Sensex, Nifty Snap Worst Losing Streak Of 2018
Closing Bell: Sensex, Nifty Snap 5-Day Losing Streak Led By HDFC Twins
Indian equity benchmarks snapped their worst losing streak of 2018 led by HDFC twins, Kotak Mahindra Bank and Infosys.
The S&P BSE Sensex rose 1 percent or 347 points to 36,652 and the NSE Nifty 50 Index climbed 0.9 percent or 100 points to 11,067.
For most part of the day, the benchmarks were highly volatile as Nifty swung 20 times between gains and losses. However, the sentiment improved after the LIC Chairman VK Sharma said that LIC will ensure Infrastructure Leasing & Financial Services (IL&FS) doesn't collapse and did not rule out raising stake in the beleaguered company.
Eleven of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Healthcare Index's 1.75 percent gain. On the other hand, the S&P BSE Realty Index was top loser, down 1.7 percent.
Mid- and small-cap shares ended mixed as the S&P BSE MidCap Index rose 0.4 percent while the S&P BSE SmallCap Index fell 0.7 percent.
Nifty Bank Surges Over 1% Led By Axis Bank, SBI
Nifty Bank Index rose as much as 1.3 percent or 321 points to 35,291 led by gains in Kotak Mahindra Bank, Axis Bank, State Bank of India and Bank of Baroda.
On the Relative Stock Index, Nifty Bank has slipped below 30, indicating it is highly oversold.
Jet Airways Slumps 12% To Lowest Level In Over 6 Years
Shares of the Mumbai-based airline operator fell as much as 11.84 percent, the most in over a month, to Rs 188.40, its lowest level since January 2012 on heavy volumes.
Trading volume was more than double its 20-day average.
Will Not Let IL&FS Fail Says LIC Chairman
Life Insurance Corp. of India doesn’t rule out raising stake in the beleaguered Infrastructure Leasing & Financial Services Ltd., V.K. Sharma, chairman of the state-run insurer told reporters in New Delhi today.
As of March 31, LIC was the shadow lender’s biggest holder with 25.3 percent stake, followed by Japan’s Orix Corp. at 23.5 percent, according to a shareholding pattern on IL&FS’s website.
Dewan Housing Finance Extends Decline, Drops 35%
Shares of the Mumbai-based mortgage lender extended decline and slumped as much as 35 percent to Rs 256.05 on heavy volumes.
Trading volume was 10 times its 20-day average, data compiled by Bloomberg showed.
As many as 91 lakh shares changed hands on the BSE compared with an average of 29 lakh shares traded daily in the past two weeks.