Sensex extends gains; Yes Bank soars 13 pc

PTI
Wednesday, 11 September 2019

The 30-share index settled 125.37 points, or 0.34 per cent, higher at 37,270.82. Similarly, the broader NSE Nifty rose 32.65 points, or 0.30 per cent, to finish at 11,035.70.

MUMBAI: Equity benchmark BSE Sensex ticked higher for the third session on the trot on Wednesday, fuelled by gains in banking and auto stocks amid firm cues from other Asian markets.

The 30-share index settled 125.37 points, or 0.34 per cent, higher at 37,270.82. Similarly, the broader NSE Nifty rose 32.65 points, or 0.30 per cent, to finish at 11,035.70.

Investor sentiment has revived amid indications of more steps from the government to shore up growth, while global equities rose on hopes of a trade truce between the US and China, analysts said.

China on Wednesday announced it would exempt 16 categories of products from US tariffs, ahead of a fresh round of trade negotiations next month.

Yes Bank was the biggest gainer in the Sensex pack, rallying 13.47 per cent, following reports that digital payments major Paytm may buy a stake in the lender from co-founder Rana Kapoor.

Tata Motors, Maruti, Tata Steel, Vedanta, Bajaj Auto, IndusInd Bank, SBI, Hero MotoCorp, M&M, Asian Paints, Axis Bank, RIL and L&T too jumped up to 10.21 per cent

On the other hand, ONGC, HCL Tech, NTPC, Sun Pharma, TCS, Bajaj Finance, PowerGrid, Tech Mahindra and Infosys were among the top losers on the index, shedding up to 2.93 per cent.

"The Indian markets are showing signs of stabilising and inching towards recovery. The headline index (Nifty) is up for the fifth straight day as comments from the Finance Minister have contributed to stabilising market sentiments. The improved focus of the government to boost economic recovery are being priced in.

"Further, signals indicating China will move to lessen trade war repercussions and global stimulus have helped global markets recover from growth worries," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Finance Minister Nirmala Sitharaman on Tuesday said the government has set up a task force to boost investments in infrastructure projects and is in the process of identifying sectors which need funding from the Centre.

Sectorally, BSE realty, auto, metal, basic materials, industrials, bankex, finance and telecom indices gained up to 4.45 per cent.

However, IT, teck, FMCG, oil and gas and utilities ended up to 1.29 per cent lower.

The broader BSE midcap and smallcap indices rallied up to 1.43 per cent.

Elsewhere in Asia, Hang Seng, Nikkei and Kospi settled significantly higher, while Shanghai Composite Index ended in the red.

Exchanges in Europe were trading in the green in their respective early sessions.

The Indian rupee appreciated by 2 paise (intra-day) to trade at 71.68 per US dollar.

Global oil benchmark Brent crude was trading 0.82 per cent higher at USD 63.20 per barrel. 

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