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Sensex, Nifty erase gains; RIL, ICICI Bank stocks drag

The stock market erased gains paced by declines in Reliance Industries, ICICI Bank, HDFC, ITC, and Yes Bank.

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Equity benchmark indices kicked off the week with a positive bias led by gains in metal, pharma, and banking stocks. However, the stock market erased gains paced by declines in Reliance Industries, ICICI Bank, HDFC, ITC, and Yes Bank.

The market participants will monitor the earnings season which starts this week and that will be a key trigger for the markets. Also, the big event of the general election starts this week with the first round of polling on April 11.

The rupee slipped by 10 paise to 69.33 against the US dollar on Monday.

The Sensex slipped 4 points at 38,858 levels, and the Nifty50 index is slightly lower by 6 points at 11,659 levels. The market breadth was neutral on the NSE with 934 shares advancing, 616 shares declining, and 523 remaining unchanged.

In the broader market, the BSE MidCap index was trading 38 points higher at 15,548, while the BSE SmallCap index was ruling at 15,103, up 58 points.

NIIT stock jumped 10% after Baring Private Equity Asia (BPEA) is looking to acquire its stake in NIIT Technologies.

Lakshmi Vilas Bank stock rallied 5% after the bank has approved a proposed merger with Indiabulls Housing Finance.

Power Grid, Airtel, Zee, and JSW Steel stocks were among the gainers, while BPCL, IOC, and Adani Ports were among top losers.

The volatility index, India VIX, was up 6.51% at 19.59.

The most active stocks on the NSE are DLF, Indiabulls HF, and DHFL.

Meanwhile, Asian stocks were trading on mixed note as investors digested the progress made on US-China trade war last week and US employment data on Friday. Oil rose as fighting in Libya raised the risk of supply outages.

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