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Equities bounce back from critical levels, Nifty closes above 11,100 mark


Equity reversed morning losses and bounced back in the afternoon trade on Wednesday led by a rally in metal, pharma and PSU banking stocks as investors awaiting the US Federal Reserve's announcement on interest rates.

The BSE S & P Sensex closed 84 points higher at 37,481 while the Nifty 50 edged up 33 points to 11,118.

Except for financial services and realty, all sectoral indices at the National Stock Exchange were in the green. Nifty PSU metal gained by 2.9 per cent, PSU bank by 1.7 per cent and pharma by 1.4 per cent.

However, Coffee Day Enterprises hit 20 per cent lower circuit for the second day and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha's body was found near the Netravathi river in Mangaluru.

But private banks gained with IndusInd Bank closing 5.3 per cent higher and Yes Bank by 4.3 per cent. Tata Steel was up by 4.3 per cent and JSW Steel by 2.9 per cent.

The other gainers were Indian Oil, Bharat Petroleum, Hero MotoCorp, Sun Pharma, UPL and Grasim.

Zee Entertainment lost by 5.2 per cent, Axis Bank by 4.6 per cent, Bharti Airtel by 2.8 per cent and Titan by 2.3 per cent.Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai.

Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve's long-awaited interest rate cut.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 31 2019. 16:31 IST