Sensex Snaps 6-session Falling Streak; Yes Bank Soars 10% - Eastern Mirror
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Sensex snaps 6-session falling streak; Yes Bank soars 10%

By PTI Updated: Jul 26, 2019 7:55 pm

Mumbai, July 26 (PTI): Snapping its six-session falling streak, equity benchmark BSE Sensex ended 51.81 points higher on Friday, led by select finance and private bank stocks.

While subdued corporate earnings, foreign fund outflows and weak global cues continue to weigh on the markets, hopes of above-average rainfall in the next two weeks buoyed investor sentiment to some extent, traders said.

After a choppy session, the 30-share Sensex ended 51.81 points or 0.14 per cent higher at 37,882.79. Similarly, the broader NSE Nifty rose 32.15 points or 0.29 per cent to settle at 11,284.30.

During the week, the Sensex lost 454.22 points or 1.18 per cent, while the Nifty fell 134.95 points or 1.18 per cent.

Yes Bank was the top gainer in the Sensex pack Friday, rallying 9.64 per cent. Bajaj Finance soared 7.20 per cent after the company posted its highest-ever quarterly consolidated net profit at INR 1,195 crore for the June quarter.

Other gainers included Hero MotoCorp, M&M, Bajaj Auto, Tata Motors, Asian Paints and Kotak Bank, rising up to 3.21 per cent.

Maruti Suzuki inched up 0.78 per cent after the company reported a 31.67 per cent decline in consolidated net profit at INR 1,376.8 crore for the June quarter.

Vedanta, RIL, Bharti Airtel, ONGC, HDFC, Tech Mahindra, HCL Tech and Infosys were among the top losers, falling up to 4.26 per cent.

“Market recovered after six consecutive days of fall while the recovery was not solid due to concern on Q1 earnings. Expectation of above average rainfall in coming weeks provided some respite to broad indices.

“A decisive up-move will require liquidity from FIIs which is now in doldrums while any signs of stability and development in economic activity can change the situation,” said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, the BSE auto, bankex, capital goods, healthcare, industrials, finance and consumer durables indices ended up to 1.98 per cent higher.

However, energy, IT, teck, oil and gas, utilities and power lost up to 1.01 per cent.

The broader BSE midcap and smallcap indices outperformed the benchmarks, rising up to 0.53 per cent.

On a net basis, foreign institutional investors sold equities worth INR 126.65 crore Thursday, while domestic institutional investors purchased shares to the tune of INR 398.53 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, most bourses ended on a negative note. Hang Seng, Nikkei and Kospi ended in the red, while Shanghai Composite Index settled in the green. Bourses in Europe were also trading in the positive terrain in their early sessions.

By PTI Updated: Jul 26, 2019 7:55:26 pm
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