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Rediff.com  » Business » Sensex surges over 200 points, Nifty reclaims 10,700 mark

Sensex surges over 200 points, Nifty reclaims 10,700 mark

November 28, 2018 17:01 IST

The rally was led by IT stocks, with TCS and Infosys rising up to 5 per cent. Yes Bank, on the other hand, was the biggest loser on both the bourses, cracking nearly 12 per cent

The BSE Sensex rose for the third straight session on Wednesday, gaining over 200 points on short-covering ahead of November derivatives expiry and positive global cues amid rising hopes of a trade deal between the US and China.

 

In similar movement, the broader NSE Nifty reclaimed the 10,700 level.

The 30-share Sensex settled 203.81 points, or 0.57 per cent, higher at 35,716.95, while the broader NSE Nifty jumped 43.25 points, or 0.40 per cent, to finish at 10,728.85.

According to analysts, positive global market and short-covering ahead of November future and options (F&O) expiry led the indices to extend their rally.

"Market has largely factored the earnings downgrade post Q2 results and valuation has got more rational due to tailwinds in domestic macros," they added.

The rally was led by IT stocks, with TCS and Infosys rising up to 5 per cent.

IndusInd Bank, RIL, PowerGrid, HDFC Bank, HDFC, ICICI Bank, Hero MotoCorp and Tata Steel were among the other gainers, advancing up to 2 per cent.

Yes Bank, on the other hand, was the biggest loser on both the bourses, cracking nearly 12 per cent, after Moody's Investors Service on Tuesday downgraded its ratings to non-investment grade and changed the bank's outlook to negative from stable on the back of various resignations from the board.

The bank, in a regulatory filing on Wednesday, said its board will recommend names for new chairman on December 13, to be approved by the RBI, as well as consider appointment of independent directors.

Other losers included Bharti Airtel, Tata Motors, ONGC, L&T, SBI, Coal India and Sun Pharma, falling up to 4 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 811.52 crore and domestic institutional investors (DIIs) were net buyers to the tune of Rs 31.21 crore on Tuesday, provisional data available with BSE showed.

Elsewhere in Asia, Korea's Kospi rose 0.42 per cent, Japan's Nikkei 1.02 per cent, Hong Kong's Hang Seng 1.33 per cent and Shanghai Composite Index 1.05 per cent.

In Europe, Frankfurt's DAX was up 0.11 per cent and Paris CAC 40 0.18 per cent. London's FTSE inched up 0.02 per cent.

Photograph: Danish Siddiqui/Reuters

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