Thursday, November 15, 2018

Tuesday Market Tries To Cover Up For Monday’s Loss

Sensex and Nifty on a gain by 196.19 and 71.20 points, respectively

  • Tuesday Market Tries To Cover Up For Monday’s Loss
    Photo Credit : Deposit Photos

By Pritam Goswami

The benchmark indices BSE Sensex and NSE Nifty had a constructive day at the share market, as they gained 196.19 points or 0.54 per cent and 71.20 points or 0.65 per cent, respectively.  At the end of the day’s trading session, the Sensex closed at 36,519.96, while the Nifty closed at 11,008.05. The Tuesday market helped Sensex and Nifty gain a positive momentum after incurring losses over 217 and 82 points, respectively, on Monday.

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In the BSE Sensex, SBI led among the top gainers with 2.98 per cent, followed by Sun Pharma (2.97 per cent), ICICI Bank (2.70 per cent), Axis Bank (2.66 per cent) and Tata Steel (2.54 per cent), while Hindustan Unilever incurred highest losses worth 4.00 per cent, followed by Bharti Airtel, IndusInd Bank, ITC and Infosys with a loss of 1.14 per cent, 0.94 per cent, 0.63 per cent and 0.42 per cent, respectively, at the end of the day’s trading.

The NSE market saw a positive run for petroleum companies as Hindustan Petroleum, Indian Oil Corporation and Bharat Petroleum were the top three gainers with gains with 2.53 per cent, 1.73 per cent and 1.17 per cent, respectively, whereas Hindustan Unilever, Bharti Airtel and Dr Reddy’s Laboratories were the biggest losers.

The market saw the Indian rupee rise by 0.12 paise or 0.17 per cent to the US dollar to stand at Rs 68.45, at the time of closing.

The S&P BSE MidCap and SmallCap indices had a productive market day as they gained 322.34 points or 2.14 per cent and 176.18 points or 1.12 per cent, respectively, to close at 15,376.11 and 15,966.18, at the end of the trading session.

“Who would have thought that after plummeting to their 52 week lows on Monday, the NSE MidCap and SmallCap indices would surge 2.33 per cent and 1.62 per cent, respectively,” said VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities. “All this became possible after a five per cent slide in crude oil and a 0.3 per cent appreciation in the rupee, which changed our fundamentals for the better. But for this jugalbandi, markets would have sold off. This gives a fresh breath of life to the markets,” he added. 

The global and Asian markets were mostly on the negative side as only Japan’s Nikkei closed positive with a gain of 0.44 per cent, while Hong Kong’s Hang Seng lost 357.98 points or 1.25 per cent followed by Shanghai Composite (China), CAC 40 (France), FTSE 100 (UK) and DAX (Germany) with a loss of 0.57 per cent, 0.43 per cent, 0.22 per cent and 0.18 per cent, respectively.

In the commodities sector, Brent Crude gained Rs 15 or 0.32 per cent and closed at Rs. 4,657 per bbl, while gold prices lost Rs 17 or 0.06 per cent and stood at Rs 30,063 at the time of filing this report.

The banking sector closed on a positive note at the BSE as Axis Bank, State Bank of India and HDFC Bank  gained 14.95 points (2.86 per cent), 7.50 points (2.98 per cent) and 7.35 (0.34 per cent), respectively.