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MARKET WRAP: Nifty settles at fresh closing high of 11,389; PSU banks slip

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

SI Reporter  |  New Delhi 

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MARKET COMMENT Jayant Manglik, President, Religare Broking The equity benchmark indices traded in a narrow range, amidst intraday volatility. The Nifty index ended flat to close at 11,391 levels. The broader market indices’ performance was largely in line with the benchmark with BSE Midcap and BSE Smallcap ending with minor losses of 0.2% each. The sector indices exhibited mixed trend with Consumer Durables and Metals being the outperformers whereas, Oil & Gas, Healthcare and Realty were the top losers. Amongst the global markets, both Asian as well as European markets traded higher. With the frontline index trading at record highs, some consolidation cannot be ruled out. We expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks. Further, market participants would keep an eye on global developments especially the US-China trade war, progress of monsoon, currency and crude oil price movement   Nifty PSU Bank index ends 2.14% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) PUNJAB NATL.BANK 82.85 90.05 -7.20 -8.00 ANDHRA BANK 34.00 36.00 -2.00 -5.56 SYNDICATE BANK 41.90 44.10 -2.20 -4.99 UNION BANK (I) 86.50 90.60 -4.10 -4.53 ORIENTAL BANK 78.80 82.35 -3.55 -4.31 Nifty sectoral gainers and losers of the day BSE Sensex: Tata Steel, Asian Paints among top gainers of the day, Adani Ports top loser Markets at close The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points. SoftBank posts 60% gain on Flipkart bet, sets aside $650 million STCG tax Masayoshi Son-led Japanese conglomerate SoftBank on Monday showed a gain of ¥ 164.25 billion (around $1.48 billion) on its balance sheet owing to an increase in the fair value of its stake in Flipkart, translating to 60 per cent return on its last year’s investment in the e-commerce firm. This comes ahead of the closure of the deal that will see SoftBank selling its entire 19.95 per cent stake in Flipkart for around $4 billion to Walmart. READ MORE

The benchmark indices ended flat with the Nifty 50 settling at a new closing high on Tuesday amid firm global markets.

The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points. Earlier in the day the S&P BSE Sensex hit a fresh all-time high of 37,876.87 while the Nifty50 index touched its record high level of 11,428.95 in intra-day deals.

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

PNB announces quarterly results

PNB reported its second consecutive quarter of loss as the country's second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year.
 
Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement.

Global Markets

A rebound in battered Chinese stock markets helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-US trade conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.35 per cent. The Shanghai Composite Index rose 1.4 per cent as investors snapped up shares that were hit hard during a four-day losing run. South Korea’s KOSPI rose 0.3 per cent and Japan’s Nikkei added 0.6 per cent.

Oil Prices

Oil prices rose on Tuesday as the United States reintroduced sanctions against major crude exporter Iran, tightening global markets.

Spot Brent crude oil futures were at $74.08 per barrel, up 33 cents (0.4 per cent) from their last close. US West Texas Intermediate (WTI) crude futures were up 20 cents (0.3 per cent) at $69.21 barrel.

(with wire inputs)

First Published: Tue, August 07 2018. 08:15 IST
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MARKET WRAP: Nifty settles at fresh closing high of 11,389; PSU banks slip

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

The benchmark indices ended flat with the Nifty 50 settling at a new closing high on Tuesday amid firm global markets.

The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points. Earlier in the day the S&P BSE Sensex hit a fresh all-time high of 37,876.87 while the Nifty50 index touched its record high level of 11,428.95 in intra-day deals.

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

PNB announces quarterly results

PNB reported its second consecutive quarter of loss as the country's second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year.
 
Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement.

Global Markets

A rebound in battered Chinese stock markets helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-US trade conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.35 per cent. The Shanghai Composite Index rose 1.4 per cent as investors snapped up shares that were hit hard during a four-day losing run. South Korea’s KOSPI rose 0.3 per cent and Japan’s Nikkei added 0.6 per cent.

Oil Prices

Oil prices rose on Tuesday as the United States reintroduced sanctions against major crude exporter Iran, tightening global markets.

Spot Brent crude oil futures were at $74.08 per barrel, up 33 cents (0.4 per cent) from their last close. US West Texas Intermediate (WTI) crude futures were up 20 cents (0.3 per cent) at $69.21 barrel.

(with wire inputs)

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