Banks Rule the Roost as Sensex Crosses 54K

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Banks Rule the Roost as Sensex Crosses 54K

By Aditya Raghunath -- It was a long time coming but when it did, it did so with a bang. For the whole of July, the BSE Sensex 30 was rangebound between 52,000 - 53,000, and then in two days, it crossed 53,000 and then 54,000.

Sensex closed higher by 1.02% at 54,369 today and the Nifty 50 gained 0.79% to close at 16.259. Banks and financial services led the charge in the markets today. Housing Development Finance Corporation Ltd (NS: HDFC ) closed up 4.59% followed by Kotak Mahindra Bank Ltd. (NS: KTKM ) at 3.89% and ICICI Bank Ltd (NS: ICBK ) at 3.14%. State Bank Of India (NS: SBI ) and HDFC Bank Ltd (NS: HDBK ) gained over 2% each. Nifty Bank closed up 2.33%.

Vodafone Idea Ltd (NS: VODA ) closed down almost 19% after the government didn’t respond to Kumar Mangalam Birla’s letter asking the government to take over promoter stake in the company.

US stocks are set to open mixed later, pulling back only slightly from a record close in the S&P 500 . At the time of this report, Dow Jones 30 Futures and S&P 500 Futures were down less than 0.1% each while Nasdaq 100 Futures were up 0.1%.

Asia stocks were mixed with Nikkei 225 closing down 0.21% while KOSPI 50 closed up 1.34% and the Shanghai Composite closed up 0.85%.

Crude oil has fallen back to $70 levels as COVID delta cases continue to spread.

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