Sensex, Nifty Snap Two-Day Losing Streak Led By Banks
Closing Bell: Sensex, Nifty End Volatile Session Higher Led By Banks
Indian equity benchmarks snapped their two-day losing streak in a highly volatile session led by banking and financial services shares.
The S&P BSE Sensex rose 0.51 percent or 181 points to 35,695 and the NSE Nifty 50 Index climbed 0.52 percent or 55 points to 10,727.
For the most part of the day, the benchmarks were highly volatile as the Nifty 50 Index fluctuated 10 times between gains and losses.
All sector gauges barring the Nifty IT Index compiled by National Stock Exchange ended higher led by the Nifty PSU Bank Index's 2.32 percent gain.
China Cuts Bank Reserve Ratio By 1 Percentage Point
People's Bank of China said:
- Reserve-requirement ratio cut to release about 1.5 trillion yuan of liquidity.
- RRR cut to support small, private companies' financing.
- Will continue prudent monetary policy.
- Won't flood economy with liquidity.
Nestle India Falls After Supreme Court Revives Suit
Shares of the Maggi noodles maker fell as much as 4.92 percent, the most in over a month, to Rs 10,655.55 after the apex court revived Indian government’s case against Nestle India seeking damages of Rs 640 crore for alleged unfair trade practices, false labelling and misleading advertisements.
In its press release, Nestle stated that the Supreme Court has directed that reports received from Central Food Technological Research Institute will be the basis for proceedings before the redressal commission.
Bank Of Maharashtra Rises After Board Clears Fund Raising Plan
Shares of the Pune-based state-run lender rose as much as 3.31 percent to Rs 15.60 after its board cleared raising Rs 4,498 crore via preferential allotment to the government of India.
The fund raising is part of the capital infusion process initiated by the government for PSU banks.
Market Check: Sensex, Nifty Volatile; Tech Mahindra, HCL Tech Top Losers
Indian equity benchmarks were fluctuating as gains in banking shares were offset by losses in IT stocks.
The Sensex was little changed at 35,521 and the NSE Nifty 50 Index was flat at 10,673.
In intraday deals, the Nifty 50 Index swung eight times between gains and losses.
Eleven of 19 sector gauges compiled by BSE were trading higher led by S&P BSE Bankex Index's 0.7 percent gain. On the flipside, S&P BSE IT Index was top loser, down 1.6 percent.