Market ends green, earns over 1%
Markets reacted to the reports about negotiation between the US and China to avoid trade wars, Banks gain 2.30%
By Suyash Desai
Markets after performing poorly on Friday rebounded due to the reports on the negotiations between the US and China to avoid any escalation on trade wars.
“Renewed momentum was witnessed in European and Asia stocks on hopes that talks between the US and China could prevent an escalation of the trade dispute between the two countries”, said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Both Sensex and Nifty ended green gaining over 1%. Post-lunch session saw a heavy purchase. The S&P BSE Sensex gained 469.87 points while the Nifty rose by 132.60 points at the end of day’s trading. Nifty which on Friday had plummeted below the 10,000 mark, made its way through the 10,000 threshold to conclude on 10,130.65 points while the Sensex closed on 33,066.41 points.
“Key benchmark indices in India opened the day on a flat note and were volatile in the first half of the day. However, a higher opening in European stocks and recovery in Asian shares boosted gains on domestic bourses”, Lakshmanan added.
Yes Bank, SBI, Zee Entertainment, Bajaj Finance and Tata Steel were major gainers while Wipro, Infosys, Gail, Hindustan Petroleum and Bosch were major losers. On sectoral basis, “Barring the Information Technology (IT) index, all other indices on the National Stock Exchange (NSE) traded in the green. Strong buying interest was seen in PSU banking and media stocks”, said Lakshmanan. Banking index gained 2.30% at the S&P BSE Sensex.
The BSE Midcap gained 1.19% to conclude at 15,880.73 and the BSE Small cap ended at 16,923.37 to conclude the day’s session 0.73% higher.
Among the global markets, Shanghai Composite had ended red, while Hang Seng, Nikkei, FTSE 100 and DAX (last two still trading while writing this copy) traded green.
In the commodity section, gold lost 0.27% to close at Rs 30,824 while the crude oil closed 0.12% higher at Rs 4,271.
At the end of the day the yield on 10 year benchmark Government securities closed at 7.6230.