D-Street Buzz: PSU bank index up over 2% led by Canara Bank; metal, IT down
The benchmark indices hit a fresh record highs as Sensex crosses 37,000 and Nifty also managed to hit a fresh record high, surpassing 11,171 mark in the morning trade on Thursday.
UltraTech Cement, Indiabulls Housing, SBI, Grasim Industries and Tata Motors are the top gainers on the Nifty.
Shares of Larsen & Toubro (L&T) rose percent in the opening trade on Thursday on the back of robust numbers declared by the company in the quarter ended June 2018 (Q1FY19).
The company posted a 13.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 1,213 crore, beating analyst estimates driven by order inflow growth in infrastructure, heavy engineering and hydrocarbon segments.
Among the sectors, except IT and metal all other indices are trading in green.
The Nifty PSU bank index rose more than 2 percent led by Canara Bank up 4 percent, SBI up 2 percent, PNB, Syndicate Bank, Bank of India, Bank of Baroda are other gainers.
NSE pharma index was up nearly 1 percent led by Cadila Healthcare, Lupin, Dr Reddy’s, Cipla, Aurobindo Pharma and Divis Lab are mojor gainers.
On the other hand, metal stock are seeing some selling pressure drag by Welspun Corp, JSW Steel, Jindal Steel, Nalco, Hindalco, Hindusthan Zinc.
The breadth of the market favoured advances, with 984 stocks advancing, 596 declining and 476 remaining unchanged. On BSE, 1123 stocks advanced, 643 declined and 81 remained unchanged.
