Sensex, Nifty Post Best Gaining Streak In Seven Months
Markets At Close
- Benchmark indices end at their highest level since March 11
- Nifty ends 1.56% higher at 9,979
- Sensex ends 1.57% higher at 33,825
- Nifty Bank ends 2.86% higher at 20,530
- Nifty Midcap Index ends 1.4% higher
- Nifty Smallcap Index ends 2.4% higher
- India Volatility Index down 2.4% to 29.99
- Nifty FMCG Index ends as the only sectoral laggard; down 0.7%
- Nifty Realty Index ends as the top sectoral gainer; up 4.9%
- Nifty Media Index ends with gains of 3.3%; led by Zee Entertainment
- Bajaj Finserv ends as the top Nifty gainer; up 9.5%
- Coal India ends as the top Nifty laggard; down 3.3%
- 1,380 stocks on the NSE end with gains while 428 decline
Contributors To Nifty's Gains
Closing Bell: Gains Extend To Day 5
Indian equity markets shrugged off a ratings downgrade, a volatile first hour and an impending cyclonic storm to end higher for the fifth consecutive day.
European markets have extended opening gains while futures on the Dow Jones too are trading higher by 180 points after reversing initial losses.
The S&P BSE Sensex ended 1.57% higher at 33,825 while the NSE Nifty 50 index ended at 9,979, with gains of 1.56%. Both Sensex and Nifty ended at their highest level in nearly three months.
Both the benchmark indices have also closed above their bear market levels of 33,000 and 9,944 respectively. The indices are now less than 20% away from their all-time high made earlier this year.
Among sectoral indices, the realty index outperformed for the second straight day, ending 5% higher while the Nifty Bank and Nifty Media indices gained 3% each. The Nifty FMCG index was the only sectoral laggard, ending 0.7% lower.
Market breadth remained in favour of the advances. 1,380 stocks on the NSE ended with gains while 428 declined.
Moody's Rating Action On 11 Banks
- Long-term local and foreign currency deposit rating of HDFC Bank and SBI downgraded to Baa3 from Baa2. Outlook has been maintained as negative.
- Baa3 long-term local and foreign currency deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India under review for downgrade.
- Long-term local and foreign currency deposit rating of IndusInd Bank downgraded to Ba1 from Baa3. Outlook maintaind as negative
- Long-term local and foreign currency deposit rating of Punjab National Bank affirmed at Ba1. Outlook changed to stable from positive.