Sensex closes 172 points up, Nifty ends at 11,910; GAIL, Zee, NTPC, IOC gain
The BSE benchmark Sensex rose over 170 points to close at 40,412 on Wednesday, helped by fag-end buying mainly in auto, IT and oil & gas stocks amid easing crude prices.
After swinging nearly 330 points, the index finished 172.69 points or 0.43 per cent higher at 40,412.57.
Similarly, the 50-scrip NSE Nifty appreciated 53.35 points or 0.45 per cent to close at 11,910.15.
In the Sensex kitty, NTPC was the top gainer, spurting 2.77 per cent, followed by ONGC, Tech Mahindra, Kotak Bank, TCS, Asian Paints, IndusInd Bank and Tata Motors, which gained up to 2.28 per cent. On the other hand, Yes Bank topped the laggard’s list for the second straight day, plunging 15.33 per cent. Vedanta, Hero MotoCorp, L&T, Bharti Airtel and HUL also tumbled up to 1.63 per cent.
The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India’s economic growth in 2019-20 to 5.1 per cent, saying consumption was affected by slow job growth and rural distress aggravated by poor harvest. “India’s growth is now seen at a slower 5.1 per cent in fiscal year 2019-20 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch. “Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest,” it said.
Meanwhile, the rupee appreciated by 14 paise to trade at 70.78 against the US dollar (intra-day). Brent futures, the global oil benchmark, slipped 0.40 per cent to USD 64.08 per barrel.
SOURCE – DD NEWS