Ways2Capital Reviews : Sensex, Nifty Erase Early Gains; Bank Of Maharashtra, Power Grid Stock Down

Benchmark indices started the day on a positive note on Thursday led by banking stocks after the RBI's monetary policy meet minutes signalled that future rate hikes will be data dependent. However, the stock market erased morning highs following mixed trade in Asian peers amid elevated trade tensions between the US and China.

Bank of Maharashtra dropped over 4% after its CMD Ravindra Marathe, executive director Rajendra Gupta and two other bank officials, including Marathe’s precedessor, were arrested on Wednesday evening reportedly in relation to the alleged cheating case involving developer DS Kulkarni.

Shares of ICICI Bank gained 2% after a media report indicated that the bank may appoint former Bank of Baroda CMD MD Mallya as a sucessor to the current ICICI Bank Chairman MK Sharma when his term ends on June 30.

Shares of IndiGo rose 3% after the company clarified that the management did not receive any summons from the Enforcement Directorate with respect to the FEMA violation case.

At 10:07 AM, the BSE Sensex was trading at 35,575, up 18 points, while the NSE Nifty was trading at 10,722.

BSE mid-cap index is trading flat at 15,851, while BSE small-cap index is trading down 0.12% at 16,638.

Zee (+2.1%), Adani Ports (+1.9%), ICICI Bank (+1.7%), Reliance Industries (+0.74%) and Tech Mahindra (+0.70%) were the top gainers on the NSE.

On the other hand, Infratel (-3.4%), Power Grid (-1.4%), GAIL (-1.3%), Dr.Reddy’s (-0.95%) and HPCL (-0.91%) were the top losers on the NSE.

Buying activity was also seen in media, private bank and financial services, while auto, PSU Bank and realty stocks were showing weakness on the NSE.

The INDIA VIX was up 0.92% at 12.2850.

Of the 2,046 stocks traded on the NSE, 653 declined, 901 advanced, and 492 remained unchanged on Wednesday.

The Indian rupee opened lower by 12 paise at 68.19 per dollar today against previous close of 68.07.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ - 0731-6626191 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
Share on Google Plus Share on Pinterest

About Bhoomi Desai