Sensex rises 115 points to 33,370, Nifty closes at 10,245 level after banking stocks gain on RBI directive on bond losses : Bulletin: Business Today
Business Today

Sensex rises 115 pts, Nifty closes at 10,245 level on rally in banking stocks

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April 3, 2018

The Sensex and Nifty recovered during the last hour of trade to close higher on rally in banking stocks after RBI allowed lenders to spread provisions for bond losses in the third and fourth quarters of FY18 over the next four quarters.

While the Sensex closed 115 points higher at 33,370, Nifty ended 33 points higher at 10,245 level.

ICICI Bank was the top Sensex gainer rising 2.94% to 269 level. Yesterday, the stock fell the most on Sensex on reports the CBI was set to question ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.

Other Sensex gainers were Mahindra and Mahindra and YES Bank rising 2.92% and 2.11%, respectively.

 Wipro was the top Sensex loser falling over 2%.

 BSE Bankex was the top sectoral gainer rising 293 points to 27, 391 level on RBI allowing carry forward of provisions for bond losses over next four quarters.

 BSE auto index too gained 208 points to 24,780 level.

Consumer durables stocks capped the gains with the BSE index falling 135 points to 22,222 level.

BSE small cap and midcap indexes rose 234 and 148 points, respectively.

On the Nifty, 30 stocks rose while 20 ended in the red.

 IndiaBulls Housing Finance and ICICI Bank were the top Nifty gainers.

Market breadth was positive with 1846 stocks rising against 796 falling on BSE. 145 stocks were unchanged.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 413.16 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 689.75 crore yesterday, provisional data showed.

Global stock markets fell for a second day amid jitters about US-Chinese trade tensions and mounting public scrutiny of technology companies.

Market benchmarks in London, Frankfurt, Shanghai and Tokyo all declined. The dollar sank against the euro and yen but rebounded later against the Japanese currency.

In early trading, Germany's DAX fell 1 percent to 11,973 and London's FTSE 100 declined 0.7 percent to 7,010. France's CAC 40 lost 0.6 percent to 5,138.

In Asia, the Shanghai Composite Index lost 0.8 percent to 3,163 and Toyko's Nikkei 225 shed 0.4 percent to 21,292 Sydney's S&P-ASX 200 declined 0.1 percent to 5,751.

On Wall Street, stocks sank as worry about trade tensions was compounded by heightened public scrutiny of tech companies in the United States and Europe.

The Dow fell 1.9 percent while the S&P 500 gave up 2.2 percent. The Nasdaq composite slumped 2.7 percent.

Amazon fell 5.2 percent following broadsides from Trump on Twitter. Facebook tumbled as a widening privacy scandal weighed on its stock.
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