Leaders Online Desk: Fluctuations were seen in the Indian stock market on Monday (6th). Some profit booking was also seen in the market today. Domestic markets had a bullish start amid strong cues from the US and European markets and mixed trends in most Asian markets. But Sensex, Nifty closed flat. The Sensex closed at 73,895 with a marginal gain of 17 points. While the Nifty settled at 22,442 with a minor decline of 33 points.
Regionally, Nifty PSU Bank fell by 3.66 percent. After that, Nifty Consumer Durables and Nifty Oil & Gas fell by 2.55 percent and 1.75 percent respectively. BSE Midcap fell 0.9 percent while Smallcap fell 1 percent.
Which stocks are bullish?
Kotak Bank, TCS, Hindustan Unilever, Sun Pharma, M&M, JSW Steel, Tech Mahindra were the top gainers on Sensex. While the shares of Titan fell by as much as 7 percent to Rs 3,284. Shares of SBI, NTPC, Power Grid, LT, Reliance, Bajaj Finserv, Bajaj Finance fell.
Top gainers on Nifty were Britannia, Kotak Bank, TCS, Hindustan Unilever, M&M. Titan, Adani Enterprises, BPCL, Coal India, SBI were the top losers.
At the sectoral level, the Nifty IT index remained in the lead today. TCS, LTIMindtree, Tech Mahindra, HCL Tech, Infosys were bullish in Nifty IT.
PSU banking shares' mood soured, why?
The Nifty PSU Bank Index fell around 4 percent to 7,202 today. In PSU bank stocks PNB, Canara Bank, Bank of Baroda, Union Bank, Bank of India were the top losers. Shares of PNB fell as much as 6 percent to Rs.126. Analysts say the mood in PSU banking stocks has been dampened by the new RBI's new guidelines. The RBI has come up with a draft circular that tightens the norms for project financing. Before financing a project, the PSU bank has to provide 5 percent of the outstanding balance during the construction period. This kept pressure on PSU bank shares.
Shares of Paytm fell
Shares of Paytm operator One 97 Communications fell 5 percent to a low of Rs 351.70 today. Shares of Paytm company have fallen after the company informed the exchange about the resignation of Paytm COO and Chairman Bhavesh Gupta.
Kotak shares rise, Tata Technologies falls
Shares of Kotak Mahindra Bank rose 5 percent to Rs 1,627 on BSE. Meanwhile, shares of Tata Technologies fell about 5 percent to Rs 1,032 on the BSE. In the afternoon trade, the decline of these shares was reduced to some extent. Shares of Tata Technologies fell after brokerages cut their target price on the stock.
Read this:
