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Sensex, Nifty snap four-day losing streak; banking stocks top gainers

Sensex, Nifty snap four-day losing streak; banking stocks top gainers

Sensex closed 145.43 points higher at 60,967 and Nifty advanced 10.50 points to 18,125.40.

ICICI Bank was the top Sensex gainer, soaring nearly 11 per cent, followed by Axis Bank, Dr Reddy's, SBI, M&M and Tech Mahindra. ICICI Bank was the top Sensex gainer, soaring nearly 11 per cent, followed by Axis Bank, Dr Reddy's, SBI, M&M and Tech Mahindra.

Benchmark indices ended higher on Monday, tracking gains in index majors ICICI Bank, Axis Bank and SBI amid a largely positive trend in global markets.

Sensex closed 145.43 points higher at 60,967 and Nifty advanced 10.50 points to 18,125.40.

ICICI Bank was the top Sensex gainer, soaring nearly 11 per cent, followed by Axis Bank, Dr Reddy's, SBI, M&M and Tech Mahindra.

ICICI Bank share rose after the lender  reported a 30 per cent year-on-year (YoY) rise in net profit at Rs 5,511 crore for the July-September quarter. Profit in the year-ago period stood at Rs 4,251.33 crore.

On the other hand, Bajaj Finserv, Bajaj Auto, HCL Tech, Asian Paints and Maruti were among the top Sensex losers, falling up to 3.04%.

Of the 30 Sensex shares, 22 ended lower.

BSE mid cap and small cap indices fell 421 points and 500 points, respectively.

On the sectoral front, banking stocks led the gains amid a largely falling market. BSE bankex rose 1,060 points to 47,165.

On the other hand, BSE consumer durables index ended 632 points lower at 42,836. IT stocks were also among the top losers with BSE IT index slipping 369 points to 34,128.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said,"Nifty managed to hold on to the crucial support of 18,000 on a closing basis. The hourly lower Bollinger Band has become flat, which is expected to provide support on the downside. Also, the hourly momentum indicator has developed a positive divergence, which is suggesting that a bounce is around the corner. The Nifty can take a leap towards 18300-18360. Overall, the Nifty is expected to continue with the short term consolidation."

The market breadth was negative with 1,048 shares ending higher against 2312 shares closing in the red. 170 shares were unchanged.

Market cap of BSE-listed firms fell to Rs 262.20 lakh crore. Meanwhile, the rupee closed 18 paise lower at 75.08 against the US currency on the back of rising crude oil prices and a stronger greenback against key rivals overseas.

At the interbank forex market, the local unit opened on a weak note at 74.98 and witnessed an intra-day high of 74.97 and a low of 75.10 against the American currency during day trade.

On Friday, the rupee had settled at 74.90 against the US dollar.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo was in the red. Stock exchanges in Europe were trading largely positive in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.73 per cent to $85.26 per barrel.

Published on: Oct 25, 2021, 5:45 PM IST
Posted by: Aseem Thapliyal, Oct 25, 2021, 5:11 PM IST