August started with a market trend that favoured the bulls
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Broader markets closed flat on Monday as the action shifted to beaten down PSU banking shares where traders latched on to prices that are substantially below their book value. As a consequence, the banking sector was the top gainer in today's trade with the State Bank of India trading above its 200-day moving average. Meanwhile, the
The Bank Nifty rose 185 points to 18,914 post the report from CLSA that said it saw a slight glimmer of hope in the earnings of 5 PSU banks, where there was moderation in the formation of new stress loans. The delinquency ratio too had moderated to 4 percent of past year's loans from 5 percent in the fourth quarter.
This report acted like a shot in the arm of PSU lenders with all 18 PSU banks' futures posting smart gains. The trend in other sectoral indices was equally strong. CNX Auto, CNX Finance and CNX Media Indices were the top gainers.
On the
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The trend in the wider market favoured the bulls with 1,769 stocks gaining versus 1,142 that ended below Friday's close.
Trade was flat in the derivatives space with
Stocks that hit fresh 52 week highs were Aditya Birla Nuvo, Maruti, Bajaj Finance and Bajaj Finserv.
(Image credits: Indiatimes)
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