Benchmark indices settled on a flat note tracking mixed cues from global peers after ECB unexpectedly reduced its monthly asset buys but pledged to keep its quantitative easing (QE) program beyond 2017, if needed. Nifty saw the biggest weekly gain since the first week of September and comfortably maintained its crucial 8250 levels in today’s session.
S&P BSE Sensex settled the day 53 points higher at 26,747 while Nifty50 gained 15 points to end at 8,262. In broader markets, BSE Midcap gained 0.21% while BSE small cap was up 0.52%.
Banking sector gained after RBI reversed its order forcing lenders to surrender all their extra cash and place it under the cash reserve ratio.
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Banks led the major support with the PSU Bank index surging 6.5 percent. State Bank of India and Bank of India rallied 8-9 percent due to stable asset quality in Q1.
Shares of public sector undertaking (PSU) banks have rallied by up to 11% in intra-day trade after the State Bank of India (SBI) and Bank of India (BOI) reported June quarter results in line with the analyst forecast.
SBI and BOI rallied more than 8% each, while Indian Bank, Punjab National Bank, Union Bank of India, Dena Bank, Canara Bank, Oriental Bank of Commerce, Vijaya Bank, Allahabad Bank, Bank of Baroda and Syndicate Bank were up between 3%-6% on the National Stock Exchange (NSE).
The market has ended on a strong note with support from index heavyweights. The Sensex ended up 292.80 points or 1 percent at 28152.40, and the Nifty was up 80 points or 0.9 percent at 8672.15. About 1246 shares have advanced, 1413 shares declined, and 181 shares are unchanged.
SBI was up 7 percent, Axis Bank, Tata Motors, M&M and HDFC were top gainers while Cipla, Infosys, Sun Pharma, Asian Paints and Lupin were losers.
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The week ended on a mixed note as the market ended with major losses. The Nifty ended below 7850, plunging 85.50 points or a percent. The Sensex shaved off 300.65 points or a percent at 25489.57. Asian Paints, Tata Motors and NTPC were top gainers while Adani Ports, HUL, Tata Steel, HDFC and BHEL were losers in the Sensex.
Here are some picks from the week gone by:
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The Nifty managed to end above 7700 this week but the market still awaits some news to shake it out of the lethargy of the past few days. But that doesn’t mean that opportunity doesn’t knock! We are sure that our users made the most of the opportunities that were thrown at them during the past week.
Here are some of the picks from the week ended May 6, 2016.
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