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MARKET WRAP: Sensex snaps 6-day losing streak, jumps 646 pts; banks advance

All that happened in markets today.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Markets, Stocks, BSE, NSE, SENSEX
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Snapping their six-day losing streak, the benchmark indices staged a smart comeback on Wednesday to end nearly 2 per cent higher, led by heavy buying in banking stocks. 

The S&P BSE Sensex added 646 points or 1.72 per cent to end at 38,177.95 levels with IndusInd Bank (up over 5 per cent) being the top gainer and YES Bank (down 5 per cent) the biggest loser. Out of 30 components in the index, 8 stocks ended in the red and rest 22 in the green. The broader Nifty50 index of the National Stock Exchange (NSE) ended at 11,313.30 levels, up 187 points or 1.68 per cent. 

Nifty Bank advanced a whopping 1,018.30 points or around 4 per cent to settle at 28,785.85 levels, with 11 out of 12 constituents ending in the green. 

India VIX, the volatility guage, dropped over 4 per cent to 17.09 levels. 

Among the sectoral indices on the NSE, barring IT, all the indices ended in the green. Nifty Private Bank index gained 3.47 per cent to 16,095 levels. Financial services, realty and metal counters, too, made merry in the trade.

In the broader market, the S&P BSE MidCap index rallied 189 points or 1.38 per cent to end at 13,869.35 levels, while the S&P BSE SmallCap index closed at 12,796.47, up 83 points or 0.66 per cent. 

BUZZING STOCKS

Shares of Titan Company slipped 6 per cent to Rs 1,178 on the BSE during the session after the Tata Group company said that its revenue from the jewellery business could decline for the first time in the past four years in the September quarter (Q2FY20). The stock eventually settled at Rs 1,229 apiece, down 2.41 per cent. READ MORE

Shares of IndiaMART InterMESH surged around 18 per cent to end at Rs 2,261.55. 

Shares of Dewan Housing Finance Corporation (DHFL) hit an over 10-year low and were locked in the lower circuit limit of 10 per cent at Rs 26.05 on the BSE on Wednesday after PTI report suggested that Central Depository Services (CDSL) has frozen the company’s promoter shareholding as the company has not filed results for the first quarter. READ MORE  

GLOBAL MARKETS

Asian stocks fell the most in a week on Wednesday as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.61 per cent. Chinese shares fell 0.32 per cent after briefly touching a five-week low. Pan-region Euro Stoxx 50 futures edged up 0.03 per cent, German DAX futures rose 0.03 per cent, while FTSE futures eased 0.08 per cent.

Oil prices traded flat in the trade. Brent crude was down 9 cents at $58.15 a barrel and US West Texas Intermediate crude was at $52.55, down 8 cents. 

(With inputs from Reuters)

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