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Sensex surges over 200 pts on earnings optimism; Yes Bank rallies 4 pc

twitter-logo PTI        Last Updated: April 9, 2019  | 17:23 IST

Mumbai, Apr 9 (PTI) The benchmark Sensex Tuesday climbed nearly 239 points to close at 38,939.22 amid hopes of a robust earnings season and positive cues from global peers. Besides, sustained buying in banking and auto stocks towards the fag-end of the session also pushed the markets up, brokers said. After swinging over 350 points, the 30-share Sensex index settled 238.69 points, or 0.62 per cent, higher at 38,939.22. In similar movement, the broader NSE Nifty rose 67.45 points, or 0.58 per cent, to 11,671.95. "Market gained after a range bound movement on expectation of a turnaround in earnings growth led by Q4FY19 results starting this week while positive global peers aided the market," Vinod Nair, Head of Research, Geojit Financial Services, said. After a highly volatile session, the market surged towards the fag-end of the trade with BSE bankex, auto, realty and metal indices gaining up to 1.40 per cent. Yes Bank was the biggest gainer in the Sensex pack, climbing 4.08 per cent, followed by Tata Motors, ICICI Bank, Bajaj Auto, Coal India, Hero MotoCorp, HCL Tech, Vedanta, Sun Pharma, Axis Bank, Maruti, ITC, IndusInd Bank, TCS, HUL and SBI, rising up to 2.67 per cent. "Banks outperformed as outlook improved led by reduction in stressed assets, repo rate and pick up in credit growth. But valuation is on a premium level while start of the first phase of polling may bring volatility in the market," Nair said. On the other hand, Asian Paints, Infosys, Bharti Airtel, Bajaj Finance and ONGC were the losers, shedding up to 3.54 per cent. Foreign institutional investors (FIIs) purchased Rs 329.60 crore Monday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 623.81 crore, provisional data available with stock exchanges showed. "The mood of domestic investors remains fairly cautious ahead of elections, although March has witnessed a return of domestic equity inflows. Post a favourable election outcome, we continue to expect the inflows into equities by domestic investors to pick up markedly," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. In Asia, Korea's Kospi rose 0.13 per cent, Japan's Nikkei inched up 0.19 per cent and Hong Kong's Hang Seng gained 0.27 per cent, while Shanghai Composite Index fell 0.16 per cent. In Europe, Frankfurt's DAX was up 0.18 per cent, Paris CAC 40 rose 0.35 per cent, and London's FTSE gained 0.30 per cent in early deals. The benchmark Brent crude futures were trading 0.13 per cent higher at USD 71.19 per barrel. "Crude oil has been on a rise due to the conflicts in Libya which threatened to disrupt supply, amid US sanctions on Venezuela and Iran. Higher oil prices continues to be a Achilles heel for the Indian markets," Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, said. Meanwhile, the rupee appreciated 25 paise to 69.41 against the US dollar intra-day. PTI ANS ANS BAL BAL

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