Sensex Logs Gains Of 359 Pts, Nifty Ends Near 14900; PSBs Lead

After opening weak on mixed global cues, benchmark indices hit their respective fresh high of 50,661 and 14907.95 on the Sensex and Nifty respectively. At the close, Sensex notched gains of 359 points or 0.71% at 50,614, while Nifty ended with gains of 106 points or 0.71% at 14896.

Sensex Logs Gains Of 359 Pts, Nifty Ends Near 14900; PSBs Lead

Nifty Bank index too during the session hit a fresh record high of 35405 led by gains in SBI, Kotak Mahindra, HDFC Bank, ICICI Bank and Axis Bank.

Meanwhile, Nifty PSU Bank index has been the outlier in trade today sector wise with gains of as much as 6 percent towards the close of the session. The gains are primarily fuelled by hopes of privatization as the centre in its Union Budget 2021 announced plans to privatise two PSU lenders in the FY 22. Further all of the Nifty index were painted green, barring Nifty IT index which was pulled down by weakness in Infosys, Tech Mahindra, TCS, Wipro and Info Edge.

SBI on Thursday posted decline in Q3 profit by 7 percent to Rs. 5196 crore due to higher provisioning for bad loans of Rs. 10,342 crore. The scrip made its fresh 52-week high of Rs. 355.7, a gain of close to 6 percent.

There was also seen positive sentiment in the FMCG pack which added 2.6 percent, with stocks like ITC, P&G, Jubilant Foodworks, Godrej Consumer and HUL leading the list of gainers in the segment.

NTPC today during its Q3Fy21 earnings result announced an interim dividend of Rs. 3 per share for the FY21.

Apollo Tyres scrip also hit its fresh 52-week after the tyre manufacturing company posted two fold rise in Q3 profit.

Meanwhile, European indices at the time of writing this copy traded firm with gains of up to 0.4 percent on the German DAX and US stock futures point to a positive opening for the Wall Street after mixed overnight session.

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