Stock market gains for sixth day

The Sensex and Nifty gained for the sixth day in a row. The Sensex was up 353 points and the Nifty was up 88 points on August 28. Bank stocks led the gains on the day. IndusInd Bank was the top gainer with a gain of 12 per cent.

The Nifty closed above 11,600 points. The Nifty has crossed the pressure level. The next small pressure is at 11,800 points.

The Sensex closed at 39,467 points August 28. It had gained 39,579.58 points during trading. The day’s low was 39,235.03 points. Similarly, the Nifty closed at 11,647 points. Nifty rose to 11,686 points. The day’s low was 11,589 points.

Twenty-four stocks in the Nifty gained while 26 stocks lost ground. IndusInd Bank, Axis Bank, UPL, SBI and ICICI Bank were the top five gainers of the day. Axis Bank rose 7.87 percent. Shares of UPL, SBI, ICICI Bank and Sun Pharma rose above 4 per cent.

Banking stocks rose sharply. The Nifty banking index rose by 4.19 per cent. IndusInd Bank (12.08 per cent), Federal Bank (8.11 per cent), Axis Bank (7.87 per cent) and Bank of Baroda (5.95 per cent) were the top gainers. Excluding HDFC Bank, 11 stocks in the Nifty Bank Index gained over 2 per cent.

JSW Steel, Hero Motors, Dr Reddy’s Laboratories, Powergrid and Infosys are the top five losers in the Nifty on the day. JSW Steel was down 3 per cent and Hero Motors was down 2.67 per cent.