Benchmark indices trade higher Nifty crosses 11,600 marks, Sensex gains over 350 points
By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian indices ended at a six-month high in today’s trading session with gains led by banks and media stocks.
Nifty went up by 0.76% or 88.35 points and closed at 11,647.60, while S&P BSE Sensex surged by 0.90% or 353.84 points and closed at 39,467.31.
IndusInd Bank (11.74%), Axis Bank (7.74%), UPL (4.88%), SBI (4.52%), and ICICI Bank (4.41%) were among the top Nifty gainers, while JSW Steel (2.87%), Hero MotoCorp (2.34%), Dr. Reddy’s (1.42%), Power Grid (1.46%), and Infosys (1.27%) were among the top Nifty losers.
The banking index jumped over 4% while Nifty auto shed half a percent. The metal index ended in the red. BSE Midcap rose by 0.55% and BSE Smallcap declined by 0.23%.
Dr.Reddy’s Laboratories
The company reported that it has addressed the violations and deviations highlighted by the USFDA. The stocks of the company tripped down by 1.42% and traded at Rs.4,374.00 in today’s trading session.
SBI
Stocks of SBI rose by 4.52% and traded at Rs.225.40 after the credit rating firm updated the stocks of the public sector lender from ‘sell’ to ‘buy’.
ICICI Bank
Stocks of ICICI Bank went up by 4.41% and traded at Rs.409.50 after the company sold its 2% stake of the ICICI Securities or 6,442,000 shares for Rs.310 crore through open market transactions.
NMDC Ltd
The company recently reported about the demerger of the Nagarnar iron and steel unit. The proposal for demerger was approved by the Board of Directors of the company in a meeting held on Thursday. The stocks of the company surged by 11.71% and traded at Rs.107.35.
IDFC Ltd.
The company reported a net loss of Rs.26.46 crore during June 2020 ended quarter. The company’s total consolidated income fell down to Rs.103.99 during the April-June period. The stocks of the company however traded higher by 4.01% at Rs.29.85 in today’s trading session.
Max Healthcare Institute Ord
Stocks of the company declined by 4.97% and traded at Rs.111.95 after the company resumed trading on NSE and BSE on 28th August. The company was earlier known as Advaita Alliance Health Services Limited is a part of the Max Group.
Indian Rupee
Indian rupee ended higher at Rs.73.39 against the US Dollar amid the positive domestic equity markets. The rupee rose 1.9% this week, the biggest weekly rise against the US Dollar. It was in 2018 when such a rise was last seen.
Mixed Global Market Cues
Asian and European Markets projected mixed global market cues in today’s session. The US Dollar rose after the US Federal Reserve shifted its policy framework to place emphasis on economic growth. Nasdaq declined by 0.34%, Nikkei 225 went down by 1.41%, while Hang Seng rose by 0.56%. On the other hand, FTSE 100 went down by 0.02%, and FTSE MIB rose by 0.12%.