Indian equity market rebounded in the last hour trading session after losing first half gains, post Prime Minister’s speech in the parliament over Indian economy. Both the indices gained over 1.15% on today’s trade, Nifty ended at 5471.80 up by 62.75 points while Sensex ended at 18619.72 up by 218.19 points.
PM said that the fundamentals of the Indian economy remained strong and emphasised the bright side of a weaker currency - more competitive exports that he predicted would be further boosted by better performance in the global economy.
Jindal Steel dropped on lower-than-expected buyback offer price announced by the company. The board decided to buyback shares at upto Rs 261 per share while analysts had expected it at around Rs 300 apiece. JSPL tumbled 22% till yesterday in the august month.
Among the sectoral indices CNX Dividend Opportunity (2.11%), CNX PSU Bank (2.00%) and CNX Pharma (1.92%) were top gainers. Meanwhile CNX Metal (-2.06%) was the biggest loser.
Out of the 50 stocks of Nifty 28 stocks ended in positive terrain while 22 stocks ended in negative.
Top 5 Nifty gainers: Bajaj Automobile (5.26%), CIPLA (5.05%), TCS (4.26%), HDFC (4.24%) and HUL (4.20%) were among top gainers.
Top 5 Nifty losers: Jindal Steel (-9.22%), Grasim (-3.16%), Ranbaxy (-2.63%), Tata Steel (-2.53%) and Hindalco (-2.43%) were top index losers.
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