Equity indices subdued, Nifty PSU bank up 3.2 per cent


Mumbai (Maharashtra), July 8 (ANI): Equity benchmark indices were flat with a negative bias during early hours on Wednesday tracking mixed Asian cues and the India-China geopolitical de-escalation.

However, a continued surge in coronavirus cases cast doubts over the economic recovery and weighed on investor sentiment.

Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 3.2 per cent and metal by 1 per cent. Nifty auto, IT and realty were in the red.

Among stocks, IndusInd Bank rose by 4.6 per cent to Rs 550.95 per share after reports said US-based hedge fund Route One Investment Company is in talks to increase its stake in the private lender.

HDFC Bank rose marginally by 0.9 per cent while State Bank of India edged higher by 2.15 per cent to Rs 192.65 per unit. Pharma majors Dr Reddy’s and Cipla witnessed thin positive margins.

Metal stocks were up with JSW Steel moving up by 3.2 per cent, Tata Steel by 1.8 per cent and Hindalco by 1.7 per cent. However, among the losers were Axis Bank, ICICI Bank, Adani Ports, Infosys and Maruti Suzuki.

Meanwhile, Asian stocks showed mixed trends as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery. That led some investors to cash in on recent gains ahead of earnings season.

Japan’s Nikkei added 0.11 per cent and Hong Kong’s Hang Seng index rose by 0.39 per cent. (ANI)

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