Nifty regains 12,100 mark; banks advance

Nifty regains 12,100 mark; banks advance

Jan 07, 2020 04:01 IST capital market

Key benchmark indices traded near the days high in morning trade, supported by positive global markets. The Nifty regained 12,100 level. At 10:12 IST, the barometer index, the S&P BSE Sensex, was gained 472.21 points or 1.16% at 41,148.84. The Nifty 50 index surged 134.25 points or 1.12% at 12,127.30.

In the broader market, the S&P BSE Mid-Cap index was up 1.12% while the S&P BSE Small-Cap index was up 1.28%.

The market breadth was strong. On the BSE, 1449 shares rose and 354 shares fell. A total of 91 shares were unchanged. In Nifty 50 index, 47 stocks advanced while 3 stocks declined.

Buzzing Index:

The Nifty Bank index surged 1.69% higher to 31,763.85. The index fell 3.72% in past two trading sessions.

RBL Bank (up 3.43%), IndusInd Bank (up 2.25%), HDFC Bank (up 2.05%), ICICI Bank (up 1.54%), Federal Bank (up 0.98%), Kotak Mahindra Bank (up 0.58%) and AU Small Finance Bank (up 0.55%) were top gainers among private banks.

Yes Bank is banned from trading in NSEs F&O segment after the security crossed 95% of market wide position limit. Shares of Yes Bank were trading 2.21% higher at Rs 46.15.

Syndicate Bank (up 2.65%), Union Bank of India (up 1.61%), Oriental Bank of Commerce (up 1.57%), Punjab National Bank (up 1.47%), Canara Bank (up 1.47%), SBI (up 1.33%), Bank of Baroda (up 1.15%) and Bank of India (up 1.02%) were top gainers among PSU banks.

Q3 Earnings:

G.M.Breweries was up 1.84%. The firm will announce its Q3 December 2019 result today.

ITI surged 10.69% to Rs 101.45 after the company announced a stellar Q3 December 2019 earnings after market hours yesterday. The telecommunications equipment manufacturer reported 1139% jump in its consolidated net profit to Rs 168.25 crore in Q3 December 2019 from Rs 13.58 crore in Q3 December 2018. The bump in the net profit was aided by 107.9% rise in the companys other income to Rs 150.87 crore in Q3 December 2019 as compared to Rs 72.57 crore in Q3 December 2018. Net sales of the company rose 47% to Rs 827.95 crore in Q3 December 2019 from Rs 563.23 crore in Q3 December 2018.

Stocks in Spotlight:

Sagar Cements was down 1.7%. The cement major announced its business update for the month of December 2019. On consolidated basis, cement production declined 7.56% to Rs 300,138 MT in December 2019 as against 324,685 in December 2018. Cement sales tumbled 4.3% to 312,132 MT in December 2019 as against 326,272 MT in December 2018.

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