Equities close in the green after volatile session
Jun 08, 2020
Mumbai (Maharashtra) [India], June 8 : Value buying was witnessed in banking and financial stocks as equity indices closed in the green after a volatile session on Monday while the economy emerges from COVID-19 lockdown.
The country has relaxed nearly 10 weeks of lockdown with the reopening of malls, restaurants and places of worship despite rising coronavirus cases.
The BSE S&P Sensex was up by 83 points or 0.24 per cent at 34,371 while the Nifty 50 edged higher by 25 points or 0.25 per cent at 10,167.
Sectoral indices at the National Stock Exchange were mixed with Nifty private bank up by 1.28 per cent.
Among stocks, IndusInd Bank wound up the day at Rs 453 per share, up 7.26 per cent after its promoters planned to acquire additional shares from the open market. Currently, the promoters hold 14.68 per cent of the paid-up share capital.
The private sector lender has received communication from IndusInd International Holdings and IndusInd, promoters of the bank, regarding their proposal to acquire shares from the secondary market.
Axis Bank was up by 6.5 per cent, Bajaj Finance by 4.8 per cent and Bajaj Finserv by 4.2 per cent. Energy majors GAIL, Bharat Petroleum Corporation ONGC and IndianOil Corporation edged higher by 7.5 per cent, 7 per cent, 4.9 per cent and 4.4 per cent respectively.
In the morning session, Reliance Industries gained 1.1 per cent to Rs 1,598 per share on fresh investment of Rs 5,683 crore by Abu Dhabi Investment Authority in its digital arm Jio Platforms. But it closed the day at Rs 1,570.05 per share, down 0.67 per cent.
However, the prominent losers were Eicher Motors, Mahindra & Mahindra, Cipla, Nestle India and HDFC Bank.
Meanwhile, Asian share prices ticked up after a surprise recovery in US employment provided cause for optimism. Investors hoped that global economies will quickly revive after many weeks of lockdowns aimed at controlling the coronavirus pandemic.
Japan's Nikkei was up by 1.37 per cent, Hong Kong's Hang Seng by 0.03 per cent and South Korea Kospi by 0.11 per cent.
