D-Street Buzz: FM’s booster dose propels PSU banks higher; escalating trade war hammers metal stocks

Source: oneycontrol.com

Despite global markets in foul mood, Indian benchmark indices are trading on a positive note after Finance Minister Nirmala Sitharaman on August 23 unveiled a slew of measure to boost growth, increase liquidity, and revive consumer and investor sentiment in the Indian economy.

Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants.

Sensex is up 133 points at 36,833 mark while the Nifty gained 28 points and is trading at 10,857 level.

Nifty PSU bank is the outperforming sector, up 1.5 percent led by Indian Bank, Oriental Bank of Commerce, Central Bank of India, Bank of India and Punjab National Bank.

The media index also added over a percent led by Dish TV, Eros International Media, UFO Moviez, TV18 Broadcast, Zee Entertainment and DB Corp.

Realty stocks are also buzzing, the top gainers are Indiabulls Real Estate which spiked over 8 percent followed by Sobha, Godrej Properties and Prestige Estates.

Metal stocks have taken a hammering after the China-US trade war escalated, weighing further on global growth. The top losers include Tata Steel which tanked over 5 percent followed by Vedanta, JSW Steel, Jindal Steel & Power, 

Nifty IT is trading in the red dragged by Wipro, Tech Mahindra, Oracle Financial Services, Mindtree, Infosys and HCL Tech.India VIX spiked 4.84 percent and is trading at 18.19.

The top Nifty50 gainers include Indiabulls Housing Finance which is up close to 4 percent followed by  HDFC, Adani Ports, Bajaj Finance and Bajaj Finserv while the top losers are Tata Steel, JSW Steel, Vedanta, Hindalco Industries and Hero MotoCorp.

The most active stocks are State Bank of India, Indiabulls Housing, HDFC Bank, YES Bank and Maruti Suzuki.

Tata Steel, JSW Steel, Hindalco Industries, MRPL, IndusInd Bank, Mahindra CIE and Eicher Motors have hit new 52-week low on BSE.Among the Nifty50 names, 23 stocks advanced while 27 declined. On the BSE, 1211 stocks advanced, 804 declined and 103 remained unchanged.