Stocks Rally Continued For Three-Day; Nifty PSU Bank zooms

Domestic market indices edged higher on Wednesday’s session with the nifty finished below at 11,700, driven by banks and IT stocks.

At close, the BSE Sensex scaled at 39215.64 up by 84.60-pts higher while the NSE Nifty ended at 11687.50, up 24.90 points.

Indiabulls Housing, Zee Entertainment, UPL, Hindalco and SBI were the top gainers on the Nifty while Yes Bank, EicherMotors, Gail India, Maruti Suzuki and ONGC were the top losers.

Sectorally, Nifty PSU banks were the biggest index gainers, up by 1.12%, with gains in Bank of Baroda, SBI and Canara Bank upto 3.80%, followed by  gains in FMCG up by 0.84% and Nifty  IT sector, up by 0.61%, whereas the  Nifty Pharma (-0.21%) and Auto index (-1.02)  were the top laggards in trade.

Shares of DCB Bank declined 16.60% after the Q1 result showed an uptick in the bank’s bad loan ratio, with the gross NPAs rising to 1.96% year on year.

Shares of HDFC Asset Management Company settled 3.94% at Rs2068.80 after the company reported strong Q1-quarter earnings, with net profit rising 42%, year on year.