Posted On September 7, 2016 By In Business And 1010 Views

Sensex Trades In Narrow Range, PSU Banks Surge

PSU banking stocks witness strong buying. The Nifty PSU index surges 4.2 per cent on the back of buying in Canara Bank (up 9 per cent), Punjab National Bank (up 7.2 per cent), Union Bank of India (up 5 per cent), Oriental Bank of Commerce (up 4.3 per cent), Andhra Bank (up 4.13 per cent) and State Bank of India (up 3.7 per cent).

Shares of Oil India rose nearly 4 per cent today even as the company’s standalone net profit dropped 33.47 per cent in the quarter ended June 30, 2016.

The stock after a positive opening further gained 3.27 per cent to Rs 402 on BSE. At NSE, shares of the company rose 3.72 per cent to Rs 402.

 State-run Oil India’s standalone net profit dropped 33.47 per cent to Rs 494.41 crore in the quarter ended June 30, compared to the same period last fiscal.
Shares of Vedanta Limited jumped as much as 3.55 per cent today to hit fresh 52-week high of Rs 180.80. But shares of Vedanta group company Cairn India fell as much as 0.83 per cent to hit intraday low of Rs 201.30.

Mining and metal conglomerate Vedanta Resources on Tuesday said its shareholders have approved the merger of its group firms Vedanta Limited and Cairn India. London-listed Vedanta Resources, controlled by billionaire Anil Agarwal, is the parent of Vedanta Limited.

A merger between Vedanta Limited and Cairn India would create a metal and energy behemoth, with activities spanning from oil to metals.

Stock markets trade in a narrow range. Sensex slips 5 points to 28,973 and Nifty slips 10 points to 8,933.
Sensex gains some momentum in noon trade with the benchmark index rising nearly 60 points, The Nifty traded near 8,950 levels. Strong buying was seen in PSU banking stocks with the sub-index (Nifty PSU Bank) surging 3.5 per cent. Among largecaps, Bank of Baroda and SBI have rallied close to 3 per cent.


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