Market rests: Sensex up 60 points; 23 blue-chips surge over 1%, OMCs bleed; Rupee drops 31 paise vs US dollar

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Published: April 11, 2018 5:44:25 PM

Indian stock and forex markets closed apparently opposite in terms of appreciation on Wednesday with Sensex finishing in green and rupee concluding in losses with 23 blue-chip stocks surging more than 1% among the top 100 companies on NSE.

The benchmark indices Sensex and Nifty ended up with gains for the fifth straight day on Wednesday. (Image: Wikimedia Commons)

Indian stock and forex markets closed apparently opposite in terms of appreciation on Wednesday with Sensex finishing in green and rupee concluding in losses with 23 blue-chip stocks surging more than 1% among the top 100 companies on NSE.  The oil marketing companies witnessed a heavy drop in their respective share prices on news reports that Indian government may ask the refiners to absorb Re 1 per litre hike and in turn pass on the maximum benefits to the customers. Meanwhile today, Crude oil prices escalated further to a three-year high level on rising political tensions in the Middle East.

Shares of IT and metal sectors emerged as the top gainers while stocks of PSU banks were the major laggards on Wednesday. India Vix, the volatility indicator, hovered in a range of between 14.9075 and 12.74 before ending up 2.58% at 14.8725 on Wednesday.

PSU banks & other laggards

All of the 12 scrips constituting Nifty PSU Bank index ended in red with shares of Punjab National Bank, Bank of India, IDBI Bank, Syndicate Bank, Canara Bank, Andhra Bank, Oriental Bank of Commerce and State Bank of India dropping 2 to 3%. The benchmark Nifty PSU Bank closed down 2.33% at 2,993.3 on Wednesday.

Shares of Adani Ports, Yes Bank, GAIL India, Grasim, ICICI Bank, Axis Bank, Indiabulls Housing Finance, UPL, L&T Finance Holdings, NHPC, NMDC, Pidilite Industries, PEL, Avenue Supermarts, ABB, Shree Cements, Marico, Siemens, Havells, GIC Re, LIC Housing Finance lost 0.7 to 2.4% on Wednesday.

23 blue-chip gainers

Shares of Tata Consultancy Services were the top gainers among the BSE Sensex index on Wednesday as India’s largest IT company TCS was named as a leader in digital marketing services by NelsonHall. The stock of Tata Consultancy Services jumped 2.85% to end at Rs 3,015.5.

Other 22 blue-chip shares out of the top 100 companies National Stock Exchange which surged more than 1% were Vedanta (up 4.59%), Sun Pharma (up 2.31%), HCL Tech (up 2.2%), Eicher Motors (up 2.19%), Titan Company (up 1.99%), Hindalco (up 1.89%), Reliance Industries (up 1.6%), Tech Mahindra (up 1.52%), M&M (up 1.27%), Hindustan Unilever (up 1.04%), Tata Steel (up 1.01%), Infosys (up 1%), SBI Life Insurance Company (up 3.28%), United Spirits (up 3.25%), Dabur (up 2.36%), REC (up 2.33%), BHEL (up 1.8%), Aurobindo Pharma (up 1.76%), ICICI Prudential Life Insurance Company (up 1.37%), Hindustan Zinc (up 1.37%), Oil India (up 1.27%) and Ambuja Cements (up 1.06%).

Benchmark indices end up

The S&P BSE Sensex gained 60.19 points or 0.18% to finish the day at 33,940.44 while NSE Nifty added 14.9 points or 0.14% to close at 10,417.15. The benchmark indices Sensex and Nifty ended up with gains for the fifth straight day on Wednesday. Nifty Next 50 too fared 0.14% to end at 30,005.95 while the most tracked sectoral index of NSE, Nifty Bank shed 0.51% to settle above 25,000-mark at 25,098.25.

Oil companies tank

Shares of oil marketers such as Hindustan Petroleum Corporation, Indian Oil Corporation, Bharat Petroleum Corporation and Chennai Petroleum Corporation ended in the red. HPCL, IOCL and BPCL plummetted up to 8%. The stock of Hindustan Petroleum Corporation dropped 7.88% to Rs 335.9; Indian Oil Corporation plunged 6.72% to Rs 167.25; Bharat Petroleum Corporation crashed 7.92% to Rs 415.4 and Chennai Petroleum Corporation plummeted 4.58% to Rs 334.6.

Rupee plunges 31 paise

On contrary to the domestic equities, the Indian rupee fell heavily against the US dollar at the interbank foreign exchange market on Wednesday. The rupee dropped as much as 31 paise or 0.49% to 65.30 apiece US dollar on Wednesday. During the day, the domestic currency moved between the range of 64.98 and 65.30.

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