Share Market Update: Sensex, Nifty End Marginally Higher; Bank, Auto Stocks Restrict Gains
A sense of caution still prevail among investors who are awaiting some measures from the government to arrest demand slowdown in various sectors which has been pulling down the economy.
After rallying 369 points during the day amid positive cues from global markets, the 30-share Sensex settled 52.16 points, or 0.14 per cent, higher at 37,402.49. It hit an intra-day high of 37,718.88 and a low of 37,358.49. The broader NSE Nifty too settled 6.10 points, or 0.06 per cent, up at 11,053.90. During the day, it hit a high of 11,146.90 and low of 11,037.85.
Top gainers in the Sensex pack included Sun Pharma, TechM, Axis Bank, L&T, Reliance Industries and ICICI Bank, which rose up to 2.66 per cent. On the other hand, Yes Bank, PowerGrid, ONGC, SBI, Mahindra and Mahindra, Hero MotoCorp, Tata Steel, Asian Paints and HDFC Bank were among the major laggards -- losing as much as 3.46 per cent.
Banking stocks fell after Reserve Bank governor Shaktikanta Das ruled out ordering an asset quality review of the systematically important shadow banks for now. According to traders, market rallied tracking positive cues from other Asian markets. However, losses in banking and auto stocks capped the gains.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended significantly higher on rising hopes of stimulus by global central banks to counter economic slowdown. Equities in Europe were also trading on a positive note in their respective early sessions.
Meanwhile, the Indian rupee depreciated 30 paise to 71.46 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 58.97 per barrel.
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