Markets Live: Sensex ends at 3-month high of 34,714; YES Bank stocks spurt 8.3%

Closing bell

The Sensex rebounded by over 210 points to end at a nearly three-month high of 34,713.60 on buying by domestic investors in FMCG, IT, banking and TECk stocks amid firm European cues.

Covering-up of pending short positions by speculators on expiry of April derivatives contracts and encouraging earnings by YES Bank aided the uptrend.

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

 

The BSE index opened on a positive note at 34,532.95, touched the the day’s high of 34,747.97 and a low of 34,505.62. It ended at 34,713.60, up 212.33 points, or 0.62 per cent. This is its highest closing since February 5, when the index had finished at 34,757.16.

The NSE index closed at 10,617.80, up 47.25 points, or 0.45 per cent, after hovering between 10,628.40 and 10,559.65.

Meanwhile, domestic institutional investors had bought shares worth Rs 435.98 crore, while foreign portfolio investors sold to the tune of of Rs 304.79 crore yesterday.

European markets

The STOXX 600 inched up 0.2 per cent by 0833 GMT, enjoying a timid bounce from the one-week lows hit in the previous session, when anxiety over rising bond yields jolted risky assets. Read more

 

YES Bank shares spurt over 11%

YES Bank shares jumped as much as 11.1 per cent to a high of Rs 361.20 as the lender has posted a 29 per cent increase in fourth-quarter profit owing to higher interest income. Read more

 

The Sensex surged nearly 220 points on heavy buying in FMCG, IT and bank stocks on account of April derivatives expiry. The BSE index surged 217.03 points or 0.63 per cent to 34,718.30 and the NSE index jumped 54.3 points or 0.51 per cent to 10,624.85.

YES Bank shares jumped as much as 8.6 per cent to a high of Rs 353.15 as the lender has posted a 29 per cent increase in fourth-quarter profit owing to higher interest income.

Top five Sensex gainers were YES Bank, HUL, TCS, IndusInd Bank and Infosys, while the major losers were Bharti Airtel, Dr Reddy's, Wipro, State Bank of India, and Tata Steel.

 

YES Bank net profit jumps 29%

Net profit rose to Rs 1,179 crore ($176.50 million) in the quarter ended March 31, from Rs 914 crore a year earlier. The board has approved a dividend of Rs 2.7 per share. Read more

 

Pre-close trade

The Sensex was trading higher by nearly 70 points on short-covering in FMCG, IT and TECk stocks ahead of April derivatives expiry.

The BSE index was up 65.99 points or 0.19 per cent at 34,576.26 and the NSE index up 2.55 points or 0.02 per cent at 10,573.10.

YES Bank shares jumped over 7 per cent as the lender has posted a 29 per cent increase in fourth-quarter profit, helped by higher interest income.

Net profit rose to Rs 1,179 crore ($176.50 million) in the quarter ended March 31, from Rs 914 crore a year earlier, the Mumbai-based bank said in a statement.

Encouraging results and a recovery among industrials helped European stock markets, while earnings disappointments weighed heavily on some stocks including Germany's Lufthansa and Kion.

The STOXX 600 inched up 0.2 per cent by 0833 GMT, enjoying a timid bounce from the one-week lows hit in the previous session, when anxiety over rising bond yields jolted risky assets.

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Mid-session trade

Domestic indices were trading flat as the sentiment was subdued ahead of the expiry of derivatives contracts and as investors awaited March-quarter results from private sector lenders Axis Bank and YES Bank Ltd.

“There is caution given the F&O expiry and stock specific moves will continue in the earnings season. Global macros are also worrisome,” said Siddharth Sedani, Vice-President - Head Equity Advisory at Anand Rathi.

At 1.30 pm local time, the Sensex was trading up 47.74 points or 0.14 per cent at 34,549.01 and the Nifty up 1.7 points or 0.02 per cent at 10,572.25.

