Nifty above 10,750 mark; Gruh Finance plummets 13%

On the sectoral front, pharma, metal, FMCG, realty, bank, and auto indices gained, while IT, private bank, and media stocks are in the negative in today’s trade.

Jan 08, 2019 04:01 IST India Infoline News Service

National Stock Exchange
Equity benchmark indices opened slightly lower on Tuesday, tracking weak global cues. HDFC  Bank, Kotak Mahindra Bank, TCS and Axis Bank were under pressure on the Sensex.

Shares of Tata Motors gained 2% on the back of robust JLR UK sales for the month of December 2018.

Shares of Bandhan Bank fell ~5% on the NSE in morning trade after the company announced yesterday that it would buy Gruh Finance, a subsidiary of HDFC Ltd, in a share swap deal amounting to ~Rs20,855cr.

On the sectoral front, pharma, metal, FMCG, realty, bank, and auto indices gained, while IT stocks in the negative in today’s trade.

The Indian rupee snapped its two-day rally and opened lower by 0.35% to 69.92/$ after crude oil prices surged in eight out of nine trading sessions.

The Sensex was up 87 points at 35,937, while the Nifty gained 22 points at 10,794. The market breadth was positive with 924 shares advancing, 650 shares declining, and 481 remaining unchanged.

On the economy front, the Central Statistics Office projected an overall economic growth of 7.2% for the year ending March 31. With the economy already recording 7.6% GDP growth in the first half of the fiscal, this implies it will grow at around 6.8% in the second half (October-March).

Tata Motors, Infratel, Sun Pharma, Indiabulls HF, and Eicher Motors were the top gainers on the Nifty50, while NTPC, BPCL, Power Grid, UPL, and HDFC were trading in the red.

Volatility index India VIX is marginally up 0.44 % at 16.37.

The most active stocks were Yes Bank, Eicher, Gruh Finance, Infosys, and HDFC Bank.

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