Business

Most of sectoral indices on NSE closed higher.Domestic stock markets closed in green amid cautious trade on first trading day of calendar year 2019.
The SP BSE Sensex ended 186.24 points or 0.52 per cent higher at 36,254.57 on Tuesday, while broader Nifty50 of National Stock Exchange (NSE) finished at 10,910.10, up 47.55 points or 0.44 per cent from previous close.
Thirty-two out of 50 Nifty stocks finished session with advances.
Top gainers on 50-scrip index were Bharti Airtel, HDFC, State Bank of India, Bharat Petroleum and Bharti Infratel, which settled between 2.99 per cent and 1.54 per cent higher.Most of sectoral indices on NSE closed higher.
The Nifty Financial Services, comprising financial services stocks, gained 1 per cent whereas Nifty PSU Bank rose 1.59per cent.Analysts attributed rise in banking stocks to Reserve Bank of IndiaGovernor Shaktikanta Das' statement that banking sector is on "course to recovery" as afflicting non-performing assets recede.The asset quality of banks showed improvement with gross non-performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, Reserve Bank of India (RBI) said in its Financial Stability Report on Monday.Bharti Airtel, HDFC, Yes Bank and HDFC Bank shares led advances on Sensex."On New Year day, bulls staged a strong comeback after witnessing early fall on Indian indices.
Nifty managed to close above 10,900 levels led by financials despite lack of global triggers With Corporate earnings to start from next week, liquidity and sentiment are set to drive market in short term," Hemang Jani, head - advisory, Sharekhan by BNP Paribas, was quoted as saying in a report by news agency Press Trust of India.However, weakness in auto stocks limited gains.
The Nifty Auto closed 0.57 per cent down.Shares in Mahindra Mahindra were top drag on both benchmark indices, finishing 3.8 per cent lower on NSE.
The auto maker, during market hours on Tuesday, reported an increase of 1.4 per cent in total sales to39,755 units in December 2018, from 39,200 units in corresponding month in previous year.Auto sales numbers for December month announced so far came on mixed note, said Mr Jani.Maruti Suzuki India reported a decline of 1.3 per cent in total sales to 1,28,338 units in December, from 1,30,066 units in previous month.
Shares in Maruti Suzuki India closed 0.15 per cent higher on NSE.Analysts expect markets to move sideways over next few months."We're looking at a flattish market with a target of 10,400 - 11,000 for Nifty in first six months.
There is uncertainty with respect to global liquidity," Dhananjay Sinha, head-institutional research, economist and strategy at Emkay Global Financial Services, was quoted as saying in a report by news agency Reuters.The Sensex and Nifty logged their third consecutive annual gain, rising 5.9 per cent and 3.2 per cent for year 2018 respectively.
The BSE benchmark index added a total of 2,011 points in year.(With agency inputs)





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