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MARKET WRAP: Sensex up 21 pts, Nifty holds 11,900; private banks rally
All that happened in the markets today
Post logging record highs during the previous week, markets consolidated on Monday as concerns over India's economic growth dented sentiment, while no fresh triggers kept indices range-bound. Additionally, fresh escalation of violence in Hong Kong coupled with uncertainty over whether the United States and China could end their damaging trade war kept investors on the sidelines.
Buying in financial counters and select index heavyweights in the fag end of the session, helped the benchmark S&P BSE Sensex to close in the positive territory. The Sensex ended 21.47 points, or 0.05 per cent, higher at 40,345 levels. YES Bank, ICICI Bank, Tata Motors, and IndusInd Bank settled the day as top gainers, advancing between 1.6 and 5.6 per cent. On the downside, HeroMotoCorp, Vedanta, and TCS slipped the most, down in the range of 1.4 to 2.14 per cent.
During the day, the S&P BSE Sensex touched an intra-day high and low of 40,417.44 and 40,150.97, respectively.
On the NSE, the Nifty50 managed to close above the psychological mark of 11,900, at 11,913, up 5 points or 0.04 per cent.
Sectorally, indices ended mixed. Nifty Media index ended the day with most gains, up over 3 per cent. This was followed by gains in Nifty Private Bank index and Nifty Bank index. On the flipside, NIfty IT index slipped the most, down 0.53 per cent.
The broader markets outperformed the frontline indices today, with the S&P BSE mid-cap index settling 43 points or 0.29 per cent higher at 14,774 level. The S&P BSE small-cap index, too, ended at 23 points, or 0.17 per cent, at 13,497 level.
Shares of Ashok Leyland declined up to 7.2 per cent to Rs 71 in the morning deals on the NSE on Monday after the company reported weak September quarter earnings. The Commercial Vehicle major logged a 97 per cent drop in standalone profit before tax at Rs 19.11 crore during Q2FY20, as compared to Rs 670.8 crore during same quarter last year. The stock eventually closed 3.46 per cent higher at Rs 79.25 apiece. READ MORE
Shares of Amara Raja Batteries surged 7 per cent to Rs 699 on the BSE on Monday, after the company reported 370 bps improvement in EBITDA (earnings before interest, tax, depreciation and amortisation) margin at 17.2 per cent in the September 2019 quarter (Q2FY20) on account of softer commodity prices. In comparison, the S&P BSE Sensex was down 0.16 per cent at 40,260 points at 09:39 am. The share settled at Rs 718.3, up 9.83 per cent. READ MORE
Asian shares sank on Monday, the safe haven yen rose and gold jumped following a fresh escalation of violence in Hong Kong.
Hong Kong's Hang Seng index led the losses in Asia, down 2.4 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan retreated 1 per cent from a six-month high.
In early European trades, the pan-region Euro Stoxx 50 futures STXEc1 were flat, German DAX futures FDXc1 were down 0.1% while London’s FTSE futures FFIc1 were off slightly.
(With inputs from Reuters)