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MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

SI Reporter  |  New Delhi 

Photo: Shutterstock.com
Photo: Shutterstock.com

Nifty PSU Bank index ends 4.30% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) BANK OF BARODA 152.15 137.85 14.30 10.37 ANDHRA BANK 35.65 33.30 2.35 7.06 ORIENTAL BANK 81.15 76.10 5.05 6.64 BANK OF INDIA 103.15 97.80 5.35 5.47 PUNJAB NATL.BANK 85.60 82.00 3.60 4.39 Nifty sectoral gainers of the day BSE Sensex: Bharti Airtel, ICICI Bank, SBI among top gainers of the day, Infosys top loser Market at close   The S&P BSE Sensex settled at a record high of 37,494, up 158 points, while the broader Nifty 50 index settled at a record of 11,320, up 41 points.   TVS Motor hits fresh 52-week low; stock slips 13% in past three weeks Shares of TVS Motor Company hit a fresh 52-week low of Rs 511 per share, slipping 3% on the BSE on Monday, and extending its 5% decline in past three trading sessions in otherwise firm market on back of heavy volumes. The stock fallen below its previous low of Rs 518 recorded on Thursday, July 26, 2018, in intra-day trade. READ MORE RIL, L&T, Infosys among IIFL's top-six investment picks for the long haul Indian benchmark equity indices,the BSE Sensex and the National Stock Exchange’s (NSE’s) Nifty50 have been hitting record highs of late.But growth has been limited to large-cap stocks; mid-caps have failed to join the party. READ MORE

The benchmark indices ended at record closing  high for the third straight session on Monday led by gains in PSU Banks, ahead of the policy decision due later this week.

The S&P BSE settled at a record high of 37,494, up 158 points, while the broader 50 index settled at a new high of 11,320, up 41 points.

In intra-day deals,  the S&P BSE hit a fresh all-time high of 37,533.50 while the Nifty50 index touched its record high level of 11,328.10.

Among sectoral indices, the PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

Monetary Policy
 
The RBI's Monetary Policy Committee (MPC), which is slated to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019, will remain the biggest focus of the week for the investors. The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet bit the bullet and hiked the repo rate by 25 basis points to 6.25 per cent. 

Macro data

On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.

Global Markets

Globally, policy meet this week might also influence trading sentiment at the domestic bourses. The had hiked its benchmark short-term interest rate a quarter percentage point in June and indicated that two more increases are likely this year. The move pushed the funds rate target to 1.75 per cent to 2 per cent. 

World stocks fell and the dollar steadied on Monday as a busy week of central bank meetings and company updates started. Japanese government bonds sold off before possible monetary policy tweaks.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent and Chinese blue chips by 0.7 per cent.

(with Reuters inputs)

First Published: Mon, July 30 2018. 08:15 IST
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MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

The benchmark indices ended at record closing  high for the third straight session on Monday led by gains in PSU Banks, ahead of the policy decision due later this week.

The S&P BSE settled at a record high of 37,494, up 158 points, while the broader 50 index settled at a new high of 11,320, up 41 points.

In intra-day deals,  the S&P BSE hit a fresh all-time high of 37,533.50 while the Nifty50 index touched its record high level of 11,328.10.

Among sectoral indices, the PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

Monetary Policy
 
The RBI's Monetary Policy Committee (MPC), which is slated to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019, will remain the biggest focus of the week for the investors. The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet bit the bullet and hiked the repo rate by 25 basis points to 6.25 per cent. 

Macro data

On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.

Global Markets

Globally, policy meet this week might also influence trading sentiment at the domestic bourses. The had hiked its benchmark short-term interest rate a quarter percentage point in June and indicated that two more increases are likely this year. The move pushed the funds rate target to 1.75 per cent to 2 per cent. 

World stocks fell and the dollar steadied on Monday as a busy week of central bank meetings and company updates started. Japanese government bonds sold off before possible monetary policy tweaks.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent and Chinese blue chips by 0.7 per cent.

(with Reuters inputs)

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