Nifty regains 11,000-level as crude oil slides; PSU banks, metals, energy, pharma stocks rally

The overnight steep fall in crude oil prices lifted stocks and sentiment bolstered after a report of finance ministry is likely to infuse about Rs 10,000 crore within a few days in some state-owned lenders

Press Trust of India July 18, 2018 11:18:54 IST
Nifty regains 11,000-level as crude oil slides; PSU banks, metals, energy, pharma stocks rally

Mumbai: The broader Nifty reclaimed the 11,000-level to finish at 11,008.05 today, propelled by a rally in PSU banks, metals, energy, pharma, media and banking counters following sharp fall in global crude oil, while finance ministry report on capital infusion state-owned banks lifted the sentiment.

The overnight steep fall in crude oil prices lifted stocks and sentiment bolstered after a report of finance ministry is likely to infuse about Rs 10,000 crore within a few days in some state-owned lenders including PNB, Corporation Bank and Central Bank of India, to help them meet the regulatory capital requirement.

The 50-share NSE Nifty reclaimed the 11,000-level at 11,008.05, gaining 71.20 points, or 0.65 percent, it shuttled between 11,018.50 and 10,925.60 in day trade. The broader midcap and smallcap company shares outperformed the key indices.

Overseas, most Asian markets declined as energy stock came under selling pressure amid overnight fall in crude oil prices.

Nifty regains 11000level as crude oil slides PSU banks metals energy pharma stocks rally

Representative image. Reuters

European shares rose ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony.

Sector-wise, PSU banks rose by 3.86 percent, followed by metals 1.72 percent, energy 1.66 percent, pharma 1.59 percent, media 1.43 percent, banks 1.23 percent, auto 1.20 percent, private banks 1.17 percent, realty 1.03 percent, financial services 0.90 percent and IT 0.01 percent, while FMCG fell by 1.01 percent.

Major index gainers were Hind Petro, IOC, Hindalco, Axis Bank and SBI. Index losers included HUL, Tech Mahindra, Bharti Airtel, Dr Reddy and Eicher Motors.

A total of 1,056 scrips advanced, 761 declined, while 82 remained unchanged, reflecting a positive undertone in the market.

Total securities that hit their price bands were 239. Turnover in the cash segment rose to Rs 28,288.38 crore from Rs 27,765.97 crore yesterday.

A total of 15,729.50 lakh shares changed hands in 10,790,611 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,45,52,448 crore.

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