Share Market Update: Sensex extends gain for third session, Nifty above 11,950; banking, metal stocks shine
Domestic benchmark indices BSE Sensex and NSE Nifty continued its bull run for third consecutive session on Tuesday on the back of positive global cues.
- Domestic benchmark indices BSE Sensex and NSE Nifty continued its bull run on Monday
- Both Sensex and Nifty reclaiming 40,000 mark and 12,000 mark, respectively
- Banking stocks played a crucial role in the continuous surge of the domestic indices
In a similar patter, the broader NSE Nifty rose 42.90 points, or 0.36 per cent, to settle at 11,965.60. During the day, the index touched a high of 12,000.35 and a low of 11,904.35. Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71 per cent. On the other hand, Sun Pharma, M&M, L&T, Coal India and HUL fell up to 3 per cent. Sectorally, metal, oil and gas and banking indices rose as much as 1.33 per cent.
Banking stocks played a crucial role in the continuous surge of the domestic indices. As per market reports, Private Sector Unit (PSU) banks were trading in the positive, up 0.93 percent on Nifty. All but two constituent stocks were in the green, with Allahabad Bank being the biggest gainer, up 2.47 percent. J&K Bank was the biggest loser, down 4.8 percent on Nifty.
Stocks of grounded Jet Airways plummeted as much as 13 per cent after reports highlighted that Hinduja Group and Etihad Airways may no longer proceed with plans to revive the ailing carrier.
"Markets traded on a positive note following favourable global cues in Asian markets as sentiments turned upbeat after the US announced deal with Mexico and investors turned hopeful of further progress on US-China trade talks," Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers told PTI.
In Asia, Shanghai Composite Index rallied 2.58 per cent, Hang Seng ended 0.76 per cent higher, Nikkei rose 0.33 per cent and Kospi gained 0.59 per cent. Bourses in Europe were also trading higher in their early deals. On the currency front, the Indian rupee appreciated 21 paise to 69.44 against the US dollar. Brent crude futures, the global oil benchmark, fell marginally to USD 62.24 per barrel.
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