Equity indices edge higher as banking and metal stocks spurt
Aug 11, 2020
Mumbai (Maharashtra) [India], Aug 11 : Equity benchmark indices traded with a positive bias on Tuesday as shares of private banks and metals advanced.
The BSE S&P Sensex closed 225 points or 0.59 per cent higher at 38,407 while the Nifty 50 gained by 52 points or 0.46 per cent at 11,323.
Most sectoral indices at the National Stock Exchange were in the green with Nifty private bank and metal gaining by 1.6 per cent each and financial service by 1 per cent. But Nifty pharma dipped by 1.4 per cent and IT by 0.5 per cent.
Among stocks, JSW Steel moved up by 3.9 per cent to Rs 254.85 per share while Tata Steel gained by 1.8 per cent to Rs 417.50.
Private lenders too witnessed handsome gains with Axis Bank edging higher by 3.9 per cent, IndusInd Bank by 2.5 per cent and HDFC Bank by 1.9 per cent.
Bharat Petroleum Corporation, ITC, HDFC and Adani Ports too traded with a traded bias.
However, Titan lost by 3.5 per cent a day after the jewellery-to-eyewear maker reported a net standalone loss of Rs 270 crore for the quarter ended June. It had reported a profit of Rs 371 crore in the year-ago period.
The others which lost were Cipla, Dr Reddy's, UPL, Bharti Airtel and HCL Technologies.
Meanwhile, Asian stock markets rose as investors awaited a meeting between top US and Chinese trade officials later this week to review the first six months of phase one trade deal.
Japan's Nikkei returned from a holiday with a 1.88 per cent gain and the Hang Seng bounced by 2.11 per cent. South Korea's Kospi was up by 1.35 per cent.
