Sensex trims gains, closes 59 points higher; power, auto, banking stocks rise

Mumbai (Maharashtra) [India], August 26 : The Indian stock market's key indices, Sensex and Nifty, ended the day with marginal gains on Friday helped by good buying support in banking and IT stocks.
The 30 stock S&P BSE Sensex closed 59.15 points or 0.10 per cent higher at 58,833.87 points against its previous day's close at 58,774.72 points.
Earlier, the Sensex started the day sharply higher at 59,050.67 points and surged to a high of 59,321.65 points in the early morning trade.
The markets witnessed selling pressure towards the closing of the session. The Sensex briefly slipped into negative hitting a low of 58,722.69 points.
Sensex had lost 310.71 points or 0.53 per cent on Thursday.
The broader Nifty 50 of the National Stock Exchange closed 36.45 points or 0.21 per cent higher at 17,558.90 points
The Nifty started the day sharply higher at 17,619.30 points and touched a high of 17,685.85 points in the morning trade. The Nifty hit a low of 17,519.35 points in the intra-day.
The Nifty had lost 82.50 points or 0.47 per cent on Thursday.
There was good buying support in banking, infra and IT stocks.
NTPC surged 2.80 per cent to Rs 163.40. Titan soared 2.65 per cent to Rs 2532.50. Power Grid Corporation rose 1.92 per cent to Rs 230.60. Kotak Bank surged 1.71 per cent to Rs 1901.35.
Tata Steel, Tech Mahindra, Power Grid Corporation, Mahindra & Mahindra, L&T, State Bank of India and Infosys were among the major Sensex gainers.
Only eight of the 30 scrips that are part of the benchmark Sensex closed in the red.
The index heavyweight Reliance Industries Limited slipped 0.45 per cent to close at Rs 2618.75.
IndusInd Bank, HDFC, Asian Paints, Bharti Airtel, Dr Reddy's Laboratories, Hindustan Unilever and HDFC Bank were the other Sensex losers.
Electronics manufacturing services company Syrma SGS Technologies on Friday made a strong debut on Dalal Street with the stock starting the trade at Rs 262 on the BSE, around 19 per cent higher than its issue price of Rs 220 per equity share.
On the National Stock Exchange (NSE) Syrma SGS Technologies made debut at Rs 260 per equity share.
On the BSE the stock started the trade at Rs 262 apiece and surged to a high of Rs 296.75 in the morning trade.
Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit for the third consecutive day on Friday after Adani Group announced that it would acquire a majority stake in the news channel company.
On the BSE the share price of NDTV opened at Rs 423.85, the upper circuit limit. This is five per cent higher when compared with its previous day's close at Rs 403.70.
However, the scrip witnessed some selling pressure in the early morning trade. It fell to a low of Rs 397.30 in the intra-day.
The scrip has hit the upper circuit limit for the third consecutive day after Adani Group's announcement of stake purchase.