Kotak Mahindra Bank, HDFC twins, ITC steer Sensex in green; PSU banks, real estate, metals crack

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Published: May 2, 2018 4:46:00 PM

A sustained uptick in the shares of heavyweight companies such as Kotak Mahindra Bank, HDFC Bank, HDFC, ITC and Reliance Industries (RIL) steered the BSE Sensex to finish the day in green while PSU banks, real estate and metal socks saw massive declines on Wednesday. 

The 30-share barometer Sensex shuttled between 35,357.15 and 35,072.42 before closing marginally higher at 35,176.42 on Wednesday. (Image: Reuters)

A sustained uptick in the shares of heavyweight companies such as Kotak Mahindra Bank, HDFC Bank, HDFC, ITC and Reliance Industries (RIL) steered the BSE Sensex to finish the day in green while PSU banks, real estate and metal socks saw massive declines on Wednesday. Investors turned little cautious as most of the Asian stock markets ended in losses ahead of the outcome of US Federal Reserve policy due later today. The benchmark Sensex gained 16.06 points or 0.05% to end at 35,176.42 whereas the broader share indicator Nifty 50 closed down 21.3 points or 0.2% at 10,718.05 on Wednesday.

Shares were higher in Europe on Wednesday after a day of losses in most Asian markets. Investors are looking ahead to Federal Reserve meeting and to China-US trade talks later in the week, Associated Press said in a news report. Amid the regional Asian markets, Japan’s Nikkei dropped 0.2% to 22,472.78, Hong Kong’s Hang Seng shed 0.3% to 30,723.88, Shanghai Composite index ended nearly flat at 3,081.18 and South Korea’s Kospi lost 0.4% to 2,505.61. The 30-share barometer Sensex shuttled between 35,357.15 and 35,072.42 before closing marginally higher at 35,176.42 on Wednesday.

Also Read | PC Jeweller shares tank 24% to 40-month low; derivatives in ban; Rs 7,000 crore gone from m-cap in 8 days

Shares of Kotak Mahindra Bank, ITC, Asian Paints, HDFC Bank, HDFC Bank and Axis Bank emerged as the top gainers among the BSE Sensex components on Wednesday. The stock of Kotak Mahindra Bank surged as high as 6.39% to a lifetime peak of 1,287.75 before closing up 3.87% at Rs 1,257.25 on BSE today. Following a sharp surge in the share prices, Kotak Mahindra Bank on Wednesday entered into the club of top 10 companies by market capitalisation surpassing the state-owned oil explorer ONGC (Oil and Natural Gas Corporation).

Also Read | Kotak Mahindra Bank pips ONGC in market cap to enter top 10 club; to topple Infosys, Maruti Suzuki next?

In the Wednesday’s deals, shares of Tata Steel, ICICI Bank, HUL, Sun Pharma, SBI (State Bank of India) and Yes Bank were the major laggards amid the constituents of Sensex. Shares of Hero MotoCorp dropped as much as 2.45% to a day’s low of Rs 3,642.1 before closing down 1.91% at Rs 3,662.3 on BSE on Wednesday after New Delhi-based world’s largest two-wheeler maker’s posted a rise of 35.17% in the standalone net profit for the January-March to Rs 965.37 crore as against to Rs 714.19 crore net profit in the comparable quarter last year.

Also Read | World’s largest two-wheeler maker declares final dividend of Rs 20 per share

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