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Sensex nears 62K, Nifty tops 18,400 on buying in banks

Equity benchmark indices ended the trade in the positive territory on Wednesday with the BSE sensex closing at 61980.72 helped by buying in banking counters. After facing highs and lows during the day, the BSE sensex finally ended 107.73 points higher at 61980.72. During the day the index hit a high of 62052.5, higher by 179.58 points. The NSE Nifty ended marginally higher by 6.25 points to 18409.65. From the Sensex pack, Kotak Mahindra Bank, Hindustan Unilever, Dr Reddys, HDFC Bank ,Bharti Airtel, HDFC and Tata Consultancy Services were among the major winners. Bajaj Finance, Tata Steel, NTPC, Bajaj Finserv, UltraTech Cement and IndusInd Bank were among the major laggards.

Sensex nears 62K, Nifty tops 18,400 on buying in banks

Foreign institutional investors offloaded shares worth rupees 221.32 crore on Tuesday, as per the exchange data. “As a domestic market has started to trade around the all time high levels, it is trending indecisively following the recent geopolitical tensions and weak performance by global counterparts. Although domestic macroeconomic indicators and FII inflows are favourable, given the high valuations domestic markets can behave cautious in the short to medium term” said Vinod Nair head of research at Geojit Financial Services.

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