Bulls maintain momentum as Sensex ends 159 points higher; Nifty just short of 10700

Bulls maintain momentum as Sensex ends 159 points higher; Nifty just short of 10700

Mumbai, Nov 27: Bulls have managed to maintain a good momentum this week, ahead of expiry of F&O contracts on Thursday. A rally in technology names as well as financials, especially PSU banks, helped the market close with gains of half a percent.
Further, softening crude prices and a possible deal between US and China aided sentiment on indices here.
It wasn’t a strong start on the market on Tuesday morning as indices opened flat. It largely remained around flat terrain for the greater part of the day. However, last hour saw investors rushing to buying counters of financials. They could have reacted of Rs 42,000-crore capital infusion by the government into PSU banks.
A rally among PSU banks, energy names as well as IT boosted the market. In the broader market, the Nifty Midcap index ended over half a percent higher.
At the close of market hours, the Sensex ended up 159.06 points or 0.45% at 35513.14, while the Nifty was higher by 57.00 points or 0.54% at 10685.60. The market breadth was narrow as 1238 shares advanced, against a decline of 1320 shares, while 161 shares were unchanged.
Infosys, TCS, and BPCL were the top gainers, while Sun Pharma and Hero MotoCorp lost the most.
Stocks in News
Yes Bank’s shares plunged after Moody’s downgraded its rating on the stock.
Unichem Laboratories added 5 percent on Tuesday after it received an establishment inspection report from USFDA.
Suzlon Energy rose more than 3.5 percent after it completed sale of its subsidiary company.
Shares of IFCI gained 2 percent after it received Rs 492 crore under the resolution plan for Binani Cement under the IBC mechanism.
Matrimony.com shares declined 2 percent on Tuesday after its chief financial officer resigned from his post.
Global research firm Phillip Capital has maintained its neutral call on Voltas with a target price at Rs 510, implying 8.5 percent potential downside on likely margin pressure in Q3. The stock fell 2 percent.
Global investment firm Bank of America Merrill Lynch has maintained its buy rating on Reliance Industries, the country’s largest company by market capitalisation, and raised target price by nearly 12 percent. The stock rallied 1.6 percent.
Punjab National Bank shares gained 2 percent after it said that it is expecting Rs 2,500 crore recovery from Essar Steel resolution.
Global Markets
Asia markets traded higher as investors wait for a crucial meeting between President Donald Trump and Chinese leader Xi Jinping. Nikkei 225 rose 140.40 points, or 0.64 percent, to 21,952.40 while the Topix index added 11.96 points.
Meanwhile, European stocks fell as investors monitored political events, including Brexit and Italian budget plans. Stoxx 600 was 0.25 percent lower.