Indian benchmark indices started the first day of expiry week on a positive note with both the indices closing in the green after remaining in the positive throughout today’s trading session.
BSE Sensex ended up 106.05 points or 0.35% at 30,570.97 points, while NSE Nifty, the broader benchmark, closed flat, up 10.35 or points 0.11% at 9,438.25 points. ITC, Bharti Infratel and Larsen & Toubro gained the most on both indices, while State Bank of India and Lupin lost the most.
PSU Banks declined today with SBI seeing the biggest losses. Its stock closed down 4.45% at Rs 294.45. Other PSU banking stocks such as Bank of India, Bank of Baroda, Punjab National Bank and Corporation Bank also ended the day in the negative.
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Bank of India stock slumped more than 11 percent intraday as the bank reported that it has registered a net loss in the fourth quarter of the financial year 2017 as against a profit of Rs 102 crore it had reported in the quarter ended December 2016. The bank net loss in the fourth quarter ending March 2017 was at Rs 1045 crore as against the net loss of Rs 3587 crore a year ago.
Shares of Kotak Mahindra Bank gained around 1.70 percent intraday on the back of reports that the bank’s promoter is selling his stake. Uday Kotak is reported to have sold 1.58 crore shares in the bank through a block deal in a bid to reduce his holding. Kotak’s holding in the bank is now 29.9 percent from the earlier 30.8 percent.
FMCG stocks gained throughout the day with ITC emerging as the biggest gainer. ITC shares closed up 6.14% at Rs 303.45, on the back of reports that GST rules announced last week will lower prices of day to day essential items.
Gold prices recovered by Rs 50 to Rs 29,150 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas. Silver strengthened by Rs 300 to Rs 39,500 per kg on the back of increased offtake by industrial units and coin makers. Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.