Indian equities extended gains after opening marginally higher within minutes of early deals on Thursday with Sensex rising more than 180 points and Nifty nearing 10,800-mark as shares of HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys and RIL added considerably to the rise.
Indian equities extended gains after opening marginally higher within minutes of early deals on Thursday with Sensex rising more than 180 points and Nifty nearing the 10,800-mark as shares of heavyweight companies HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys and Reliance Industries added considerably to the rise. Shares of Bharti Airtel, ONGC, Coal India and M&M were the major gainers while stocks of Power Grid, Dr Reddy’s and Tata Motors were the top laggards among the components of BSE Sensex on Thursday.
Shares of India’s largest telecom company Bharti Airtel topped the BSE Sensex in the late morning deals on Thursday. The stock of Bharti Airtel surged 2.48% to a day’s peak of Rs 412.6.
Shares of the Kochi-based private sector lender Federal Bank were among the biggest losers out of the ‘A’ group of BSE on Thursday after the bank posted s drop of more than 43% in the net profit to Rs 145 crore for the quarter ended 31 March 2018. The sharp decline in the net profit was attributed to the higher provisions which were made in the reporting quarter to address slippages following the Reserve Bank of India’s bad loan recognition norms. The stock of Federal Bank shed as much as 12.75% to a day’s low of Rs 88.25 on BSE on Thursday.
The benchmark Sensex rose about 181.41 points to a day’s top of 35,500.76 whereas the broader share indicator Nifty added 43.85 points to a day’s high of 10,785.55 on Thursday. All the sectoral indices of NSE were trading flat to marginally lower with Nifty IT leading the charge and Nifty Realty dropping the most. Shares of Idea, DMart, Havells, DLF, Hindustan Zinc, PEL and BEL declined more than 1%.
Wall Street surged on Wednesday as surging oil prices boosted energy stocks following US President Donald Trump’s decision the previous day to quit a nuclear agreement with Iran, Reuters said in a report. The Dow Jones Industrial Average rose 0.75% to end at 24,542.54 points while the S&P 500 gained 0.97% to 2,697.79 and the Nasdaq Composite added 1% to finish the session at 7,339.91. Walmart Inc fell 3.13% after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16 billion.