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Bargain hunting, PSU banks stocks lift equity indices (Roundup)

Mumbai, Nov 16 (IANS) Key Indian equity indices on Thursday broke their three-day losing streak and closed in the positive territory — with the BSE Sensex surging over 300 points — due to healthy buying in banking, IT and metal stocks.

According to market observers, bargain hunting by investors after the recent correction in the markets lifted the equity indices higher.

On a closing basis, the wider Nifty50 of the National Stock Exchange rose by 96.70 points, or 0.96 per cent, to 10,214.75 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,106.82 points — up 346.38 points or 1.06 per cent — from Wednesday’s close.

The BSE market breadth was bullish — 1,675 advances and 1,000 declines.

“Markets bounced back sharply on Thursday to close with hefty gains. Today’s gains came after three sessions of losses led by gains in PSU banks and IT stocks and Reliance Industries among the frontline indices,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Markets moved higher on the back of bargain hunting as traders wanted to take advantage of the recent decline. The recent decline in global crude oil prices also helped,” Jasani added.

In terms of the broader markets, the BSE mid-cap closed higher by 1.07 per cent and the small-cap index by 1.10 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares rose during the day buoyed by gains in refiners such as Reliance Industries as oil prices dropped overnight after crude oil and gasoline stockpiles rose unexpectedly in the US.

“On Thursday, oil markets were stable as rising US stocks were countered by expectations that OPEC (Organisation of Petroleum Exporting Countries) will extend an ongoing production cut during a meeting at the end of this month,” Desai told IANS.

“Shares of liquor companies were in focus and rallied up to 18 per cent,” he added.

All the 19 sub-indices of the BSE led support to the headline index and closed in the green, led by the banking (up 278.23 points), IT (up 230.58 points) and metal (up 157.32 points) indices.

On the currency front, the rupee weakened by 11 paise to 65.32-33 against the US dollar from its previous close at 65.21-22.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 447.42 crore, while domestic institutional investors purchased scrips worth Rs 847.45 crore.

Major Sensex gainers on Thursday were: Infosys, up 3.85 per cent at Rs 988.60; State Bank of India, up 2.54 per cent at Rs 333.45; Reliance Industries, up 2.27 per cent at Rs 902.45; NTPC, up 1.58 per cent at Rs 176.70; and Tata Consultancy Services, up 1.49 per cent at Rs 2,746.60.

Major Sensex losers were: Adani Ports, down 2.27 per cent at Rs 398; Coal India, down 1.27 per cent at Rs 268.95; Hero MotoCorp, down 0.72 per cent at Rs 3,649; and Bajaj Auto, down 0.09 per cent at Rs 3,209.60.

–IANS
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Post Source: Ians feed

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