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MARKET WRAP: Record closing high for Sensex at 37,692; bank stocks rally

The Nifty PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI

SI Reporter  |  New Delhi 

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The benchmark indices settled at record closing highs on Monday, after rallying for the to a second consecutive session led by rise in financial stocks, especially the public sector banks (PSBs).

The S&P BSE settled at a record high of 37,692, up 136 points, while the broader 50 index settled at a new high of 11,387, up 26 points. In intra-day deals, the S&P BSE hit a fresh all-time high of 37,805.25 while the Nifty50 index touched its record high level of 11,427.65.

Among individual stocks, Axis Bank, State Bank of India (SBI) and ICICI Bank were among the top gainers in the BSE Sensex, settling higher in a range of 3 -4 per cent. The PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI.

GLOBAL MARKETS

Asian shares pared gains on Monday as Chinese stocks swung into negative territory, dragged lower by the escalating Sino-US trade war, though Beijing’s efforts to stop sharp declines in the yuan helped support the currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 per cent, after having risen about 1 per cent earlier in the day. Chinese shares turned negative with the blue-chip share index CSI 300 and Shanghai's SSE Composite down more than 1 per cent each. Japan's Nikkei and South Korea's Kospi index slipped 0.1 per cent. Hong Kong's Hang Seng index rose 0.5 per cent.
 
MONSOON

The monsoon is also likely to play a key role in determining the direction the take during the week. The IMD has already forecast that rains will be normal in August and September, boosting growth prospects of the rural economy.

(with Reuters inputs)

First Published: Mon, August 06 2018. 08:15 IST
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MARKET WRAP: Record closing high for Sensex at 37,692; bank stocks rally

The Nifty PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI

The benchmark indices settled at record closing highs on Monday, after rallying for the to a second consecutive session led by rise in financial stocks, especially the public sector banks (PSBs).

The S&P BSE settled at a record high of 37,692, up 136 points, while the broader 50 index settled at a new high of 11,387, up 26 points. In intra-day deals, the S&P BSE hit a fresh all-time high of 37,805.25 while the Nifty50 index touched its record high level of 11,427.65.

Among individual stocks, Axis Bank, State Bank of India (SBI) and ICICI Bank were among the top gainers in the BSE Sensex, settling higher in a range of 3 -4 per cent. The PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI.

GLOBAL MARKETS

Asian shares pared gains on Monday as Chinese stocks swung into negative territory, dragged lower by the escalating Sino-US trade war, though Beijing’s efforts to stop sharp declines in the yuan helped support the currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 per cent, after having risen about 1 per cent earlier in the day. Chinese shares turned negative with the blue-chip share index CSI 300 and Shanghai's SSE Composite down more than 1 per cent each. Japan's Nikkei and South Korea's Kospi index slipped 0.1 per cent. Hong Kong's Hang Seng index rose 0.5 per cent.
 
MONSOON

The monsoon is also likely to play a key role in determining the direction the take during the week. The IMD has already forecast that rains will be normal in August and September, boosting growth prospects of the rural economy.

(with Reuters inputs)

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