Banking-Finance Shares Local Funds Stormy Rise

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(Gujarat News Correspondent) Mumbai, Ta. 28 April 2020, Tuesday

After the Reserve Bank of India (RBI) yesterday launched a Rs 50,000 crore special liquidity window for mutual funds following the Franklin Templeton fiasco, now the central government is signaling a massive economic stimulus package soon and global markets are expected to end in April today. The Sensex crossed the 32000 level with a stormy rally and no Phatine had to bring adjacent surfaces of 9400. In the banking sector, private bank IndusInd Bank today also declared a huge net loss after a weak quarterly result. Yesterday, the positive impact of the package for mutual funds led to offloading of local funds in the stocks of banking companies and reduced new major purchases. Shares of Sensex jumped 371.44 points to 32,114.52 and Nifty spot 98.60 points. Bounced off 9380.90.

The BSE Bankex index jumped 680.69 points to close at 23896.67 and the BSE Bankex index rose by 680.69 points to 23796.67 points. Was. Pharmaceutical-healthcare stocks turned bearish today after a steady rise in funds over the past several days due to the Corona epidemic. The BSE Healthcare Index fell 258.56 points to close at 15,398.11. The accumulated market capitalization of companies listed on the BSE today rose by Rs 67,000 crore to Rs 124.13 lakh crore. Funds were widely traded in the Indian stock market.

In banking stocks, IndusInd Bank's fourth-quarter net profit fell 16 per cent yesterday, despite weakening asset quality. On the contrary, funds rallied today, pushing the stock higher by Rs 61.55 to close at Rs 468.90. Shares of Axis Bank jumped by Rs 28.25 to Rs 455.55, despite a quarterly net loss of Rs 1,387.78 crore (up from Rs 1,505.06 crore in the same period last year). RBL Bank rose by Rs 9.45 to Rs 126.25, State Bank of India by Rs 3.45 to Rs 184.30 and Kotak Mahindra Bank by Rs 22.05 to Rs 1326.10.

Finance-NBFCs stocks were broadly bullish today. Mannapuram Finance jumped Rs 15.90 to Rs 130.35, Chaula Fin rose Rs 12.95 to Rs 147.20, Bajaj Finance rose Rs 184.85 to Rs 2229.40, LIC Housing Finance rose Rs 22.35 to Rs 276.75. 694.60, HDFC Ltd rose by Rs 123.30 to Rs 1715.65, Mahindra Finance by Rs 10.50 to Rs 154.15, Ujjivan by Rs 10.60 to Rs 175.50, Bajaj Finserv by Rs 237.25 to Rs 4855.20

Pharmaceuticals-healthcare stocks were selling profitably today. Alembic Pharma down Rs 55.50 to Rs 762.40, Lupine down Rs 42.40 to Rs 854.35, Sun Pharma down Rs 16 to Rs 473.80, Dishman down Rs 2.80 to Rs 84.20, Vimta Lab down Rs 2.55 to Rs78. Rs 77.20 down to Rs 2699.80, Biocon down Rs 10.95 to Rs 352.10, Cadila Healthcare down Rs 8.10 to Rs 325.85, Aurobindo Pharma down Rs 14.35 to Rs 619.25, Cipla down Rs 10.25 to Rs 598. 22.15 to Rs. 1647.85, Dr. Reddy's Laboratories fell by Rs. 31.15 to Rs. 3948.50.

Market breadth remained positive today as small, mid-cap, cash stocks continued to pick up high networth investors with funds. Out of the total 2555 scrips traded on the BSE, the number of gainers was 1284 and the number of losers was 1085. The only seller in 228 stocks had a bearish lower circuit, while the only buyer in 248 stocks had a bearish upper circuit.

With the Reserve Bank of India launching a Rs 50,000-crore liquidity lifeline for mutual funds today, local funds-local institutional investors (DIIs) continued to buy stocks for the second day in a row, with a net purchase of Rs 389 crore in cash. Of this, a total of Rs 3860.74 crore was sold against a total purchase of Rs 429.74 crore. Foreign Funds-Foreign Portfolio Investors-FIIs were selling net worth of Rs 122.15 crore in cash today-Tuesday. In which a total of Rs.4999.85 crore was sold against a total purchase of Rs.4877.70 crore.

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