Sensex recovers to end moderately higher, banking stocks rally1 min read . Updated: 11 Nov 2019, 04:16 PM IST
- The Nifty Bank index rose over 1%
- Some selling pressure was seen in TCS and RIL
Indian markets recovered in late trade to close marginally higher today, supported by gains in banking stocks. The Sensex ended 21 points higher at 40,345 while Nifty settled 0.04% higher at 11,912. The index for banking stocks, Nifty Bank, gained 1.2%.
Among the banking stocks, Yes Bank rose 6% while ICICI Bank and IndusInd Bank gained about 1.5% each. Axis Bank, SBI and Kotak Bank gained between 1% and 1.5%.
Elsewhere, shares of Bank of Baroda, which announced earnings after market hours on Friday, rose 3%. The public sector lender reported a five-fold jump in net profit to ₹736 crore for the quarter ended September.
Some selling pressure was seen in heavyweights Reliance Industries, TCS and Infosys with stocks falling 1.2%, 1.4% and 0.7% respectively.
"Nifty faces resistance near 12000-12035 zone and any decisive break above this can push the index towards 12300 zone. Immediate strong support for the index is coming near 11,850 zone and overall support is coming near 11,700 zone," he said Rohit Singre, senior technical analyst at LKP Securities.
In the near term, "we may see some consolidation move in the range of 12000-11700 zone and either side breakout will decide the final direction," he added.
Apart from IT, some selling pressure was also seen in auto and FMCG stocks. ITC and HUL declined about 0.4% and 0.5% respectively.
"We continue to maintain our cautious stance on Indian markets given the recent run up. Going forward, last leg of earnings announcement, key data like CPI/WPI and IIP is likely to induce volatility into the markets. On the global front, market participants would keep a close watch on trade developments between US-China as the two approach closer to sign phase one of the trade deal," said Ajit Mishra, vice president for research at Religare Broking Ltd.
Some buying was also seen in the broader markets. The BSE midcap index rose 0.35% while the smallcap index 0.20%