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Sensex, Nifty end a tad higher; banking, auto stocks save the day

Sensex, Nifty end a tad higher; banking, auto stocks save the day
August 16
16:33 2019

MUMBAI: Benchmark indices Sensex and Nifty pared early losses to settle marginally higher on Friday, helped by fag-end buying mainly in banking and auto stocks tracking an uptrend in most Asian markets. After swinging 470 points during the day, the 30-share Sensex settled 38.80 points or 0.10 per cent, higher at 37,350.33. It hit an intra-day high of 37,444.45 and a low of 36,974.41. The broader NSE Nifty gained 18.40 points, or 0.17 per cent, to close at 11,047.80. During the day, it hit a high of 11,068.65 and low of 10,924.30.

During the week, the Sensex lost 231.58 points or 0.60 per cent; while the NSE Nifty gave up 61.85 points or 0.55 per cent. Yes Bank was the biggest gainer in the Sensex pack, rallying 3.79 per cent. It was followed by PowerGrid, Maruti Suzuki, IndusInd Bank and Axis Bank — rising up to 2.85 per cent. On the other hand, TCS, Vedanta, HCL Tech, HDFC and RIL fell up to 1.87 per cent. Concerns over the economic slowdown, weak earnings and global trade volatility have been weighing on investor sentiment, experts said.

In view of the fast-spreading slowdown in various sectors, the Indian government on Thursday reviewed the state of the economy. India’s economic growth has slowed to 6.8 per cent in 2018-19 – the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has plateaued. International trade and currency war are further aggravating the problem.

Meanwhile, the Indian rupee appreciated 15 paise to 71.12 against the US dollar intra-day. Elsewhere in Asia, Shanghai Composite Index, Hang Seng and Nikkei ended in the green, while Kospi settled lower. Equities in Europe were trading on a positive note in their respective early sessions. Brent crude futures, the global oil benchmark, rose 1.89 per cent to USD 59.33 per barrel.

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