Bank shares in rescue act
STOCK REPORT
| Indices traded in a narrow range on Monday due to absence of fresh cues, dealers said. Volumes, too, were low. |
| ON Monday, the Sensex closed above 11500 for the first time since May 17. It ended at 11511.68, up 45.96 points or 0.4 per cent from Friday, after moving between 11375.90 and 11531.60. |
| The NSE Nifty ended at 3366.00, up 9.25 points or 0.3 per cent, after moving between 3332.90 and 3374.90 intraday. |
| Turnover on both exchanges together was roughly Rs 7,200 crore, as against Rs 9,650 crore on Friday. "Trade was range bound on Monday as there were no fresh triggers for and investors were not certain of what they must do," Sameer Agarwal, dealer at Stratcap Securities, said. |
| Asian markets ended down on Monday, after China unexpectedly hiked interest rates on Friday. European stocks were also trading down. |
| Banking and information stocks provided support to indices at lower levels on Monday. |
| CNX IT Index ended up 1 per cent. Robust earnings from HCL Technologies also helped improve sentiment. The company Saturday posted 44 per cent surge in April-June (Q4) net profit to Rs 230 crore. |
| CNX Bank Index closed up 2 per cent on expectations of strong July-September earnings and cheap valuations, analysts said. CNX Bank Index was up 1.2 per cent. |
| Punjab National Bank, up 7.5 per cent, was the top Nifty gainer. HPCL and Oriental Bank of Commerce, up 5 per cent each, were other major gainers. |
| Index heavyweight Reliance Industries, which closed up 1 per cent, also provided some support to indices. |
| GMR Infrastructure, which debuted on Monday, closed at Rs 210.40. It was listed at Rs 215, as against issue price of Rs 210. |
| Ranbaxy Laboratories, down 2 per cent, was the worst hit among Nifty companies. |
| Dabur India and Steel Authority of India, down 1.7 per cent each, were other major laggards. |