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Benchmark indices rise for 3rd day; banking, metal stocks lead

Wednesday, June 12, 2019

Benchmark indices Sensex and Nifty continued their rising streak for a third session in a row yesterday, led by gains in banking, metal and energy stocks amid signs of subsiding global trade war concerns. The BSE gauge Sensex rose 165.94 points, or 0.42%, to close at 39,950.46; while the NSE benchmark Nifty gained 42.90 points, or 0.36%, to settle at 11,965.60. Banking stocks rallied on positive sentiments after a report said that the system-wide non-performing assets stock declined to 9.3% in March 2019, much faster than the Reserve Bank's estimate and steeply down from 11.5% the year before.

Broader BSE midcap and smallcap indices outperformed benchmark Sensex. Sectorally, metal, oil and gas and banking indices rose as much as 1.33%.

Top Sensex gainers were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71%. Other gainers included HCL Tech, ICICI Bank, Tata Steel, SBI, Hero Motocorp, TCS, Bajaj Finance and Reliance. On the other hand, Sun Pharma, M&M, L&T, Coal India and HUL fell up to 3%.

Of the Sensex constituents, 23 stocks ended in the green and 7 in the red.

Globally, investors have heaved a sigh of relief tracking a host of factors like the United States suspending import tariffs on Mexico and China taking measures to boost local spending on infrastructure.

Besides, hopes that the US interest rates will be cut have also aided market sentiment.

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