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Sensex Rises 350 Points, Nifty Above 11,000 Led By RIL - 10 Things To Know
Nifty last crossed 11,000 in intraday trade on October 1 Tech Mahindra, Zee, Hindustan Petroleum top gainers on 50-scrip index RBI's sixth bi-monthly policy statement for 2018-19 due on Thursday
06 Feb 2019, 07:45 PM IST 
Gains were led by buying in IT and media stocks
- Top advancers on the Nifty50 were Tech Mahindra, Zee, Hindustan Petroleum and Indiabulls Housing Finance, trading between 1.6 per cent and 5 per cent higher.
- Tech Mahindra shares jumped as much as 5.8 per cent to hit an intraday high of Rs 794.60 apiece on the NSE in morning deals, a day after the IT company reported its earnings for the quarter ended December 31, 2018.
- The software services exporter's profit increased 13 per cent sequentially to Rs 1,203 crore in the October-December period, beating analysts' estimates.
- Among other large cap companies that reported their earnings on Wednesday were GAIL, Hindustan Petroleum (HPCL) and Punjab National Bank (PNB).
- Shares in Punjab National Bank rose 1.4 per cent on Thursday, extending their gains after the state-run lender reported a surprise profit for the December quarter on lower bad loan provisions.
- Meanwhile, Asian shares were subdued on Wednesday after U.S. President Donald Trump's State of the Union speech failed to give markets fresh trading catalysts, while the Australian dollar slumped after the central bank opened the door to a possible rate cut.
- MSCI's broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday. Japan's Nikkei edged up 0.3 per cent, while E-Mini futures for the S&P 500 barely budged.
- Analysts awaited the outcome of the RBI's policy meeting due on Thursday.
- With consumer inflation below its medium-term goal, many economists expect the central bank to change its policy stance in preparation for a rate cut in the next policy meet due in April.
- A higher closing for the Sensex and Nifty on Wednesday would mark the fifth straight day of gain for the benchmark indices. The Sensex and Nifty have added 1,025 points (2.9 per cent) and 282 points (2.7 per cent) in past four sessions.
(With agency inputs)