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Last Updated : Nov 19, 2019 02:44 PM IST | Source: Moneycontrol.com

D-Street Buzz: Nifty PSU Bank jumps 4% led by OBC, Syndicate Bank; RIL up 3%, YES Bank drags

The top gainers from Nifty index are Bharti Infratel, Bharti Airtel, Cipla, Axis Bank and Reliance Industries.

The Indian benchmark indices continues trading on a positive note with Sensex is up 164.91 points or 0.41 percent at 40449.10, and the Nifty gained 48 points at 11932.50.

Nifty PSU Bank is the outperforming sector, up over 4 percent led by Oriental Bank of Commerce and Syndicate Bank which zoomed 14-17 percent followed by Central Bank of India, Bank of India, Canara Bank, PNB and Union Bank of India.

Oil & gas stocks are also buzzing led by Reliance Industries and Power Grid.

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Reliance Industries became the first company among listed entities on exchanges, to hit a market capitalisation of Rs 9.5 lakh crore. The stock rallied 3.4 percent intraday and crossed Rs 1,500 mark for the first time on November 18, after the rival Vodafone Idea and Bharti Airtel decided to increase prices with effect from December 1, 2019.

Expectations are that the increase in tariffs by competitors could benefit Jio by adding more users as users generally prefer to go to telecom operator which has lowest tariff rate along with strong network. So far, Reliance Jio has not announced any price hike like rivals.

FMCG and metal stocks continue to drag led by Hindustan Unilever, Tata Global Beverage, United Breweries, ITC and Godrej Consumer.

The top losers from the metal space are JSPL, NALCO, Tata Steel, Vedanta and Coal India.

The top gainers from Nifty index are Bharti Infratel, Bharti Airtel, Cipla, Axis Bank and Reliance Industries.

The top losers included Zee Entertainment, TCS, YES Bank, Mahindra & Mahindra and Tata Motors.

The most active stocks included SBI Life Insurance, Bharti Airtel, State Bank of India, ICICI Bank and Reliance Industries.

About 1088 shares have advanced, 1266 shares declined, and 149 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Nov 19, 2019 02:44 pm
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