Indian Stocks Close Marginally Higher: PNB, BoB, Hero MotoCorp and Bajaj Finance Shine
Indian stock markets opened positive on Tuesday and NSE Nifty touched another lifetime high in today’s session but markets witnessed a quick decline. Within first hour of trade, NSE Nifty was in negative territory but recovery was seen soon. NSE Nifty ended the day at 19,389 while BSE Sensex closed the day at 65,479. Indian markets are still in grip of bulls and we can expect markets to remain around highs for quite some time. Only risk to the markets is negative sentiment in global markets. Stocks across the globe have witnessed a strong rally in the last couple of months, led by US and European markets.
In today’s session, mid-cap stocks witnessed a decline with mid-cap index closing negative. PSU banking counters were trading firm today with PNB, Union Bank and Bank of Baroda leading the segment. Bank of Baroda touched 52-week high in today’s session.
Among major gainers in today’s session were Bajaj Finance, Bajaj Finserv, Hero MotoCorp and Aster DM. Tech Mahindra, Dr Reddy’s, Titan, Cipla, NTPC, Wipro and Kotak Mahindra Bank closed the session with gains.
Among losers were Eicher Motors, Bharti Airtel, IDFC First Bank and L&T Finance. Grasim, Axis Bank, IndusInd Bank, Reliance Industries, Asian Paints, UltraTech Cement, HDFC Life, PowerGrid, Tata Consumer Products and Maruti Suzuki were among losers in today’s trade.
Bharti Airtel could face stiff competition after Reliance Jio launched a Rs 999 mobile phone with internet capabilities. This will help Reliance Jio to cement its position in low-cost segment. As per recent data, Bharti Airtel managed to increase its average revenue per user during the latest quarter.
As US markets will remain closed today, we can expect Indian markets to remain positive tomorrow as well. Market participants are also looking forward to a correction in markets but the current rally seems to continue.