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Business Market 16 Jul 2019 Sensex rises 234 poi ...

Sensex rises 234 points; Yes Bank soars 11 per cent

PTI
Published Jul 16, 2019, 4:19 pm IST
Updated Jul 16, 2019, 4:19 pm IST
The 30-share barometer swung 329 points during the day between an intra-day high of 39,173.89 and a low of 38,845.27.
The broader NSE Nifty ended 72.70 points or 0.63 per cent up at 11,661.05. (Photo: AP)
 The broader NSE Nifty ended 72.70 points or 0.63 per cent up at 11,661.05. (Photo: AP)

Mumbai: Market benchmark BSE Sensex rose by 234 points to close at 39,131.04 on Tuesday, extending gains for the second straight day as Reliance Industries, Yes Bank, Larsen & Toubro and Infosys advanced.

The 30-share barometer swung 329 points during the day between an intra-day high of 39,173.89 and a low of 38,845.27. The broader NSE Nifty ended 72.70 points or 0.63 per cent up at 11,661.05. During the day, the index hit a high of 11,670.05 and a low of 11,573.95.

 

Yes Bank was the biggest gainer in the Sensex pack, rallying 11.48 per cent amid reports that private equity firms have showed interest in buying a major stake in the private sector lender.

Tata Motors jumped 5.53 per cent after reports suggested that its British brand JLR has secured a loan guarantee from the UK government.

Sun Pharma, NTPC, PowerGrid, Tata Steel, Axis Bank, L&T, HUL, Asian Paints, RIL and SBI rose up to 5.53 per cent. Infosys continued to rise for a second day after its quarterly results, gaining 0.71 per cent.

On the other hand, TCS, M&M, HCL Tech, Kotak Bank, TechM, Bharti Airtel and HDFC Bank fell up to 1.86 per cent. "Indian markets are showing resilience as we move into earnings season," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

 

The market has clearly factored in dismal earnings, but is cheering the decline in interest rates, improving liquidity as well as incremental positive news on resolution of some of the large stressed assets, he pointed out.

Bond yields slid for a fifth straight day to 6.34 per cent, a 2.5-year low mark on the hopes of further rate cuts post three consecutive rate cuts announced by the RBI so far in 2019, he said, adding that yields have come off by almost a percentage point since beginning of the fiscal year.

Elsewhere in Asia, Shanghai Composite Index and Nikkei ended in the green, while Hang Seng and Kospi settled in the red. Equities in Europe were trading higher in their respective early sessions.

 

On the currency front, the Indian rupee depreciated 10 paise to 68.65 against the US dollar (intra-day). Meanwhile, the global oil benchmark Brent crude futures were trading 0.36 per cent higher at USD 66.72 per barrel. 

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