Top gainers, losers today: Power Grid, Bajaj Finance, Jio Financial Services, Reliance Industries; check full list
lending rate by 10 basis points. However, it surprised analysts by keeping the five-year rate unchanged. Analysts expected both rates to go down by 15 basis points (bps) as China, the world's second-largest economy, is facing problems like falling property prices, less spending, and decreasing credit growth.
‘’The potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights,'' said Vinod Nair, Head of Research at Geojit Financial Services. Financials rose 0.46 per cent after a seven-day losing run in which they shed about 3 per cent.
Bajaj Finance gained 2.75 per cent, snapping a five-session losing streak. Jio Financial tumbled 5 per cent in its market debut and closed at the lower circuit. That led parent Reliance 1.44 per cent lower, with both stocks among the top Nifty losers.
Sensex ended the session with a gain of 267 points, or 0.41 per cent, at 65,216.09 while the Nifty50 rose 83 points, or 0.43 per cent, to settle at 19,393.60. Mid and smallcaps outperformed the benchmark. The BSE Midcap and Smallcap indices ended 0.87 per cent and 0.71 per cent higher, respectively.
‘’Participants shouldn’t read much into intermediate rebound or a pause until Nifty decisively reclaims 19,650 levels or forms a reversal pattern. And, we recommend continuing with stock-specific trading approach and maintaining a focus on risk management,'' said Ajit Mishra, SVP - Technical Research, Religare Broking. Top gainers: Power Grid Corporation(2.74%), Bajaj Finance (2.70%), IndusInd Bank (2.065), Bharti
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