Thursday 14 July 2016

Nifty Settles Above 8550 Mark...Banking Stocks Lead

Posted by suhani varma on Thursday, July 14, 2016 with No comments

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The Indian stock market ended with smart gains on Thursday tracking firm cues across the Asian and the European markets. Nifty reclaimed 8,550 for the first time since August 11, 2015 as sentiment were upbeat ahead of the Monsoon Session of Parliament, the Narendra Modi government on Thursday reached out to the principal opposition party Congress over the contentious issue of Goods and Service Tax Bill.

The banking, consumer durables, power and telecom stocks led the rally. The IT stocks were pressure ahead of Infy results. Logistics stocks like VRL Logistics, All Cargo, Gati were also in action. On the other hand, the India's wholesale price index (WPI) rose 1.62% YoY in the month of June as compared to 0.79% in May.

Among the 51-stocks of Nifty, Grasim, ICICI Bank, Maruti Suzuki, Zee, Power Grid, Tech Mahindra and Bank of Baroda were among the gainers on NSE, whereas ONGC, Infosys, Sun Pharma, M&M, Dr. Reddy's, Wipro and Cipla were among the losers today.

Finally, the BSE Sensex ended with a gain of 127 points at 27,942. The BSE Sensex opened at 27,858 touched an intra-day high of 27,968 and low of 27,763. The NSE Nifty closed with a gain of gain 46 points at 8,565. The NSE Nifty opened at 8,516 hitting a high of 8,571 and low of 8,501.

On the global front, Asian markets closed on a mixed note. Hong Kong’s Hang Seng index gained 1.1%. Japan's Nikkei closed nearly 1% higher at 16,385.89 as the yen weakened against the dollar. The Shanghai Composite index ended marginally lower.

European markets were trading higher ahead of a decision by the Bank of England's Monetary Policy Committee on whether to stimulate the economy. The FTSE 100 was trading up 0.87%. DAX and the CAC 40 were trading higher by 1% each.


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