Closing Bell: Nifty retains 11,900 level, Sensex ends 168 pts up; Britannia, Tech Mahindra, TCS remain top gainers
The Indian indices on Monday ended on a positive note with 0.40% recovery from the last closing. The BSE Sensex surged 140 points and closed at 39,784 levels while the 50-stock Nifty index went up by 52 points, closing at 11,922 levels in the intraday trade.
The Indian indices on Monday ended on a positive note with 0.40% recovery from the last closing. The BSE Sensex surged 140 points and closed at 39,784 levels while the 50-stock Nifty index went up by 52 points, closing at 11,922 levels in the intraday trade. While the Bank Nifty index went down 32 points and closed at 31,034 levels. Britannia, Tech Mahindra, TCS, Infosys and Dr Reddy Labs were the major gainers today as BPCL, Yes Bank, Coal India, Gail and Tata Motors were among the major losers ending the trading day.
Speaking on the market outlook Prabhudas Lilladher said, ''RBI released a revised prudential framework for resolution of stressed assets (FRSA) with keeping core of the 12th Feb circular intact and tweaking with two major changes (i) providing breathing time of 30 days to regularize default from earlier 1day default (although we had understood bankers had 14 day space already) (ii) Banks will not push exposure to NCLT under the IBC if resolution plan (RP) is not implemented within 180days period and instead has introduced disincentives of higher additional provisions of 35% (20% on beyond 180D + 15% beyond 365D).''
Nifty, after touching the record high of 12,103, has now entered into a profit booking trading mode. Among sectors, except energy and PSU bank all other indices ended higher led by IT, FMCG, pharma, metal and infra. Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Information Technology Index's 1.74 per cent gain. FMCG, Telecom, Capital Goods, Metal and Teck sector gauges also rose between 0.6 and 1.6 per cent each.
''In our view, both the measures now provide fair and practical approach to resolve stress assets with banks having 210D to implement resolution & company's managements can still work beyond deadlines as they will be not pushed to NCLT in fear of losing out respective companies,''Prabhudas Lilladher added further.
Among Asian markets Japanese Nikkei 225 index surged 1.20 per cent, South Korean Kospi jumped 1.31 per cent high, Hang Seng moved 2.27 per cent upside, while the Shanghai index pushed 0.84 per cent up.