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Last Updated : Jul 26, 2019 04:56 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street: TGIF! Benchmark indices snap 6-day losing streak

Experts feel that concerns around corporate earnings still remain and investors should stay cautious in the near-term.

Kshitij Anand @kshanand

Benchmark indices snapped a six-session losing streak on July 26 as Sensex closed 50 points higher to end at 37,882 while Nifty rose 32.15 points to settle at 11,284.

The bounce was largely technical in nature as the market was trading near crucial support levels. Experts feel that concerns around corporate earnings still remain and investors should stay cautious in the near-term.

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"Market recovered after six consecutive days of fall while the recovery was not solid due to concern on Q1 earnings. The expectation of above-average rainfall in coming weeks provided some respite to broad indices," Vinod Nair, Head of Research, Geojit Financial Services Ltd, told Moneycontrol.

The broader market performed in-line with an estimate with the midcap index gaining 0.53 percent while the S&P BSE Smallcap index rose 0.22 percent.

In terms of sectors, the auto index rose 1.98 percent, followed by the Consumer Discretionary Good, which gained 1.05 percent while the banking index was up a little over 1 percent.

Top Sensex gainers include names like Yes Bank (up 9.6%), followed by Bajaj Finance (up 7.2%), and Hero MotoCorp (3.4%). Among the stocks which saw selling pressure include names like RIL, ONGC, Tech Mahindra, and HDFC.

Stocks in news:

Shares of Yes Bank rallied more than 9 percent after a media report indicated that global private equity firms TPG Capital and Advent International could infuse fresh capital in private sector lender.

Punjab National Bank (PNB) rose 3 percent as the company approved to raise capital worth Rs 5000 crore.

Bajaj Finance rose 7 percent after research house Jefferies maintained buy rating on the stock on better June quarter numbers.

Shares of McNally Bharat Engineering gained 5 percent as the company won an order worth Rs 8 crore.

Indoco Remedies surged 12 percent as company received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for their sterile facility (Plant II) and solid dosages facility (Plant III) at Verna, Goa.

Global update:

Asian markets ended lower on Friday on the concerns that Fed may be less aggressive in its next week monetary policy meet.

Nikkei shed 0.45% at 21,658.15, Hang Seng was down 0.69% at 28,397.74, Kospi fell 0.4% at 2,066.26, while Shanghai Composite rose 0.24% to 2,944.54.

However, the European markets are trading firm after ECB held interest rates steady on Thursday.

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First Published on Jul 26, 2019 04:43 pm
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