Sensex, Nifty log gains for a second week, buoyed by banks

Indian shares ended higher in a choppy trading session on Friday as banking and financial stocks reversed early losses, with the main indexes recording gains for a second week in a row.

The NSE Nifty 50 index and the benchmark S&P BSE Sensex ended about 0.2% higher at 12,719.95 and 43,443, respectively. The indexes posted weekly gains of more than 3% each.

Private sector banks

The Nifty banking index closed 0.66% higher and rose for four of five days this week, advancing 19% so far this month.

“Some of the private-sector banks are doing very well in terms of capital adequacy ratios and risk management compared to the industry average and they have seen large gains in the current rally,” said Saurabh Jain, assistant vice president at SMC Global Securities Ltd .

Banking stocks have helped the Nifty index rise over 19% so far this month.

India’s top lender State Bank of India firmed 1.5%, while its private-sector peers Axis Bank and ICICI Bank advanced about 1.8% each.

Realty index

The Nifty realty index rose about 1.3% after the government announced a new set of stimulus measures, including additional funding for real estate developers and contractors.

Oil-to-telecoms conglomerate Reliance Industries gained about 1% after recovering from a 5% drop in the last two sessions.

Automaker Eicher Motors firmed 7.4% and was the top gainer among Nifty stocks after the firm reported a better-than-expected profit in the July-September quarter.

Rival automaker Tata Motors was the session’s top loser and fell about 3.3%.

Meanwhile, MSCI’s all-country equity index slipped 0.1% as rising coronavirus infections in the United States and Europe offset optimism from a potential vaccine.

.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Tandav makers apologise; FIR in Lucknow

On a day the Information and Broadcasting Ministry called Amazon Prime to respond to complaints against web series Tandav,...

Zoho CEO under Tweet-attack: Sridhar Vembu makes witty comeback [details]

Leaked clip of Jack Dorsey suggests Twitter will take action beyond Trump ban ...

Minorities Commission to look into scholarship delays

Several students from the minority community have complained about the delay in the release of scholarships The Karnataka State Minorities Commission will shortly hold...

Modi, Xi expected to attend ‘virtual’ WEF meet in Davos

The forum expects to hold its annual meeting in person in May in Singapore. World Economic Forum organizers are expecting leaders including Prime Minister...

MCC’s quest for cleanest city tag gains traction

Mysuru City Corporation (MCC) is banking on a slew of new initiatives, including waste water recycling, in its bid to reclaim the cleanest city...

More Articles