Closing Bell: Sensex ends 39 points above at 37,350, Nifty also jumps 18 points

New Delhi, News Nation Bureau | Updated : 16 August 2019, 04:25 PM
Closing Bell: Sensex ends 39 points above at 37,350, Nifty also jumps 18 points (file photo)
Closing Bell: Sensex ends 39 points above at 37,350, Nifty also jumps 18 points (file photo)

Benchmark indices Sensex and Nifty pared early losses to settle marginally higher on Friday, helped by fag-end buying mainly in banking and auto stocks tracking an uptrend in most Asian markets.

After swinging 470 points during the day, the 30-share Sensex settled 38.80 points, or 0.10 per cent, higher at 37,350.33. It hit an intra-day high of 37,444.45 and a low of 36,974.41.

The broader NSE Nifty gained 18.40 points, or 0.17 per cent, to close at 11,047.80. During the day, it hit a high of 11,068.65 and low of 10,924.30.

During the week, the Sensex lost 231.58 points, or 0.60 per cent; while the NSE Nifty gave up 61.85 points, or 0.55 per cent.

Yes Bank was the biggest gainer in the Sensex pack, rallying 3.79 per cent. It was followed by PowerGrid, Maruti Suzuki, IndusInd Bank and Axis Bank—rising up to 2.85 per cent.

On the other hand, TCS, Vedanta, HCL Tech, HDFC and RIL fell up to 1.87 per cent.

Concerns over economic slowdown, weak earnings and global trade volatility have been weighing on investor sentiment, experts said.

In the previous session on Wednesday, the 30-share index settled 353.37 points or 0.96 per cent higher at 37,311.53. The broader NSE Nifty reclaimed the 11,000-mark, jumping 103.55 points or 0.95 per cent to close at 11,029.40. The stock market was closed on Thursday on account of Independence Day. 

Top losers in the Sensex pack in early trade included Vedanta, HCL Tech, TCS, Bharti Airtel, Tata Steel, Tata Motors, TechM, SBI and Infosys, shedding up to 2.63 per cent. While, Yes Bank, ONGC, ITC, Bajaj Finance and HUL rose up to 1.37 per cent. 

According to experts, rising concerns of an economic slowdown, weak earnings and global trade volatility has been weighing on investor sentiment.

On Thursday, Prime Minister Narendra Modi comprehensively reviewed the state of the economy with Finance Minister Nirmala Sitharaman as his government scrambled for solutions to tackle a fast-spreading slowdown in various sectors, which is eroding wealth and causing job losses.

In view of fast-spreading slowdown in various sectors, the Indian government on Thursday reviewed the state of the economy.

India’s economic growth has slowed to 6.8 per cent in 2018-19 - the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has plateaued. International trade and currency war is further aggravating the problem.

Meanwhile, the Indian rupee appreciated 15 paise to 71.12 against the US dollar intra-day. Elsewhere in Asia, Shanghai Composite Index, Hang Seng and Nikkei ended in the green, while Kospi settled lower.

Equities in Europe were trading on a positive note in their respective early sessions. Brent crude futures, the global oil benchmark, rose 1.89 per cent to USD 59.33 per barrel.

(With inputs from PTI)

First Published: Friday, August 16, 2019 03:42 PM
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