Markets snap 4-day losing run, end with gains
Dec 08, 2022
Mumbai (Maharashtra) [India], December 8 : The domestic markets snapped their four-day losing run and ended with gains, picking up cues from the Monetary Policy Committee's decision to slow down the hike of repo rates.
BSE Sensex rose 160 points to 62,570.68 while NSE Nifty was up 48 points to 18,609.35 levels.
For the most part of the session on Thursday, the markets were volatile as investors shy away from investing, owing to the tepid global markets and the anticipation of the voting count of the state assembly elections of Himachal Pradesh and Gujarat. In Gujarat, the Bharatiya Janata Party (BJP) has a stronger foothold to form a government whereas Congress emerged as a party with more wins after maintaining a cut-throat competition in the early hours of voting.
Axis Bank, IndusInd Bank, ICICI Bank and HDFC Bank were some of the top gainers in the 30-share index while Hindalco, Eicher Motors and IndusInd Bank were among the top active stocks in Nifty of NSE.
Shares of Sun Pharma went down 3.76 per cent to Rs 979.50 apiece on BSE as the company posted news of listing of 'import alert' on its Halol facility in Gujarat by United States Food and Drug Administration (USFDA).
The USFDA has excluded 14 products of the company from this Import Alert, subject to certain conditions.
The Nifty PSU Bank index's surge remained unabated as it advanced nearly 4 per cent on Thursday.
Among the constituents, Central Bank of India added 12.08 per cent, Punjab and Sind Bank gained 9.90 per cent and Bank of India jumped 7.92 per cent. The Nifty PSU Bank index is up 61 per cent over last one year compared to the 6.52 per cent surge in benchmark Nifty 50 index. In other indices, Nifty Private Bank index added 1.17 per cent and Nifty Bank index added 1.16 per cent on the day.