Among BSE sectoral indices, FMCG, IT and TECk remained investors' favourite, while oil & gas, PSU, capital goods and infrastructure succumbed to selling pressure.

 

Top five Sensex gainers were IndusInd Bank, TCS HUL, Tata Motors and Infosys, while the major losers were Wipro, Bharti Airtel, L&T,Axis Bank and State Bank of India.

 

Meanwhile, on a net basis, domestic institutional investors had bought shares worth Rs 435.98 crore, while foreign portfolio investors sold shares worth Rs 304.79 crore yesterday.

 

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Domestic indices were trading flat as the sentiment was subdued ahead of the expiry of derivatives contracts and as investors awaited March-quarter results from private sector lenders Axis Bank and YES Bank Ltd.

“There is caution given the F&O expiry and stock specific moves will continue in the earnings season. Global macros are also worrisome,” said Siddharth Sedani, Vice-President - Head Equity Advisory at Anand Rathi.

At 12 noon local time, the Sensex was trading up 28.43 points or 0.08 per cent at 34,529.70 and the Nifty down 2.35 points or 0.02 per cent at 10,568.20.

Among BSE sectoral indices, FMCG, IT, realty and auto found investors' support, while PSU, oil & gas, power and infrastructure succumbed to selling pressure.

Top five Sensex gainers were Reliance, TCS, Tata Motors, IndusInd Bank and M&M, while the major losers were Wipro, Bharti Airtel, Axis Bank, ONGC and Tata Steel.

 

The 10-year US Treasury yield set a fresh four-year high of 3.035 percent on Wednesday, driven by worries about the growing supply of government debt and inflationary pressures from rising oil prices. But, robust corporate earnings helped quell concerns and Asian shares gained.

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Gold hovers near 5-week low

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Dollar trading near 3-1/2 month high

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The benchmark BSE Sensex was trading higher by over 70 points due to short-covering by funds and retail investors ahead of April derivatives expiry later in the day.

The BSE index was up 72.98 points or 0.21 per cent at 34,574.25 and the NSE index up 17.85 points or 0.17 per cent at 10,588.40.

Brokers said sustained buying by domestic institutional investors and a firm trend in Asian markets tracking overnight gains at Wall Street mainly influenced the domestic sentiment.

Top five Sensex gainers were Reliance, TCS, Sun Pharma, M&M and HUL, while the major losers were Wipro, Axis Bank, ONGC, Hero MotoCorp and Bajaj Auto.

 

Among BSE sectoral indices, realty index gained the most followed by IT, FMCG and healthcare, while PSU, oil & gas, power and capital goods succumbed to selling pressure.

 

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan bounced back from three-week lows plumbed the previous day and gained 0.35 per cent. South Korea's KOSPI climbed 1.2 per cent, with tech shares buoyed after Samsung Electronics posted a record quarterly profit. Read more

 

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What to watch

Axis Bank, YES Bank and SBI Life are among a host of companies that will declare their quarter and full-year results for the period ended March 2018 today. Read more

 

Hazel International FZE, wholly-owned subsidiary of Veritas India in the UAE, has commercially commissioned its Tank Terminal with a capacity of about 175,000 cbm at Sharjah, UAE. Shares of Veritas were trading down 0.15 per cent at Rs 172 on the BSE. Read more

Narayana Hrudayalaya has wound up its subsidiary in Malaysia which was registered as a wholly-owned subsidiary of Narayana Hrudayalaya in 2011 to set up and operate cardiac facilities in Malaysia. Read more

 

Day Trading Guide

 

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1917 • HDFC Bank

 

₹1160 • Infosys

 

Click here to view the full guide

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The S&P 500 and the Dow Jones Industrial Average ended up after a choppy session, with the Dow ending a five-day losing streak, but the Nasdaq posted its fifth straight loss, weighed down by technology stocks. Read more

 

Opening bell

The Sensex opened higher by 31.68 points at 34,532.95 against the previous close of 34,501.27 and the Nifty up 7.4 points at 10,577.95 against 10,570.55.

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