Sensex nears 35,400 as ICICI Bank rally over 6%; Nifty Bank shines, PC Jeweller jumps 10%

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Published: May 8, 2018 9:29:22 AM

Indian stock markets opened on a positive note on Tuesday with BSE Sensex gaining more than 100 points and NSE Nifty firming above 10,750 in the morning deals led by a sharp uptick in the shares of ICICI Bank.

The benchmark Sensex rose 141.71 points or 0.4% to begin the day at 35,349.85 on Tuesday. (Image: Wiki)

Indian stock markets opened on a positive note on Tuesday with BSE Sensex gaining more than 100 points and NSE Nifty firming above 10,750 in the morning deals led by a sharp uptick in the shares of ICICI Bank. Shares of ICICI Bank topped the benchmark Sensex emerging as the volume topper even after India’s third-largest bank by assets ICICI Bank posted a  drop of 50% in the standalone net profit to Rs 1,020 crore for the quarter ended 31 March 2018 as against Rs 2,025 crore in the comparable period a year earlier. The benchmark Sensex rose 141.71 points or 0.4% to begin the day at 35,349.85 whereas broader Nifty started at 10,757.9, up by 42.4 points or 0.4% on Tuesday.

Shares of ICICI Bank jumped 5.94% to Rs 306.6 in the wee hours of trading contributing heavily to the Sensex upmove. The stock of ICICI Bank alone added more than 106 points in the uptick of BSE Sensex offsetting the losses made due to decline in shares of HDFC, HDFC Bank and Infosys.

Shares of PC Jeweller rose for the fourth straight day rising as much as 9.89% to Rs 264.5 while shares of PNB Housing Finance, Trident and Videocon Industries shed 3 to 7%. All the sectoral and broader market indices on NSE traded higher in green with Nifty Bank and Nifty Private Bank leading the charge.

Wall Street climbed on Monday, boosted by Apple’s sixth straight day of gains and by a surge in oil prices to their highest since 2014, Reuters said in a report. The S&P energy index ended 0.18 percent higher, although it surrendered earlier stronger gains after US President Donald Trump tweeted that on Tuesday he would announce his decision on whether to withdraw from the Iran nuclear deal, Reuters added. The Dow Jones Industrial Average rose 0.39% to end at 24,357.32, while the S&P 500 gained 0.35% to 2,672.63, Nasdaq Composite added 0.77% to 7,265.21.

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