Private Lenders Help Nifty Stop Losing Streak
Closing Bell: Private Lenders Help Nifty Stop Losing Streak
Indian equity benchmarks ended higher driven by a rally in private lenders—HDFC Twins and IndusInd Bank.
The S&P BSE Sensex closed 0.69 percent higher at 38,823.10 and the NSE Nifty 50 snapped its four-day losing streak and ended at 11,582.90, up 0.73 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.80 percent higher.
“We expect the markets to remain choppy in the near term in the backdrop of weak domestic cues,” said Ajit Mishra, vice president (Research), Religare Broking Ltd. “Given the economic slowdown we expect the earnings season to be tepid which will lead to stock specific volatility.” Also, Mishra said consumer price inflation and index of industrial production data (scheduled tomorrow) will provide direction to the markets.
The market breadth was tilted in favour of buyers. About 912 stocks rose and 805 shares declined on National Stock Exchange. All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Media Index’s 3.87 percent gain.
Nifty Bounce Back May Get Exhausted In The Final Hour, Says Tradebulls' Uttekar
Almost an 100-point-rally witnessed in Nifty Index today may cut short in the final hour of trade. That’s according to Sacchitanand Uttekar, deputy vice president (Research) at Tradebulls.
“Around 11615 would be an ideal level where short positions can be considered on an intraday basis,” said Uttekar in an interview to BloombergQuint. “ The stop loss should be placed around 11,642. We are also expecting the markets to swing back to 11,560 on a closing basis.”
Europe Market Check: Equities Gain On Rate Cut Hopes
European stocks rose as miners and oil stocks advanced, after comments from Federal Reserve Chairman Jerome Powell boosted bets for a rate cut this month.
Sensex, Nifty Sustain Gains; Auto Stocks Advance
Indian equity benchmarks retained their gains going into the final hour of trade, driven by IndusInd Bank and automakers.
The S&P BSE Sensex rose 0.71 percent to 38,833 and the NSE Nifty 50 gained 0.74 percent to 11,582.50, as of 2:20 pm.
The market breadth was in favour of buyers. Around 926 stocks advanced while 758 stocks declined. All the sectoral gauges compiled by National Stock Exchange rose. Nifty Media Index was the top gainer, up 2.75 percent.
Reliance Infra Surges After Lenders Sign Pact
Shares of the Anil Ambani-led group company snapped its five-day fall and gained over 16 percent intraday to Rs 53.50.
Reliance Infrastructure said its 16 lenders signed the inter-creditor agreement, according to an exchange filing. The agreement achieves standstill for 180 days and the company plans to implement resolution plan well before 180 days by monetising assets, the filing added.
The stock declined 88 percent in the past 12 months compared with a 7.1 percent gain.
Banks May Seek Tweaks In Insolvency Law After Essar Steel Verdict, Says SBI Chairman
Secured lenders to Essar Steel Ltd. are “not satisfied” with the appellate tribunal’s judgment removing the creditor hierarchy in settlement of claims, according to the head of India’s largest bank.
Bankers are in the process of filing an appeal at the Supreme Court to get their concerns about distribution of claims addressed, Rajnish Kumar, chairman at State Bank of India, the lead bank of the lending consortium, told BloombergQuint in an interview.