Led by PSU banks, Nifty closes above 20K for first time ever

Representational photo. (IANS Photo)

Representational photo. (IANS Photo)

Mumbai, September 13 (IANS): Most of the sectoral indices were in green at the closing on Wednesday, as Nifty PSU Bank led the way with gains of 4.23 per cent, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.

While the Nifty 50 index climbed 76.8 points to close above the 20,000-mark at 20,070 for the first time ever, the BSE Sensex was up 245.86 points to close at 67,466 on Wednesday. Thirteen of the 15 Nifty sectoral indices ended in the green in Wednesday's session.

Lower deposit-to-credit ratio, focusing more on high-yield products, and introducing technology into PUS banks will all help the sector's banks attracting more investors by boosting profitability and fostering development, Vidwani said.

The CPI for India dropped to 6.83 per cent in August from 7.44 per cent in July. In addition, there was unexpected rise in industrial production to 5.7 per cent in July from 3.7 per cent in June.

Meanwhile, Coffee Day Global and IndusInd Bank have notified the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) that they had achieved a settlement and dropped their insolvency lawsuits. The order admitting Coffee Day Global to insolvency was overturned after NCLAT took their comments into account, Vidwani said.

Coal India, Grasim Industries, Bharti Airtel, Tata Consumer Products and Titan Company were among the top gainers on the Nifty, while the losers included HDFC Life, L&T, M&M, Adani Ports and Cipla.

Volumes on the NSE were a bit lower than recent average. The small-cap index rose more than the Nifty even as the advance decline ratio rose sharply to 1.94:1.