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MARKET WRAP: Nifty ends above 11,000 as PSU banks gain; SBI up 3%

Benchmark indices rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained

SI Reporter  |  New Delhi 

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Nifty PSU Bank index settles 3.86% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) UNION BANK (I) 80.65 74.40 6.25 8.40 BANK OF BARODA 120.75 113.05 7.70 6.81 PUNJAB NATL.BANK 78.65 73.85 4.80 6.50 ALLAHABAD BANK 42.15 39.65 2.50 6.31 BANK OF INDIA 81.90 77.50 4.40 5.68 See More Nifty sectoral gainers of the day BSE Sensex: SBI, Sun Pharma, Axis Bank among top gainers of the day, HUL top loser Market at close   The S&P BSE Sensex ended at 36,520, up 196 points while the broader Nifty50 index settled at 11,008, up 71 points. Ashok Leyland first-quarter profit tops expectations   Ashok Leyland reported a better-than- expected first quarter net profit on Tuesday, driven by higher sales in its medium and heavy commercial vehicles business.   Net profit rose to Rs 3.70 billion ($54.13 million) in the quarter ended June 30 from Rs 1.11 billion a year ago. The year-earlier quarter included a foreign exchange loss of Rs 26.7 million. NCLAT stays voting by Bhushan Power & Steel lenders on finalising bids   The NCLAT today stayed the meeting of Committee of Creditors (CoC) of Bhushan Power and Steel Ltd to vote on finalisation of bids of the debt-ridden firm.   The National Company Law Appellate Tribunal (NCLAT) also pulled up the Resolution Professional (RP) of the company, Mahendra Kumar Khandelwal, for not following its previous orders to allow the representatives of operational creditors to attend the meeting. READ MORE

Benchmark rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained on report that six banks, including PNB, may get capital infusion of Rs 80 billion but weakness in consumer including Hindustan Unilever capped gain

Around six public sector banks (PSBs), including the PNB that has been hit by the Nirav Modi scam, might get a capital infusion of about Rs 80 billion from the government, The Economic Times on Tuesday reported, while citing an unnamed senior finance ministry official.

The S&P ended at 36,520, up 196 points while the broader Nifty50 index settled at 11,008, up 71 points.

Among sectoral indices, PSU Bank index rose over 3.5% with Union Bank of India, Allahabad Bank, Bank of Baroda, PNB gaining in the range of 6 per cent - 8.5 per cent.

of oil companies and airlines also jumped, with the Energy index rising as much as 1.6 per cent on lower extended losses on Tuesday after a more than 4 per cent slide to hit a three-month low on Monday.

of Hindustan Petroleum Corp and Indian Oil Corp gained 6 per cent and 4 per cent, respectively and were the top gainers on the index.

Meanhwhile, consumer goods maker Hindustan Unilever dropped as much as 3.5 per cent after posting June-quarter below market expectations.

MARKETS

World recovered some ground on Tuesday as stabilised, while the dollar edged lower and most other were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress.

MSCI’s world equity index, which tracks in 47 countries, was broadly unchanged, with energy companies in Europe and Asia recovering ground from early losses caused by the previous day’s turbulence in commodity

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, snapping two days of gains amid concern over growth in China.

Chinese were among the biggest losers in Asia on Tuesday, falling 1.7 per cent.

(with Reuters inputs)

First Published: Tue, July 17 2018. 08:15 IST
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MARKET WRAP: Nifty ends above 11,000 as PSU banks gain; SBI up 3%

Benchmark indices rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained

Benchmark rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained on report that six banks, including PNB, may get capital infusion of Rs 80 billion but weakness in consumer including Hindustan Unilever capped gain

Around six public sector banks (PSBs), including the PNB that has been hit by the Nirav Modi scam, might get a capital infusion of about Rs 80 billion from the government, The Economic Times on Tuesday reported, while citing an unnamed senior finance ministry official.

The S&P ended at 36,520, up 196 points while the broader Nifty50 index settled at 11,008, up 71 points.

Among sectoral indices, PSU Bank index rose over 3.5% with Union Bank of India, Allahabad Bank, Bank of Baroda, PNB gaining in the range of 6 per cent - 8.5 per cent.

of oil companies and airlines also jumped, with the Energy index rising as much as 1.6 per cent on lower extended losses on Tuesday after a more than 4 per cent slide to hit a three-month low on Monday.

of Hindustan Petroleum Corp and Indian Oil Corp gained 6 per cent and 4 per cent, respectively and were the top gainers on the index.

Meanhwhile, consumer goods maker Hindustan Unilever dropped as much as 3.5 per cent after posting June-quarter below market expectations.

MARKETS

World recovered some ground on Tuesday as stabilised, while the dollar edged lower and most other were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress.

MSCI’s world equity index, which tracks in 47 countries, was broadly unchanged, with energy companies in Europe and Asia recovering ground from early losses caused by the previous day’s turbulence in commodity

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, snapping two days of gains amid concern over growth in China.

Chinese were among the biggest losers in Asia on Tuesday, falling 1.7 per cent.

(with Reuters inputs)

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