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Sensex soars as investors say ‘Yes’ to banks, FMCG

PTI
Updated: April 26th, 2018, 11:31 IST
in Business
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Mumbai: Benchmark Sensex vaulted over 212 points Thursday, riding on a stellar show by Yes Bank, as investors piled into consumption, IT and banking counters amid encouraging earnings.

Yes Bank was the top performer in the 30-share Sensex pack, surging 8.26 per cent, after the private lender reported a 29 per cent jump in its net profit (standalone) at Rs 1,179.40 crore for the March quarter.

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Covering up of pending short positions by speculators on expiry of the April derivatives contracts added to the momentum, brokers said.

The BSE Sensex took off on a positive note at 34,532.95 and advanced to the day’s high of 34,747.97 before ending at 34,713.60, up 212.33 points, or 0.62 per cent.

This is its highest closing since February 5, when it had finished at 34,757.16.

The 50-issue NSE Nifty ended at 10,617.80, up 47.25 points, or 0.45 per cent, after shuttling between 10,628.40 and 10,559.65.

Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors sold to the tune of Rs 304.79 crore Wednesday, provisional data showed.

Globally, there was a mixed trend in Asia and a higher opening in Europe as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields.

“Market surged in the closing hours of the F&O expiry day led by private banks on account of earnings positivity. IT stocks continued the positive momentum but PSU banks continued to be major laggards.

“Global markets were mixed ahead of the ECB interest rate decision scheduled today but the earnings positivity in the US kept the investors interested despite further rise in crude price and soaring bond yields,” said Anand James, chief market strategist, Geojit Financial Services.

Other Sensex gainers included HUL 2.17 per cent, TCS 2.09 per cent, ITC 1.61 per cent, Kotak Bank 1.41 per cent, Adani Ports 1.38 per cent, Infosys 1.27 per cent, IndusInd Bank 1.11 per cent, Hero MotoCorp 1.02 per cent, ONGC 0.89 per cent, HDFC Bank 0.68 per cent, M&M 0.63 per cent, Tata Motors 0.50 per cent, RIL 0.48 per cent, HDFC 0.36 per cent, Maruti Suzuki 0.29 per cent and NTPC 0.26 per cent.

However, Wipro shed 2 per cent after disappointing Q4 numbers.

Other losers were Bharti Airtel, falling 2.61 per cent, followed by Dr Reddy’s 2.09 per cent, SBI 1.71 per cent, Tata Steel 1.22 per cent, L&T 0.94 per cent, Coal India 0.62 per cent, Bajaj Auto 0.48 per cent, Asian Paints 0.46 per cent and Sun Pharma 0.34 per cent.

Among BSE sectoral indices, FMCG rose 1.25 per cent, IT 1.17 per cent, banking 0.86 per cent, teck 0.59 per cent, consumer durables 0.43 per cent, auto 0.33 per cent, metal 0.12 per cent and oil and gas 0.07 per cent.

On the other hand, realty fell 0.77 per cent, capital goods 0.51 per cent, PSU 0.36 per cent, healthcare 0.15 per cent and infrastructure 0.13 per cent.

The S&P BSE Small-Cap index rose 0.25 per cent, while the Mid-Cap index lost 0.02 per cent.

In global markets, oil prices rose on geopolitical concerns. Brent crude oil futures were trading higher at USD 74.53 per barrel while WTI crude oil traded at USD 68.41 per barrel.

Asian markets ended on a mixed note as investors digested the latest quarterly corporate earnings. In US, the Dow Jones industrial average closed higher for the first time in six sessions yesterday. (PTI)

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