Sensex, Nifty End Higher For Second Day; HDFC, Axis Bank Lead Gains
The Bombay Stock Exchange in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End Higher For Second Day; HDFC, Axis Bank Lead Gains

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Markets At Close

  • Benchmark indices gain for the second straight day
  • Nifty ends 1.1 percent higher at 9,380
  • Nifty futures trade at a premium of 37.1 points
  • Sensex ends 1.2 percent higher at 32,114
  • Nifty Bank ends 2.9 percent higher at 20,671
  • Nifty Midcap Index ends 1.3 percent higher
  • Nifty Smallcap Index ends 0.7 percent higher
  • India Volatility Index ends 7.6 percent lower at 35.14
  • Nifty Pharma Index ends as top sectoral laggard; down 2.25 percent
  • IndusInd Bank ends as the top Nifty gainer; up 17 percent
  • Sun Pharma ends as the top Nifty laggard; down 3 percent
  • 985 stocks end higher on the NSE while 807 end with losses

Financials All The Way

Closing Bell: Second Day Of Gains

Indian equity markets gained momentum after a sluggish first half to end higher for the second straight day. European indices too are trading with gains of over 1 percent after a subdued start while futures on the Dow Jones have turned positive and trade higher by 270 points.

The S&P BSE Sensex added to Monday's 1.3 percent gains by ending 1.2 percent higher at 32,114. The NSE Nifty 50 ended below the 9,400 mark, but with gains of 100 points, ending at 9,380. 28 out of the 50 constituents of the index ended with gains.

The outperformer in today's session was the Nifty Bank index, ending with gains of 3 percent at 20,671.

Among other sectoral indices, the Pharma index was the top laggard, shedding over 2 percent in trade while the FMCG index too ended with losses of 1 percent.

Stock Update: IDFC First Bank

IDFC First Bank is considering a share sale worth $200 million to boost its capital, people familiar with the matter tell Bloomberg.

The private-sector lender is waiting for the five-week lockdown to end before zeroing in on the route to raise funds, the sources added.

The bank put out an exchange filing a few minutes ago where it mentioned that it will consider capital raising via preferential allotment at its board meeting on Friday, May 1, 2020.

The stock has recovered from the day's low and looks to snap a three-day losing streak.

Stock Update: Cyient

  • Trades at the lowest level since September 2013
  • Down for the sixth day in a row
  • Longest losing streak in a month
  • Declines 14 percent in the last six trading sessions
  • Today's volumes are 2.3 times higher than its 30-day average
  • Stock enters oversold territory with Relative Strength Index (RSI) at 23
  • 21 out of the 26 analysts tracking the stock have a buy recommendation; 1 sell call
  • Return potential of the stock as per Bloomberg data is 77 percent

Stock Reaction: JK Paper

The company at its board meeting held today has approved a buyback of equity shares worth Rs 100 crore. The buyback will be done at a price of Rs 130, a 26 percent premium to Monday's closing price of Rs 102.65.

At the maximum buyback price, the company will buyback 76.92 lakh shares, which amounts to 4.32 percent of the total paid-up equity shares of the company as of March 31, as per the company's exchange filing.

The company's promoter, promoter group and persons controlling the company will not be participating in the buyback, the statement said.

Shares gained as much as 6 percent to Rs 108.90 and are up for the second straight day.

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