Equity indices swing upward led by PSU banks, FMCG stocks

Equity benchmark indices ticked up after initial losses on Thursday with Nifty PSU moving up by 5.8 per cent.

The BSE S&P Sensex closed 359 points or 0.71 per cent higher at 50,614 while the Nifty 50 advanced by 106 points or 0.71 per cent to 14,896. Except for Nifty IT which dipped by 0.4 per cent, all other sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank jumping by 5.8 per cent, FMCG by 2.4 per cent, metal by 1.9 per cent and realty by 0.9 per cent.

Among stocks, ITC was up by 6.1 per cent to Rs 230.05 per share. State Bank of India gained by 6.5 per cent to Rs 357.95 while Kotak Mahindra Bank rose by 3.2 per cent.

The other major winners were Bajaj Finance, Coal India, ONGC, JSW Steel and power utility major NTPC which gained between 2 and 5 per cent.

However, Asian Paints lost by 1.9 per cent to Rs 2,406 per share. The other losers included Cipla, Bharti Airtel, Tata Motors, Titan and Wipro.

Meanwhile, Asian shares dipped as tight liquidity conditions in China curbed buying after the country’s short-term interest rates rose again. But improving corporate earnings, expectations of large US stimulus and subsiding retail frenzy all supported risk sentiment.

Japan’s Nikkei lost by 1.06 per cent and South Korea’s Kospi by 1.35 per cent. The lacklustre start to Asian trade followed a tepid Wall Street session.