Closing bell: Indices under pressure, Nifty nears 10,300; PSU banks drag | Indian Share Market

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Closing bell: Indices under pressure, Nifty nears 10,300; PSU banks drag

Sensex and Nifty indices shed gains it recorded in early trade on Thursday.   Earlier in the day, Indian shares edged higher, extending gains to a sixth
straight session as IT firms advanced while bonds slid, sending the benchmark 10-year yield up as much as 6 basis points after oil prices hit a two-year high,  Reuters reported. Analysts said the market was consolidating for want of fresh triggers, after the earnings season wound down, having hit record levels earlier this month.

The benchmark indices pared all its gains to slip in red in the afternoon trade with the Nifty heading towards 10,300 as the market consolidated in want of fresh triggers after the earnings season wound down.

PSU banks also dragged the indices with the Nifty PSU Bank being the leading sectoral loser. The index had closed 1.26% higher on Wednesday following the cabinet’s approval to amend the Insolvency and Bankruptcy Code.

Meanwhile, a rally in oil prices continued to reduce expectations of rate cuts ahead of the Reserve Bank of India’s policy meeting early next month.

Overseas, moves in Asian share markets were mostly minor with Japanese markets closed for a holiday and the United States off for Thanksgiving.

3.00 pm IST
President approves ordinance to amend bankruptcy code  The ministry of finance said that the President has given assent to the ordinance
to amend the Insolvency and Bankruptcy Code.

2.31 pm IST
Market update
BSE Sensex traded lower by 27.25 points, or 0.08%, at 33,534.30, while the Nifty  50 fell 9.75 points, or 0.09%, to 10,322.55.

source: livemint.com

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