Domestic indices rose on Monday amid buying action in banks and easing crude oil prices and geopolitical tensions. Global markets also lent support to sentiments back home.
Domestic benchmark equity indices experienced a decline on Friday, primarily due to weakness in the financial sector. However, these losses did not overshadow the weekly gains, which were fueled by a post-results rally in key index constituents and reduced concerns regarding the Middle East.
The National Company Law Appellate Tribunal (NCLAT) has dismissed all three applications by SBI against the liquidation value of IL&FS Tamil Nadu Power Company Ltd (ITPCL) provided by the debt-ridden firm s lead banker PNB. The tribunal found no error in fixing the liquidation value as of 30.09.2018, as per the RBI circular. Over 90% of lenders by value and 75% by numbers have already approved the ITPCL restructuring plan.
But overall stock-specific action is clearly there in the market. The sectors which have already shown the breakout in the recent past are continuously showing the buying interest.