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Global cues push equities higher; banking stocks gain
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SME Times News Bureau | 11 Jun, 2019
Global cues on the back of an ease in trade protectionist measures along
with hopes of healthy inflation and industry production data pushed the
Indian equity market higher on Tuesday.
Additionally, hopes over a reduced bad debt burden on the banking sector and a stronger rupee buoyed investors sentiments.
Consequently,
the S&P BSE Sensex closed 165.94 points or 0.42 per cent higher at
39,950.46 points, while the NSE Nifty50 was up 42.90 points or 0.36 per
cent at 11,965.60 points.
Sectorally, the top gainers were the
BSE metal, oil and gas, banking and telecom indices, whereas, the top
losers were the BSE capital goods and FMCG indices.
"Markets
ended with healthy gains on Tuesday. It was the third consecutive
session of gains for the Nifty. The gains came on the back of positive
global cues as investor concerns eased after the US shelved plans to
impose tariffs on Mexico," said Deepak Jasani, Head of Retail Research,
HDFC Securities.
"Technically, with the Nifty rallying further,
the bulls remain in control. Further upsides are likely once the
immediate resistance of 12,001 is taken out. Crucial support to watch
for any weakness is at 11,904."
"Positive momentum was triggered
in banking stocks based on report that system-wide NPA level has
declined to 9.3 per cent in March 2019 from 11.5 per cent a year back,"
said Vinod Nair, Head of Research, Geojit Financial Services.
"Still
the broad trajectory of the market remains indecisive and await fresh
triggers in this expensive valuation. News of government stimulus in
China boosted Asian and European equities while trade war concerns has
also subsided marginally. A further tensions can emerge ahead of the G20
meet this month given the war of words exchanged between China and the
US."
In terms of investment, both foreign and domestic
institutional investors (FIIs/DIIs) sold stocks. FIIs bought stocks
worth Rs 95.79 crore, while DIIs sold stocks to the tune of Rs 151.01
crore.
On the currency front, the rupee on Tuesday strengthened by 20 paise to 69.45 per US dollar from its previous close of 69.65.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 10 Jul, 2020 |
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