Tech, FMCG, Yes Bank lift Sensex 212 pts; Nifty ends April series 5% higher

Tech, FMCG, Yes Bank lift Sensex 212 pts; Nifty ends April series 5% higher

New Delhi, Apr 26: After trading rangebound for the major part of the day, the market has managed to stage a late bounceback to end the April series on a high note. The Nifty closed above 10,600, while the Sensex managed to be higher by over 200 points.
The Sensex was up 212.33 points or 0.62% at 34713.60, and the Nifty ended 47.30 points higher at 10617.80.
Banking stocks outperformed, with Nifty Bank gaining around 200 points and closed above 25000. But PSU banks took a hit. The effect of rupee being under pressure was visible in IT stocks as well. The Nifty IT was up by 1 percent.
In the broader markets, midcaps managed to end in the green, but were underperforming the benchmarks. Yes Bank and HUL were the top gainers, while Bharti Airtel, Dr Reddy’s Labs and Lupin lost the most.
Among stocks, Tata Elxsi fell a percent after operating profit margin contracted 170 basis points sequentially to 25.3 percent in Q4FY18.
Yes Bank’s Q4 earnings beat analyst estimates, with profit growing 29 percent YoY on healthy growth in NII. Asset quality also improved sequentially. The stock ended 8 percent higher.
Uniply Industries share price rallied more than 3 percent after Malabar India Fund raised stake in the company to 8.49 percent on Wednesday.
Shares of Wipro trimmed losses to 2 percent from nearly 5 percent in afternoon.
Shares of Mahindra & Mahindra Financial Services touched a 52-week high of Rs 532, rising 4.8 percent intraday but ended one percent higher on the back of robust Q4 numbers. IT stocks ended higher, gaining around 1 percent on the index on the back of a weaker rupee. Gains were visible in names such as Mindtree, KPIT, TCS, Infosys, Tech Mahindra and HCL Technologies, among others.
Realty Index cooled off, down 0.7 percent at close after rising nearly 2 percent in morning after approval to Mumbai Development plan 2034.
In precious metals, gold prices slipped by 0.17 per cent to Rs 31,539 per ten gram in futures trading today as speculators trimmed their positions, taking weak cues from global markets.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 55, or 0.17 per cent to Rs 31,539 per ten gram in a business turnover of 4 lots.
On similar lines, the yellow metal for delivery in June was trading lower by Rs 51, or 0.16 per cent to Rs 31,355 per ten gram in 606 lots.
Among global markets, shares were trading higher in Europe as investors looked to digest corporate earnings trends. The Stoxx 600 was up around 0.3 percent during mid-morning deals. Asian markets were mixed on the back of a modest close in the US markets. Nikkei 225 added 104.29 points, while the Topix gained 4.4 points.