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Market rises for 2nd straight session

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The market ended with modest gains, backed by firmness in banks and metal stocks. The Nifty closed tad below 11,850 mark after crossing that level in the intraday. The barometer index, the S&P BSE Sensex, rose 134 points or 0.34% to 39,568.94, as per the provisional closing data. The Nifty 50 index rose 51.10 points or 0.43% to 11,847.55, as per the provisional closing data.

The S&P BSE Mid-Cap index was up 0.85%. The S&P BSE Small-Cap index was up 0.47%.

The market breadth, indicating the overall health of the market, positive. On the BSE, 1443 shares rose and 1049 shares fell. A total of 167 shares were unchanged.

US Secretary of State Mike Pompeo arrived New Delhi on Tuesday night on his three-day visit to the country to strengthen strategic ties between the two nations. Pompeo and India's External Affairs Minister S Jaishankar held a joint press conference today, after they met for a working lunch. Earlier in the day Pompeo met Prime Minister Narendra Modi and National Security Advisor Ajit Doval. This is his first high-level engagement with PM Modi-led NDA regime after Lok Sabha elections.

Most PSU Banks rose. Allahabad Bank (up 11.78%), Syndicate Bank (up 7.5%), Oriental Bank of Commerce (up 5.05%), Union Bank of India (up 2.79%), Bank of India (up 2.43%), Punjab National Bank (up 2.14%), Bank of Baroda (up 1.38%) and State Bank of India (up 0.29%) edged higher.

Tata Consultancy Service was down 0.56% to Rs 2,262.15. Reliance Industries was up 2.58% to Rs 1,295.20 and HDFC Bank was up 0.30% to Rs 2,424.

Vedanta (up 3.09%), Power Grid Corporation of India (up 3.79%), Sun Pharmaceuticals (up 3.62%) and Hindalco Industries (up 2.89%) advanced.

Britannia Industries (down 2.8%), Indiabulls Housing Finance (down 1.81%) and Infosys (down 1.26%) declined.

Metal stocks advanced. Jindal Steel & Power (up 5.24%), Vedanta (up 4.61%), Hindustan Zinc (up 4.40%), Steel Authority of India (up 4.07%), Hindalco Industries (up 3.04%), Tata Steel (up 2.92%), Hindustan Copper (up 2.55%), National Aluminium Company (up 2.24%) and NMDC (up 1.13%) advanced.

Dewan Housing Finance Corporation rose 5.17% to Rs 79.30. The company said it has defaulted payment towards maturity on unsecured commercial paper dues to the tune of Rs 225 crore. The company said that the amount shall be paid over the next couple of days. The announcement was made after market hours yesterday, 25 June 2019.

NTPC was up 0.76% to Rs 139.95. The company had participated in Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA)'s tender for 500 MW Solar capacity with two bids of 20 MW each at Auraiya and Rihand. Reverse auction was carried out on 25 June 2019 and NTPC has won entire 40 MW of solar capacity bid by it at a levelised tariff of Rs 3.02/kWh applicable for 25 years. The projects shall be set up by NTPC under EPC mode and shall add to the installed capacity of NTPC. The announcement was made after market hours yesterday, 25 June 2019.

SpiceJet rose 3.27% to Rs 129.3 after the company announced the launch of eight new non-stop international flights from the country's busiest metros of Mumbai and Delhi. SpiceJet will service Mumbai-Riyadh-Mumbai, Mumbai-Dhaka-Mumbai, Delhi-Dhaka-Delhi and Delhi-Jeddah-Delhi with daily non-stop flights. The announcement was made after market hours yesterday, 25 June 2019.

Overseas, European stocks were trading lower while most Asian stocks were trading in the red on Wednesday after US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.

US stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates.

Fed Chair Jerome Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. Powell on Tuesday also said the central bank is insulated from short-term political pressures, pushing back against US President Donald Trump's demand for a significant rate cut.

Meanwhile, investors looked toward developments on the US-China trade front, with Presidents Donald Trump and Xi Jinping set to meet at the G-20 summit later this week. Investors are also watching the Middle East, with continuing tensions between the US and Iran. Iran said Trump's decision Monday to impose additional sanctions on Iran had closed the door to diplomatic negotiations.

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

First Published: Wed, June 26 2019. 15:40 IST