Sensex up over 300 points, Nifty above 10,200; shares of SBI, ICICI Bank, RIL gain

Key benchmark indices clocked modest gains on Thursday with the BSE Sensex closing 305 points higher at 33,351.57 and NSE Nifty closing at 10,235.95. 

Shares of State bank of India, ICICI Bank, Adani Ports, Reliance Industries and Mahindra and Mahindra rose over 2% each. Shares of telecom sector rose by up to 5 percent on BSE in intra-day deals after the Union Cabinet on Wednesday eased various spectrum norms in the space. 

In Nifty constituents, ICICI bank and Adani Ports were among toppers, whereas shares of Tata Steel, Sun Pharmaceuticals, GAIL India, Yes Bank and Aurobindo Pharma closed in the red, by over 1% each. Bank Nifty regained close to 400 pts from the low point of the day closing 1.42 percent higher. 

Most realty stocks advanced. Oberoi Realty (up 3.92%), Sobha (up 2.25%), DLF (up 1.53%), Godrej Properties (up 0.62%), Indiabulls Real Estate (up 0.58%) and Unitech (up 0.46%) gained. However, HDIL (down 3.42%) and Prestige Estates Projects (down 0.60%) dropped. 

Asian shares jumped on optimism that US President Donald Trump’s plan to set up heavy tariffs on steel & aluminium imports could exclude some key partner countries.

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Sensex closes 227 points down, Nifty below 10,240

The stock market registered modest losses after previous three sessions of gains. The Sensex and Nifty almost traded in negative terrain throughout the session after a shaking start. BSE Sensex closes 227.80 points lower at 33,227.99 while the NSE Nifty50 falls 82.10 points to close at 10,240.15. 

The indices settled lower on worries that higher global crude oil prices would stoke inflation and impact future interest rate decisions by the RBI, with oil marketers and bank stocks weighing on the Nifty50. 

Telecom stocks dropped. Index heavyweights HDFC Bank, ITC and Coal India dragged the indices lower. Banking stocks underperformed with Tata Power, Bharti Infratel, BPCL, IOCL being the worst performers of the day, with crude prices rallying on the back of the North Sea pipeline outage. 

The Nifty Bank index fell as much as 1% after gaining 2.2% in the last three sessions. Oil marketing shares such as BPCL, IOC and HPCL fell 2 to 4% and were the worst hit on the Nifty50 as higher crude oil prices will hit their profitability. ONGC, Dr.Reddy’s, Adani Ports, GAIL-India and Lupin were the top gainers on the Nifty50, whereas HPCL, Infratel, BPCL, Coal India and Eicher were the top losers.

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