Equity indices close in the red but aviation stocks gain
Sep 03, 2020
Mumbai (Maharashtra) [India], September 3 : Equity benchmark indices remained range-bound on Thursday but closed in the negative terrain due to lacklustre trading.
The BSE S&P Sensex closed 95 points or 0.24 per cent lower at 38,991 while the Nifty 50 inched up by less than one point or 0.01 per cent at 11,536.
Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 1.2 per cent, financial service by 1 per cent and metal by 0.6 per cent. But Nifty IT gained by 1.5 per cent.
Among stocks, ICICI Bank lost by 2.2 per cent to close at Rs 383.90 per share. Axis Bank slipped by 1.8 per cent, Kotak Mahindra Bank by 1.7 per cent and State Bank of India by 1.3 per cent.
The other major losers were Bajaj Finance, Bharti Airtel, Hindalco, ONGC and Britannia.
However, Vodafone Idea spurted nearly 30 per cent to Rs 12.88 per share after reports said the US wireless carrier Verizon and e-commerce giant Amazon may invest over four billion dollars in the beleaguered telco.
Aviation stocks gained ground after the government permitted airlines to increase the number of passenger flights to 60 per cent of their pre-COVID capacity.
SpiceJet was up by 3.5 per cent to Rs 52.65 per share while InterGlobe Aviation gained by 1.8 per cent at Rs 1,270.95.
Meanwhile, Asian equities traded strong amid prospect of additional US stimulus.
Japan Nikkei added gains of 0.94 per cent and South Korea's Kospi advanced by 1.33 per cent. But Hong Kong's Hang Seng index slipped by 0.45 per cent.
