Sensex jumps over 150 points, Nifty retakes 10,600; real estate shares lead, metal stocks plunge

By: | Published: April 24, 2018 9:34 AM

Indian stock markets extended gains after opening flat on Tuesday with Sensex rising more than 100 points in the wee minutes of trading and Nifty retaking the 10,600-level as shares of banks, auto and FMCG sector inched higher.

Shares of ICICI Bank, M&M, Yes Bank, HUL, Adani Ports, Reliance Industries were the top gainers on BSE Sensex rising up to 1.5%. (Image: Reuters)

Indian stock markets extended gains after opening flat on Tuesday with Sensex rising more than 100 points in the wee minutes of trading and Nifty retaking the 10,600-level as shares of banks, auto and FMCG sector inched higher. The S&P BSE Sensex gained 154 points to a day’s high of 34,604.76 whereas NSE Nifty added 25.15 points to a day’s top of 10,609.85 on Tuesday. Shares of India’s third-largest IT company Wipro emerged as the top laggards among the components of BSE Sensex. Shares of Bharti Airtel dropped over 1% ahead of the financial results for the quarter and year ended 31 March 2018.

Shares of ICICI Bank, M&M, Yes Bank, HUL, Adani Ports, Reliance Industries were the top gainers on BSE Sensex rising up to 1.5%. Shares of Reliance Naval and Engineering shed as much as 9.07% to a day’s bottom of Rs 24.55 after the company’s standalone loss widened to Rs 408.6 crore for the quarter ended 31 March 2018 as compared to a loss of Rs 139.92 crore in the corresponding period a year earlier. The standalone net income in the March quarter declined to Rs 34.7 crore as against Rs 250.8 crore in the same quarter of previous year.

Wall Street ended mixed on Monday as concerns about soft smartphone demand weighed on tech stocks and pulled the Nasdaq lower while earnings optimism protected against deeper losses, Reuters said in a report. Tech stocks dragged on both the S&P 500 and the Nasdaq ahead of a big week of earnings for the sector. Chipmaker shares dropped after the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd, cut its full-year revenue target due to softer demand for smartphones, Reuters added. The Dow Jones Industrial Average fell 14.25 points or 0.06% to 24,448.69, the S&P 500 gained 0.15 points or 0.01% to 2,670.29 and the Nasdaq Composite dropped 17.53 points or 0.25% to 7,128.60.

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