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Last Updated : Jun 08, 2020 10:55 AM IST | Source: Moneycontrol.com

D-Street Buzz: Banks, oil & gas stocks gain as first phase of 'Unlock India' begins; SBI, Tata Motors most active

The top Sensex gainers included IndusInd Bank, Bajaj Finance, Axis Bank, Hero MotoCorp and ONGC while the top losers included Bharti Airtel, Nestle India and Sun Pharma.

Indian stock market are trading on a handsome note largely aided by banks and financials. Sensex is up 535.00 points or 1.56% at 34822.24, and the Nifty jumped 157.80 points or 1.56% at 10300.

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Nifty Bank jumped almost 3 percent led by IDFC First Bank which spiked over 8 percent followed by IndusInd Bank, Bandhan Bank, Axis Bank, ICICI Bank, RBL Bank and State Bank of India.

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SBI posted better numbers for the quarter ended March on June 5. The company reported a standalone profit of Rs 3,580.81 crore against a profit of Rs 838.4 crore. Net interest income declined 0.8 percent year-on-year to Rs 22,766 crore due to a moderate loan growth at 6.4 percent.

Oil & gas stocks are also buzzing with the index gaining over 2 percent. The top gainers included HPCL and GAIL India which jumped 6-7 percent followed by BPCL, Indian Oil Corporation and ONGC.

Share price of Reliance Industries also traded in the green hitting record high on June 8 on fresh investments into Jio Platforms. Reliance Industries and Jio Platforms announced that Silver Lake and its co-investors will invest an additional Rs 4,546.80 crore in Jio Platforms, in addition to the Rs 5,655.75 crore of investment by Silver Lake announced on May 4, 2020, as per RIL release.

Additionally, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) is going to invest Rs 5,683.50 crore in Jio Platforms, company said in an another release.

The markets have opened with a gap up at 10,326 which is above the important resistance level of 10,200. This makes the Nifty enter into the next zone where we should be projecting a new level of 10,450-10,500. The support for this market now lies at 9,950-10,000, said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

IT stocks are also buzzing in this morning session with gains from Hexaware Tech which added over 5 percent followed by Tech Mahindra, Infosys and Just Dial.

S&P BSE Realty was also up 2 percent SunTeck Realty, Indiabulls Real Estate, Sobha and Prestige Estates which jumped 4-6 percent as the first phase of 'Unlock India' begins as the government hopes to breathe some life into a near-morbid economy.

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The top Sensex gainers included IndusInd Bank, Bajaj Finance, Axis Bank, Hero MotoCorp and ONGC while the top losers included Bharti Airtel, Nestle India and Sun Pharma.

India VIX is up 2.02 percent and is trading at 29.26 level.

About 1728 shares have advanced, 413 shares declined, and 99 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Jun 8, 2020 10:55 am
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