Business Standard

MARKET WRAP: Sensex gains 264 pts ahead of FM's media briefing, Q1 GDP nos

Markets surged in the last trading hour, ahead of the June quarter GDP number and a likely announcement by the Finance Ministry on merger of public sector banks (PSBs)

Image SI Reporter New Delhi
MARKET WRAP: Sensex gains 264 pts ahead of FM's media briefing, Q1 GDP nos

Domestic indices remained volatile on Friday, but rallied in the fag-end of the session, ahead of the June quarter GDP numbers, due later in the day. Further, likely announcement by the Finance Ministry on recapitalisation of state-owned banks and their consolidation witnessed increased buying interest at the counters. That apart, hopes of face-to-face trade talks between the United States and China helped ease investors' worries.

The benchmark S&P BSE Sensex settled 264 points, or 0.71 per cent, higher at 37,333 level. HDFC twins, ITC, ICICI Bank, and Hindustan Unilever emerged as the top contributors to the index's gain, which were up in the range of 1-3 per cent. YES Bank, Sun Pharma, IndusInd Bank, and Tata Steel ended the day as top gainers, while Power Grid, ONGC, HCL Tech, and Larsen and Toubro were the top losers.

Meanwhile, the broader Nifty50 ended at 11,023-mark, up 75 points or 0.68 per cent.

On a weely basis, the Sensex gained 1.72 per cent, while the Nifty50 was up 1.79.

Sectorally, all the indices on the NSE ended in the green. Nifty Pharma index ended the day as top gainer, up 2.4 per cent, followed by Nifty Metal index, up 1.8 per cent. 

In the broader market, the S&P BSE MidCap index closed at 13,468 level, up 134 points, or 1.01 per cent. The S&P BSE SmallCap index closed at 12,535 level, up 104 points, or 0.84 per cent. 

PUBLIC SECTOR BANK MERGER ON THE CARDS?

Union Finance Minister Nirmala Sitharaman is scheduled to address media later in the day, where she is likely to announce mega plan for merging multiple set of public sector banks (PSB). 

The department of financial services in the finance ministry called a meeting, on Friday, with chief executives of ten public sector banks which are seen as top contenders for merger. The banks invited for consultations on Friday are: Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank. READ MORE

Shares of PSBs ended mixed on the National Stock Exchange (NSE). Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank gained up to 6 per cent. On the other hand, State Bank of India (SBI), Union Bank of India, Bank of India, Indian Bank and Bank of Baroda were down between 1 and 2 per cent. 

GLOBAL CUES

Asian shares jumped to a one-week high on Friday as the United States and China showed a willingness to resolve their trade dispute by returning to the negotiating table, though lingering recession fears tempered some of the enthusiasm.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose to the highest since Aug. 23, but soon pared some of those gains after Chinese and Hong Kong stock markets turned negative. The MSCI index was last up 0.8 per cent.

Japan’s Nikkei jumped 1.2 per cent while South Korea’s KOSPI index gained 1.8 per cent and Australian shares were 0.9 per cent higher.

(With inputs from Reuters)
3:47 PM

Sectoral gainers and losers on the NSE

3:46 PM

Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 264 points or 0.71 per cent to settle at 37,333 while NSE's Nifty50 index ended at 11,023, up 75 points or 0.68 per cent. 
3:32 PM

MARKET CHECK | Top stocks that hit new highs

HDFC AMC, Infosys, Bata India, Asian Paints, Berger Paints among BSE500 index stocks that hit record highs in today's session
3:28 PM

Market check | Markets rebound in last trading hour

3:14 PM

Market check

2:22 PM

Page Industries surges over 3%

2:16 PM

NEWS ALERT | FM Nirmala Sitharaman to brief media at 4 PM: CNBC TV18

2:11 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
BANK OF BARODA 90.80 89.10 -1.10 -1.20
CYIENT 417.80 414.00 -12.25 -2.85
GODREJ INDS. 419.00 414.15 -3.85 -0.91
INDIABULLS INTEG 80.30 79.95 -3.45 -4.12
JYOTHY LABS 141.55 138.85 -2.35 -1.63
» More on 52 Week Low
2:08 PM

NEWS ALERT | SpiceJet to launch six new international and domestic flights

2:05 PM

ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar

Shares of ICRA, the Indian arm of global rating agency Moody's, declined around 5 per cent on the BSE in the intra-day trade on Friday after the company terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment. The rating agency has attributed the unprecedented move to protect interests of the company and its shareholders. READ MORE
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

1:54 PM

Market check

1:53 PM

Market check | Markets recover

1:41 PM

Market check

1:36 PM

NEWS ALERT | GST Council to discuss simplified GST returns in next meeting: BTVi

-- States seek launch of simplified return filing from April 1, 2020

Alert: Next GST Council meeting expected on Sept 20
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 30 2019 | 7:16 AM IST

Explore News