has reduce call on the stock and slashed its target price to Rs 212 from Rs 245 earlier.

The 30-benchmark indices closed at 35695.1 up by 181.39 points or by 0.51 per cent and then NSE Nifty was at 10727.35 up by 55.1 points or by 0.52 per cent. The BSE Sensex touched intraday high of 35744.2 and intraday low of 35382.08 The NSE Nifty touched intraday high of 10741.05 and intraday low of 10628.65.

The top gainers of the BSE Sensex were YES Bank Ltd. (Rs. 189.50,+3.05%), Bharti Airtel Ltd. (Rs. 322.60,+3.02%), Tata Motors Ltd. (Rs. 170.75,+2.74%), Vedanta Ltd. (Rs. 193.00,+2.66%), Tata Motors Ltd. (Rs. 91.50,+2.58%). The top losers of the BSE Sensex were HCL Technologies Ltd. (Rs. 933.45,-1.53%), Tata Consultancy Services Ltd. (Rs. 1873.95,-1.19%), Infosys Ltd. (Rs. 660.75,-1.02%), IndusInd Bank Ltd. (Rs. 1548.45,-0.68%), Hero MotoCorp Ltd. (Rs. 2992.55,-0.65%).

Sectorally BSE Metal index was at 11240.18 up by 159.77 points or by 1.44%. Jindal Steel & Power Ltd. (Rs. 152.25,+3.64%), Vedanta Ltd. (Rs. 193.00,+2.66%), JSW Steel Ltd. (Rs. 289.10,+2.19%), National Aluminium Company Ltd. (Rs. 63.90,+1.75%), Steel Authority of India (SAIL) Ltd. (Rs. 53.15,+1.53%). On the flip side, BSE IT index was at 13894.84 down by -161.44 points or by -1.15%. Rolta India Ltd. (Rs. 7.56,-4.55%), Zen Technologies Ltd. (Rs. 73.10,-4.13%), Persistent Systems Ltd. (Rs. 587.25,-4.03%), Tata Elxsi Ltd. (Rs. 1000.00,-2.95%), Allsec Technologies Ltd. (Rs. 193.25,-2.84%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2944 , shares advanced were 1434 while 1334 shares declined and 176 were unchanged.