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Last Updated : Jan 06, 2020 11:04 AM IST | Source: Moneycontrol.com

D-Street Buzz: PSU banks tumble, SBI, PNB fall 3-4%; Titan top gainer, Coal India, Zee Ent drags

The most active stocks are Reliance Industries, State Bank of India, Tata Consultancy Services, Indiabulls Housing Finance and Reliance Industrial Infra.

The Indian stock market is trading deep into the red following heightened US-Iran tensions and rise in global crude oil prices. Sensex is down 481.81 points or 1.16 percent at 40982.80 while the Nifty shed 145.20 points at 12081.50.

Nifty PSU Bank shed 3 percent in the morning trade after sources said that the government is unlikely to announce capital infusion for PSU banks in Budget 2020. Besides, sources said, banks may also look for divesting or selling their non-core business as part of fund raising exercise during 2020-21.

The top losers included Punjab National Bank, Bank of Baroda and State Bank of India which shed 2-4 percent followed by Canara Bank, Syndicate Bank and Union Bank of India.


The rupee hit its lowest level since November 14 and was trading at 72.06 against the dollar as oil prices surged more than 2 percent.

Share price of IT services companies gained from a weaker rupee as they earn a bulk of their revenue from overseas, climbed higher for a second straight session. The top gainers included Mindtree, Wipro, Tata Consultancy Services, L&T Infotech and Tech Mahindra.

Nifty Energy shed over a percent on fears of falling margins due to the surge in crude prices. HPCL fell over 4 percent followed by BPCL, GAIL India and Indian Oil Corporation among others.

The top gainers from the Nifty are Titan Company, Wipro, Adani Ports, TCS and Tech Mahindra. The top losers include Coal India, Zee Entertainment, State Bank of India, YES Bank and Hero MotoCorp.

The most active stocks are Reliance Industries, State Bank of India, Tata Consultancy Services, Indiabulls Housing Finance and Reliance Industrial Infra.

Adani Green Energy, NIIT Tech and Muthoot Finance hit new 52-week high on NSE while the stocks which hit new 52-week low included Raj Rayon, GTL Infra, 8K Miles Software, Unitech, Dolphin Offshore and Indian Bank among others.

About 455 shares have advanced, 1529 shares declined, and 113 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Jan 6, 2020 11:02 am