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MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

SI Reporter/New Delhi 30 Jul 18 | 08:15 AM

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The benchmark indices ended at record closing  high for the third straight session on Monday led by gains in PSU Banks, ahead of the RBI policy decision due later this week.

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The S&P BSE Sensex settled at a record high of 37,494, up 158 points, while the broader Nifty 50 index settled at a new high of 11,320, up 41 points.

In intra-day deals,  the S&P BSE Sensex hit a fresh all-time high of 37,533.50 while the Nifty50 index touched its record high level of 11,328.10.

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

RBI Monetary Policy

The RBI's Monetary Policy Committee (MPC), which is slated to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019, will remain the biggest focus of the week for the investors. The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet bit the bullet and hiked the repo rate by 25 basis points to 6.25 per cent. 

Macro data

On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.

Global Markets

Globally, US Fed policy meet this week might also influence trading sentiment at the domestic bourses. The Fed had hiked its benchmark short-term interest rate a quarter percentage point in June and indicated that two more increases are likely this year. The move pushed the funds rate target to 1.75 per cent to 2 per cent. 

World stocks fell and the dollar steadied on Monday as a busy week of central bank meetings and company updates started. Japanese government bonds sold off before possible monetary policy tweaks.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent and Chinese blue chips by 0.7 per cent.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.601.656.91
Yes Bank381.752.87
ICICI Bank332.302.17
Axis Bank618.302.15
Reliance Inds.1,210.952.00

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