Sensex, Nifty End Higher For Second Day; Yes Bank Rallies 11%
Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End Higher For Second Day; Yes Bank Rallies 11%

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Closing Bell: Sensex, Nifty End Higher For Second Day; Yes Bank Rallies 12%

Indian equity benchmarks extended gains for the second consecutive trading session.

The S&P BSE Sensex closed 234 points or 0.6 percent higher at 39,131.04 and the NSE Nifty 50 ended at 11,662.60, up 0.64 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.64 percent higher.

Yes Bank was the top performer on the 31-share index and 50-stock gauge. The stock ended 11 percent higher ahead of its quarterly results tomorrow.

The best and the worst Nifty 50 performers. (Source: Bloomberg)
The best and the worst Nifty 50 performers. (Source: Bloomberg)

Besides, Yes Bank is looking to raise $1-1.2 billion to clean up its loan book and returns to focus on growth, a person familiar with the matter told BloombergQuint. The capital raising may be completed in two tranches to avoid excessive liquidity dilution for the existing shareholders.

The market breadth was tilted in favour of sellers. About 912 shares declined and 853 shares advanced on National Stock Exchange.

“The polarisation in the market is creating panic among investors,” Equinomics Research & Advisory’s Founder G Chokkalingam said. “This is because only selected companies in the large-cap space are advancing while the mid- and small-cap stocks are witnessing selloff pressure,” Chokkalingam told BloombergQuint over the phone.

Chokkalingam expects the mid and small caps to rebound in the next six-to-nine months.

Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty Index’s 1.9 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.59 percent.

HDFC AMC Gains After Q1 Results

Shares of HDFC Asset Management Company rose as much as 2.3 percent to Rs 1,988 after announding its June quarter results.

Key Earnings Highlights (Q1, YoY)

  • Net profit at Rs 292 crore versus Rs 205 crore.
  • Revenue at Rs 504.4 crore versus Rs 471.2 crore.

Fab Four Stocks Of The Day

Yes Bank

  • Stock rose as much as 10.8 percent, the most since June 20, to Rs 103.30.
  • The bank is scheduled to announce its quarterly results tomorrow.
  • The lender is looking to raise $1-1.2 billion to clean up its loan book and returns to focus on growth, a person familiar with the matter told BloombergQuint. The capital raising may be completed in two tranches to avoid excessive liquidity dilution for the existing shareholders.

Tata Motors

  • Stock rose as much as 5.3 percent to Rs 169.45.
  • The scrip extended gains for the fourth consecutive trading session.
  • JLR won a 500-million pounds loan guarantee from the U.K. export to support development of electric cars, Prime Minister Theresa May

Dishman Carbogen Amcis

  • Stock rose as much as 9.3 percent to Rs 232.85.
  • GSK’s positive data in Phase 3 study for ovarian cancer drug could potentially aid revenues of the Indian supplier—Dishman Carbogen Amcis.

Torrent Pharma

  • Stock rose as much as 3.6 percent to Rs 1,606.45.
  • Trading volume was more than triple its 20-day average.

Market Check: Sensex, Nifty Set To End Higher For Second Day

Indian equity benchmarks were trading at day’s high and are set to extend gains for the second consecutive trading session.

The S&P BSE Sensex rose 0.56 percent to 39,112 as of 3 p.m. and the NSE Nifty 50 rose 0.57 percent to 11,654. The broader market index represented by the NSE Nifty 500 Index rose 0.54 percent.

The market breadth, however, was tilted in favour of sellers. About 902 stocks declined and 841 shares advanced on National Stock Exchange.

Procter & Gamble Health Surges To Record High

Shares of Procter & Gamble Health extended gains for the fifth consecutive trading session, their longest gaining streak in nearly two months. The stock rose as much as 7.4 percent to hit an all-time high at Rs 4,644.

The scrip advanced 14 percent in the past five days and rose 17 percent in the past 30 days. Trading volume was more than double its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Sensex, Nifty End Higher For Second Day; Yes Bank Rallies 11%

Stocks Moving On Heavy Volumes

Coromandel International

  • Stock fell as much as 4.5 percent to Rs 377.15.
  • Trading volume was more than 12 times its 20-day average.

Mahindra Logistics

  • Stock fell as much as 3.3 percent to Rs 442.10.
  • Trading volume was more than 30 times its 20-day average.

Gujarat State Petronet

  • Stock rose as much as 4.7 percent to Rs 213.65.
  • Trading volume was almost 11 times its 20-day average.

CreditAccess Grameen

  • Stock rose as much as 3 percent to Rs 534.70.
  • Trading volume was more than nine times its 20-day average.
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