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Sensex ekes out small gains, financials save the day

The top eight contributors to Sensex’s gains were financial stocks.

Updated: Nov 11, 2019, 05.24 PM IST
BSE Bankex and BSE Oil & Gas index led the gainers’ pack among sectoral indices, as they logged 1.22 per cent and 0.96 per cent gains respectively.
Mumbai: Benchmark indices Sensex and Nifty staged a smart rebound in late trade and eked out small gains on Monday, led by gains in financial stocks.

The market had started lower in line with the weakness in the global peers mainly amid uncertainty over US-China trade deal, and fresh violence in Hong Kong bothered investors.

The top eight contributors to Sensex’s gains were financial stocks. Private lender ICICI Bank contributed the most (46.67 points), as it rose 1.71 per cent. Peer HDFC Bank, followed next (37.83 points) as it advanced 0.81 per cent.

The other top contributors were Axis Bank, Kotak Mahindra Bank, IndusInd Bank, State Bank of India, HDFC and YES Bank.

Market at a glance
The 30-share Sensex recovered from the days’ low and closed 0.05 per cent or 21.47 points higher at 40,345.08, while broader 50-share Nifty climbed 0.04 per cent or 4.80 points to close at 11,912.95.

Earlier in the day, Sensex fell as much as 0.42 per cent or 172.64 points to 40,150.97, while Nifty dropped as much as 0.46 per cent or 54.20 points to 11,853.95.

The market breadth was tilted towards gainers as and advancing and declining shares were almost equal in number on BSE.

Midcap and smallcap stocks outperformed their larger peers. BSE Midcap and Smallcap indices rose 0.29 per cent and 0.17 per cent, respectively.

BSE Bankex and BSE Oil & Gas index led the gainers’ pack among sectoral indices, as they logged 1.22 per cent and 0.96 per cent gains, respectively.

Key Anil Dhirubhai Ambani Group companies closed lower. Reliance Capital, Reliance Infrastructure, and Reliance Power plunged 4.85 per cent, 4.99 per cent and 4.92 per cent, respectively.

Analysts’ views
“We continue to maintain our cautious stance on the market given the recent runup. Going forward, last leg of earnings announcement, key data like CPI/WPI and IIP is likely to induce volatility. On the global front, participants would keep a close watch on trade developments between the US and China as the two approach closer to sign the phase one of the trade deal,” said Ajit Mishra Vice President, Research, Religare Broking.

"Nifty closed at 11,913 with a gain of 5 points on Monday. The index has stiff resistance near 12,000-12,035 and any decisive break above the said levels can push the index towards 12,300. Immediate strong support is coming near 11,850 and overall support is near 11,700. Current chart structure hints that we may see some consolidation in 12,000-11,700 and either side breakout will decide the final direction range," Rohit Singre, Senior Technical Analyst at LKP Securities.

Global markets
Asian shares sank on Monday, the safe haven yen rose and gold jumped following a fresh escalation of violence in Hong Kong while uncertainty still remained over whether the United States and China could end their damaging trade war, Reuters reported.

European shares, too slipped on Monday as fresh round of protests in Hong Kong, worrying data from China and Moody’s warning on Britain’s sovereign debt made for a gloomy start to the week, according to a Reuters report.

The pan-European STOXX 600 index fell 0.2 per cent by 0817 GMT, with London's FTSE 100 .FTSE leading declines among the major regional indices with a 0.6 per cent fall.

Also Read

Four factors behind Sensex's 428 point rally

YES Bank shares fall 2% on Sensex rejig

Sensex, Nifty trade lower; Infosys slips 3%

Why is Sensex rallying despite poor health of the economy?

Sensex, Nifty open with gains; Infosys plunges

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