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MARKET WRAP: Banks push Sensex 277 pts higher; RIL up 2%, Infy gains 1%

SI Reporter/New Delhi 09 Jul 18 | 08:15 AM

Benchmark indices ended higher on Monday with Nifty50 index settling above its crucial  10,850 levels, tracking gains in Asian peers after favourable US jobs data boosted risk appetite, with heavyweights Asian Paints and Reliance Industries (RIL) driving the indices higher.

The S&P BSE Sensex ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.

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Among sectoral indices Nifty Bank, Nifty PSU Banks and Nifty Pvt Bank indices ended 1% higher each with Federal Bank, YES Bank, RBL Bank and Axis Bank as top gainers in the pack. Nifty Pharma and Nifty Metal indices also ended over 1% higher.

Asian Paints, YES Bank, Vedanta and RIL are some of the top gainers on the S&P BSE Sensex that moved up 2 per cent to 3 per cent. Meanwhile, TCS was the top loser on S&P BSE Sensex, ending over 1% lower ahead of its Q1FY19 results due on Tuesday.


The National Company Law Tribunal (NCLT) on Monday dismissed Cyrus Mistry’s plea against his ouster as the chairman of the Tata Sons and allegations of mismanagement in the company, TV news channels reported.

NCLT said Mistry openly went against the board of directors, according to the reports. NCLT also ruled the board was competent to remove an executive chairman.


The June quarter earnings season will kick off this week and IT major Tata Consultancy Services (TCS) is likely to be the first bluechip company to come out with its June quarter result on Tuesday, July 10, 2018. Other major companies like Infosys, IndusInd Bank and Bajaj Corp are also expected to announce their June quarter results this week.

Among key economic data, India's Consumer Price Index (CPI), Index of Industrial Production (IIP) and trade data are likely to be released on Thursday, July 12, 2018.


Asian share markets rallied on Monday as favorable US jobs data whetted risk appetites, while sterling slipped after two members of the British government resigned over Brexit and put the future of Prime Minister Theresa May in doubt.

The Japan's Nikkei moved up 1.4 per cent on Monday while, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.1 per cent.

(with wire inputs)

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Company Price Gain (%)
H D F C1,991.550.95
Hind. Unilever1,753.850.73


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