Sensex surges 287 points as HDFC Bank, RIL, Kotak Mahindra Bank cover ICICI Bank’s loss

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Published: April 2, 2018 3:52:37 PM

Indian stock markets closed higher on the first day of FY19 with Sensex rising as much as 287 points and Nifty resurging above the level of 10,200 led by a sustained uptick in the shares of HDFC Bank, Kotak Mahindra Bank, Reliance Industries, L&T, TCS, ITC, HDFC, Tata Motors and Maruti Suzuki.

During the day, the benchmark Sensex advanced as much as 320 points to a day’s peak of 33,289.34. (Image: Reuters)

Indian stock markets closed higher on the first day of the financial year 2018-2019 with Sensex rising as much as 287 points and Nifty resurging above the level of 10,200 led by a sustained uptick in the shares of HDFC Bank, Kotak Mahindra Bank, Reliance Industries, L&T, TCS, ITC, HDFC, Tata Motors and Maruti Suzuki. These heavyweight shares not only steered the key equity indices to the gains but also diminished the effects of drag due plunging shares of ICICI Bank, Axis Bank and State Bank of India. BSE Sensex added 286.68 or 0.87% to finish at 33,255.36 whereas NSE Nifty rose 103.15 points or 1.02% to conclude above 10,200 at 10,216.85 on Monday. During the day, the benchmark Sensex advanced as much as 320 points to a day’s peak of 33,289.34.

ICICI Bank shares

Shares of India’s third-largest bank ICICI Bank were the top losers across the components of Sensex and Nifty after the investigative agency the Central Bureau of Investigation launched a preliminary enquiry with regard to the loan case involving Videocon Group witnessing the first stock market reaction on Reserve Bank of India slapping a fine of Rs 59 crore. The stock of ICICI Bank plunged as much as 7.02% to a five-month low of Rs 258.8 before settling down 5.73% at Rs 262.4 on National Stock Exchange on Monday.

Axis Bank shares

Shares of India’s third-largest private sector lender Axis Bank shed on the news reports that RBI said to reconsider the present MD & CEO Shikha Sharma for the fourth term. However, shares of Axis Bank recovered a little when bank’s board termed the report as speculative. “The Bank’s board follows a standard process with regard to senior appointments and forwards its recommendations to the regulator (to the extent required). This process is currently in progress,” Axis Bank said in an exchange filing. “We have no further comments to offer as the report appearing in the media is speculative,” Axis Bank added. The stock of Axis Bank shed as much as 3.32% to a day’s low of Rs 492.5 before closing 2.19% down at Rs 499.3 on NSE.

Major movers

Shares of Adani Ports, Kotak Mahindra Bank, Tata Motors, Dr Reddy’s, Wipro, Hero MotoCorp, Asian Paints, Sun Pharma, Bajaj-Auto, HDFC Bank, TCS, L&T, Maruti Suzuki, HUL, Tata Steel, ONGC, Reliance Industries, IndusInd Bank and ITC emerged as the major gainers among the BSE Sensex constituents gaining up to 4.6%. Shares of other large-cap stocks which also surged in today’s trade include Aurobindo Pharma, Oil India, Oracle Financial Services Software, SAIL, Aditya Birla Capital, Motherson Sumi Systems, Havells, United Spirits, Ambuja Cements, Siemens, JSW Steel, Bosch, REC, Britannia Indigo and Cummins India rose 2 to 7%.

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