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Last Updated : Jun 10, 2019 08:05 PM IST | Source: Moneycontrol.com

An evening walk down D-St: Nifty reclaims 11,900; over 200 stocks hit 52-week low

Sensex rose 168 points to 39,784 and Nifty closed 52 points higher at 11,922

Kshitij Anand @kshanand
 
 
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Indian markets witnessed a volatile Monday but the good news is that Nifty managed to close above 11,900 while Sensex gained over 160 points.

Final tally on D-Street – Sensex rose 168 points to 39,784 and Nifty closed 52 points higher at 11,922.

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Global stocks rallied after the United States shelved plans to impose tariffs on Mexico. This also led to a smart gap-up opening on Indian markets. Additionally, the tweaks in NPA norms by the Reserve Bank of India aided positive sentiment.

“Weak US job data raised the scope for more dovish policy by FOMC whereas global market rallied after the US dropped its plan to impose new tariffs on Mexico,” Vinod Nair, Head of Research, Geojit Financial Services Ltd told Moneycontrol.

“Further, domestic investors are looking for triggers that could support the current premium valuation, progress in monsoon and any ease in liquidity issue with NBFC will add stability,” he said.

In terms of sectors, the S&P BSE IT index rose 1.78 percent, followed by the S&P BSE FMCG index which was up 1.1 percent, and the S&P BSE Capital Goods index closed 0.74 percent higher.

On the flip side, the S&P BSE oil & gas index dropped 1.2 percent, followed by the S&P BSE Finance and S&P BSE Bankex that dropped 0.10-0.20 percent. Broader markets underperformed benchmark indices. The S&P BSE Smallcap index fell 0.49 percent while the S&P BSE Midcap index rose 0.1 percent.

More than 200 stocks on the BSE hit their 52-week low on the BSE including Quess Corp, ENIL, Hindustan Zinc, Yes Bank, Jet Airways, Reliance Capital, Cox & Kings, MRPL, Aban Offshore, etc.

Stocks in news:

OMCs such as IOC, HPCL and BPCL dropped 1-3 percent on rise in crude oil price.

Shares of Jammu and Kashmir Bank shed 12 percent after the government removed J&K Bank Chairman Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.

Cipla gained after the company received the establishment inspection report (EIR), indicating closure of the inspection by USFDA.

Larsen & Toubro (L&T) added more than 1 percent as the company's construction arm won orders.

Shares of Globus Spirits rose 3.8 percent after an upward revision of selling rates of country liquor in Rajasthan.

Global update:

European markets are trading higher after US President Donald Trump announcement of the suspension of proposed tariffs on Mexican imports.

Asian markets also ended higher post the US President's announcement that tariffs would not be slapped on Mexican goods.

The Shanghai Composite added 0.98 percent and Hang Seng rose over 2.03 percent. Nikkei added 1.03 percent, while Kospi rose 0.92 percent.

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First Published on Jun 10, 2019 04:33 pm
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