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Equities trade higher, Nifty settles at 11,923

10 Jun 2019, 21:18 GMT+10

Mumbai (Maharashtra) [India], June 10 (ANI): Equity benchmark indices traded higher on Monday with decent gains in IT stocks during the last hour of the session.

The stock market opened higher and hit a fresh intraday high. However, profit booking emerged in around noon. The BSE SP Sensex finally closed 169 points higher at 39,785 while the Nifty 50 gained 52 points to settle at 11,923.

At the National Stock Exchange, sectoral indices were mixed. Nifty IT closed 1.6 per cent higher while FMCG was up 1.3 per cent. Auto, metal, pharma, and realty were also in the green.

Infosys, Tata Consultancy Services, ITC, and LT were among top contributors to the index while HDFC twins, Kotak Mahindra Bank, ONGC and Yes Bank were among the top laggards.

Among the stocks which gained were Britannia, Tech Mahindra, Tata Consultancy Services, Dr Reddy and Infosys.

However, JK Bank slumped over 12 per cent after the Jammu and Kashmir government removed Chairman Parvez Ahmad, and Anti-Corruption Bureau carried out a raid at the lender's corporate office in connection with alleged fraudulent appointments.

Shares of Suzlon Energy tumbled over ten per cent after reports that the electrical equipment manufacturer could not crack a deal with Danish Vestas Wind Energy for a stake sale.

Reliance Power closed nearly 7 per cent lower after the company reported a net loss of Rs 3,559 crore in the fourth quarter of FY19 compared to a profit after tax of Rs 189 crore in Q4FY18.

The other losers were Bharat Petroleum Corporation, Yes Bank, Coal India, GAIL and Indian Oil lost.

Meanwhile, Asian stock markets climbed on Monday after the United States dropped its threat to impose trade tariffs on Mexico in a deal to combat illegal migration from Central America.

Tokyo's Nikkei gained 1.2 per cent while shares in Hong Kong and Indonesia showed handsome gains. (ANI)

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