Equity indices edge higher as banking and metal stocks spurt

Equity benchmark indices traded with a positive bias on Tuesday as shares of private banks and metals advanced.


ANI | Mumbai (Maharashtra) | Updated: 11-08-2020 16:27 IST | Created: 11-08-2020 16:17 IST
Equity indices edge higher as banking and metal stocks spurt
JSW Steel closed 3.9 pc higher on Tuesday to close at Rs 254.85 per share. [File image]. Image Credit: ANI
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Equity benchmark indices traded with a positive bias on Tuesday as shares of private banks and metals advanced. The BSE S&P Sensex closed 225 points or 0.59 percent higher at 38,407 while the Nifty 50 gained by 52 points or 0.46 percent at 11,323.

Most sectoral indices at the National Stock Exchange were in the green with Nifty private bank and metal gaining by 1.6 percent each and financial service by 1 percent. But Nifty pharma dipped by 1.4 percent and IT by 0.5 percent. Among stocks, JSW Steel moved up by 3.9 percent to Rs 254.85 per share while Tata Steel gained by 1.8 percent to Rs 417.50.

Private lenders too witnessed handsome gains with Axis Bank edging higher by 3.9 percent, IndusInd Bank by 2.5 percent, and HDFC Bank by 1.9 percent. Bharat Petroleum Corporation, ITC, HDFC, and Adani Ports too traded with a traded bias.

However, Titan lost by 3.5 percent a day after the jewelry-to-eyewear maker reported a net standalone loss of Rs 270 crore for the quarter ended June. It had reported a profit of Rs 371 crore in the year-ago period. The others which lost were Cipla, Dr. Reddy's, UPL, Bharti Airtel, and HCL Technologies.

Meanwhile, Asian stock markets rose as investors awaited a meeting between the top US and Chinese trade officials later this week to review the first six months of phase one trade deal. Japan's Nikkei returned from a holiday with a 1.88 percent gain and the Hang Seng bounced by 2.11 percent. South Korea's Kospi was up by 1.35 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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