This Article is From Oct 31, 2019

Sensex, Nifty Gain For Fifth Straight Session Led By SBI, Infosys

Yes Bank surged 24% after the bank informed exchanges that a global investor made a binding offer for investment of up to $1.2 billion.

Sensex, Nifty Gain For Fifth Straight Session Led By SBI, Infosys

Sixteen of 19 sector gauges compiled by BSE ended higher.

The S&P BSE Sensex and NSE Nifty 50 indices rose for the fifth day in a row on Thursday, led by gains in State Bank of India (SBI), Yes Bank, Infosys, HDFC and Tata Consultancy Services (TCS). For most part of the day, the benchmarks traded firmly higher and at the day's highest level, the Sensex surged 340 points to hit a record high of 40,392 while the Nifty 50 index was 158 points short of its all-time high of 12,103 touched in June. However, late selling pressure in banking heavyweights HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank wiped out most of the intraday gains for both indices.

Here are 10 things to know about today's session of stock markets:

  1. The Sensex ended 77 points or 0.19 per cent higher at 40,129 and the Nifty 50 index shut shop at 11,878, up 33 points or 0.28 per cent from its previous close.

  2. The Sensex and Nifty came off intraday highs in the last hour of trade owing to selling pressure in HDFC Bank, ICICI Bank, Reliance Industries, Axis Bank and Kotak Mahindra Bank as futures and options contracts for the month of October expired, according to analysts.

  3. Sixteen of the 19 sector gauges compiled by the BSE ended higher, led by the S&P BSE Information Technology and S&P BSE Telecom indices which rose nearly 2 per cent each.

  4. On the other hand, the S&P BSE Metal index declined 0.55 per cent on fears of dumping of metal by Chinese companies in India after news agency Bloomberg reported that Chinese officials said they had doubts if a trade deal was possible with US President Donald Trump.

  5. Mid- and small-cap shares witnessed buying interest, with the Nifty Midcap 100 index rising 1.44 per cent and Nifty Smallcap 100 index climbing 0.36 per cent.

  6. Yes Bank was top gainer in the Nifty 50 basket of shares. The stock surged 24 per cent to close at Rs 70.30 after the private sector bank said it had received a binding offer of $1.2 billion from a global investor.

  7. Zee Entertainment, State Bank of India, Grasim Industries, Infosys, Bharti Infratel, Tata Motors, GAIL India and UPL were also among prominent gainers.

  8. On the flipside, JSW Steel, Indian Oil, Tata Steel, Axis Bank, Tech Mahindra, Mahindra & Mahindra, ICICI Bank and HDFC Bank were among the losers.

  9. Indian Oil fell over 2 per cent but trimmed losses to finish the session with a loss of 0.2 per cent after the country's largest state-run refiner reported a 83 per cent fall in net profit to Rs 563 crore in the July-September period.

  10. Overall market breadth was positive as 1,540 shares closed higher while a little over 1.016 shares closed lower.