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Sensex jumps 130 points; Nifty reclaims 10,800 level

Wednesday, January 09, 2019

Benchmark equity indices ended higher for the third straight session yesterday on widespread buying in banking stocks towards the fag end amid fresh inflows by foreign funds and positive global cues.

The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.

Both indices traded in the negative zone through most part of the session as investors booked profits in recent gainers amid weakness in the rupee due to rise in global crude prices.

However, with the emergence of buying towards the close of the session, Sensex wiped off losses and hit a high of 36,037.35 before settling 0.36% higher.

The index had rallied 336.45 points in the previous two straight sessions.

The 50-share NSE Nifty settled 0.28% higher. Intra-day, it touched a low of 10,733.25 and a high of 10,818.45.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, banking stocks remained in focus after the RBI governor on Monday expressed satisfaction over the performance of the banking sector by saying bad loans have declined, particularly that of state-owned banks.

"Also the sharp moderation in bond yields should significantly boost the treasury performance of the banking sector," he pointed out.

Market traded on a range-bound with a positive bias in which PSU banks led the gains on account of improving non-performing asset (NPA) resolution along with capital infusion and depressed valuation, said Vinod Nair, Head of Research, Geojit Financial Services.

Investors have some caution ahead of corporate earnings and a hope over ongoing US and China trade meeting, he added.

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