You are here: Home » Markets » News

Sensex ends 280 pts up; bank stocks gain post SC verdict in moratorium case

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each

MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 


MARKET LIVE: Sensex off day's high, up 200 pts; PSU banks outperform
Stock market updates: Indices oscillated between gains and losses on Tuesday, clocking wild movements in the intra-day deals, as investors followed 'sell on rally, buy on dip' approach. Such was the volatility that the benchmark S&P BSE reversed losses and jumped 600 points from the day's low of 49,662 to hit a high of 50,265. Meanwhile, the index hit an intra-day high and low of 14,879 and 14,707, respectively.

The BSE barometer settled at 50,051 levels, up 280 points or 0.56 per cent. The Nifty, on the other hand, was at 14,815 levels, up 78 points or 0.53 per cent. 

UltraTech Cement, up 2.6 per cent, was leading the list of gainers, followed by IndusInd Bank, Titan, Reliance Industries, Axis Bank, SBI, and HDFC Bank on the Shree Cement, Adani Ports, Divis Labs, Tata Motors, and Maruti Suzuki were the additional gainers on the Nifty. All these stocks were up in the range of 1 per cent and 5 per cent.

On the downside, ONGC, Hindalco, Power Grid, ITC, NTPC, HDFC, and BPCL, down up to 2.4 per cent, were the top laggards in a firm market. 

In the broader markets, Bank of India, Adani Group stocks, Union Bank of India, IDBI Bank, Page Industries, IDFC First Bank, and ACC helped the S&P BSE MidCap index to settle 0.95 per cent higher. The S&P BSE SmallCap index, on the other hand, added 0.75 per cent.

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each after the Supreme Court, in its verdict in the loan moratorium case, pronounced that there cannot be a complete waive off of interest payments. It, however, observed that compound interest for all loans will have to be refunded or adjusted in the forthcoming quarters. 

That apart, the Nifty Auto, Financial Services, IT, and Reality indices gained up to 1 per cent on the NSE. On the downside, the Nifty FMCG and Metal indices skid 0.4 per cent and 0.6 per cent, respectively. 

Global markets
Asian stocks reversed earlier gains on Tuesday, dragged down by declines in Chinese markets, which were jolted by a new round of sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.76 per cent, hurt by a 1.42 per cent fall in Chinese blue chips.

The United States and others, including the European Union, sanctioned Chinese officials on Monday over human rights abuses in Xinjiang, and Beijing hit back with punitive measures against European lawmakers, diplomats, institutes and families.

Beyond China, Asian shares were mixed. Japan fell 0.61 per cent and Australia fell 0.11 per cent. IN Europe, the pan-European STOXX 600 rose 0.2 per cent.

(With inputs from Reuters)    


Auto Refresh