A financial trader monitors data on computer screens on the trading floor inside the Amsterdam Stock Exchange. (Photographer: Jasper Juinen/Bloomberg)

Sensex, Nifty Clock Longest Weekly Gaining Streak In Nearly Two Months

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Closing Bell: Sensex, Nifty Clock Longest Weekly Gaining Streak In Nearly Three Months

Indian equity benchmarks extended gains for the third consecutive week, their longest weekly gaining streak since the first week of April.

The S&P BSE Sensex closed 0.71 percent higher this week to end at 39,714.20 and the NSE Nifty 50 ended at 11,922.80, up 0.66 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.85 percent higher during the period.

Today, the benchmark indices ended the session with losses. The 31-share index closed 118 points or 0.3 percent lower and the 50-stock index ended 0.19 percent lower. The 500-share gauge fell 0.1 percent.

The market breadth was tilted in favour of sellers. About 1,132 stocks fell and 629 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index’s 1.4 percent decline. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 1.06 percent.

Brent Crude Near Three-Month Low, Falls Below $65 A Barrel

Brent crude fell over 3 percent to trade near three-month low at $64.37 a barrel.

Sensex, Nifty Clock Longest Weekly Gaining Streak In Nearly Two Months

Bharti Airtel Says Competitive Intensity ‘Stable’ In The India Mobile Business

Key takeaways from Bharti Airtel analyst call:

  • Continue to believe that pricing needs to move-up for long term viability
  • Capex to be lower in FY20 as the peak was seen in last year
  • 5G spectrum prices are unaffordable right now
  • Expect the government to bring down the prices
  • Some softness in customer addition to continue

Nifty PSU Bank Worst Sectoral Performer

Ten out of 11 sectors compiled by National Stock Exchange declined, led by the NSE Nifty PSU Bank Index’s 2.2 percent fall.

Government Appoints Nirmala Sitharaman As Finance Minister

The Modi government today appointed Nirmala Sitharaman as Finance Minister and Minister of Corporate Affairs, according to the media statement by Rashtrapati Bhavan. She previously handled defence and commerce portfolio.

Other Cabinet Ministers:

  • Raj Nath Singh gets Defence portfolio
  • Amit Shah named Minister of Home Affairs
  • Dharmendra Pradhan named Minister of Petroleum and Natural Gas and Minister of Steel.
  • Nitin Gadkari named Minister of Road Transport and Highways and Minister of Micro, Small and Medium Enterprises
  • Piyush Goyal Minister of Railways and Minister of Commerce and Industry.

Besides, Prime Minister Narendra Modi will also take charge of Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy, Department of Space

Here’s how the portfolios have been allocated in the Modi council of ministers: