Home / Markets / Live Blog /  Sensex surges 481 points, Nifty reclaims 11,300; Bank Nifty hits record high

Sensex surges 481 points, Nifty reclaims 11,300; Bank Nifty hits record high

The Sensex has logged around 5% gains in just seven sessionsPremium
The Sensex has logged around 5% gains in just seven sessions

  • The rupee also logged strong gains today, rising to 69.50 against the US dollar
  • BSE midcap and smallcap indices underperformed but still logged strong gains

Indian markets ended firmly higher today, driven by gains in banking, pharma and energy stocks. The Sensex settled 481 points higher at 37,535 while the Nifty rose 1.2% to near six-month high of 11,301. The Sensex has logged around 5% gain in just seven sessions from the beginning of this month as foreign portfolio investors have so far this month poured in a net $1 billion into Indian equities.

Some opinion polls give an edge to the ruling NDA in Lok Sabha elections, scheduled between April 11 and May 19, with results to be announced on May 23.

BSE midcap and smallcap indices underperformed but still logged strong gains by rising 0.70% and 1% respectively. The index for banking stocks, Bank Nifty, hit a new high of 28,488 in today's session by rising as much as 1.9%.

Among banking stocks, ICICI Bank and IndusInd Bank rose over 3% while HDFC Bank gained nearly 2%.

Investor sentiment was also boosted by a strong rupee, which rose 69.50 a dollar and broad gains in other Asian markets.

On the global front, concerns have also receded, said Jyoti Roy, deputy vice president of research at Angel Broking, with the US Fed indicating that it will be patient in raising rates going forward and also willing to relook at the balance sheet adjustment if required.

Markets are also anticipating a positive outcome of the US-China trade negotiations very soon, he said.

“Valuations in the mid- and small-cap space had been beaten down significantly over the past one year and we expect them to lead this rally," he added. 

12 Mar 2019, 03:09:08 PM IST

Bank Nifty hits new high

The index for banking stocks, Bank Nifty, hit a new high of 28,488 by rising 1.9%.

12 Mar 2019, 01:58:04 PM IST

ICICI Bank shares hit record high

Shares of ICICI Bank today hit a record high of 388, rising around 3%. The Bank Nifty was up 1.3% with IndusInd Bank rising 4%. Kotak Bank and ICICI Bank gained over 1%.

12 Mar 2019, 01:16:18 PM IST

Rupee holds on to gains

The Indian rupee (INR) today rose to 69.56 per US dollar (USD), wiping out all its losses for the year, buoyed by strong foreign inflows into domestic equity markets. Opening at 69.75 against the US dollar, the rupee so far in the day traded in the range of 69.56-69.76 against the US dollar, according to Bloomberg data

12 Mar 2019, 11:25:57 AM IST

Bharti Airtel to transfer most of Infratel stake to unit, shares surge 6%

Bharti Infratel Ltd today said that mobile carrier and its majority shareholder Bharti Airtel Ltd will lower its direct stake in the telecom tower company by more than a half. Airtel's unit Nettle Infrastructure Investments Ltd will buy an up to 32% stake in Bharti Infratel by March 18, Infratel said. Airtel will own an 18.3% stake in Infratel after the transfer, down from its current stake of 50.33%. "Whenever Airtel transfers stake to Nettle Infrastructure, (eventually) they will sell the stake to a third party. This will help them raise money," Reuters quoted an analyst as saying. Bharti Airtel shares surged as much as 6% to 354 today, extending their 8% surge on Monday.

12 Mar 2019, 11:08:10 AM IST

IIP, inflation data due later today

Data of factory output in January and retail inflation in February to be released today may decide whether the Reserve Bank of India (RBI) will be persuaded to cut policy rates on 5 April for the second consecutive time, ahead of general elections beginning 11 April. (Read: Will interest rates come down before elections? Today’s macro data could decide)

12 Mar 2019, 10:59:25 AM IST

Bank Nifty near record high

Banking stocks index, Bank Nifty, rose over 1% to 28,388, near its all-time high of 28,363. Among the top gainers, ICICI Bank jumped 3%, Axis Bank 1.7% while HDFC Bank and Yes Bank gained over 1% each. 

12 Mar 2019, 09:49:35 AM IST

Jet Airways rises nearly 2%

Jet Airways India Ltd rose 2% to 251 after Mint reported that Etihad Airways PJSC, which owns a 24% stake in Jet Airways (India) Ltd, has set several conditions before its next round of proposed investment in the cash-strapped airline. The infusion of fresh funds, will, however, be subject to approval from the Etihad board of directors.

12 Mar 2019, 09:43:15 AM IST

Bharti Airtel to slash direct stake in Infratel

Bharti Infratel Ltd said on today that mobile carrier Bharti Airtel Ltd will slash its stake in the telecom tower company by more than half to 18.3%.

Airtel's unit, Nettle Infrastructure Investments Ltd, will buy a 32% stake in Bharti Infratel, the telecom tower company said. Shares of Bharti Airtel were down 0.66% at 331 today, after surging over 8% on Monday.

12 Mar 2019, 09:40:21 AM IST

HDFC Life Insurance shares fall 4%

HDFC Life Insurance Company fell 4% to 374 after the company said in a note to BSE that Standard Life Mauritius is set to sell 3.47% stake in HDFC Life Insurance through an offer-for-sale.

12 Mar 2019, 09:32:59 AM IST

Rupee turns positive for 2019 against US dollar

Indian rupee on Tuesday turned positive for 2019 against US dollar as foreign investors continued to buy in equities and debt ahead of general elections. The rupee was trading at 69.62 a dollar, up from its previous close of 69.89. The home currency opened at 69.75 a dollar and touched a high of 69.69.

12 Mar 2019, 09:02:03 AM IST

Standard Life to sell 4.93 pc stake in HDFC Life via OFS

HDFC Life Insurance on Monday said one of its promoters, Standard Life, will sell up to 4.93 % in the life insurance firm through offer for sale (OFS).

The Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, will sell stake through OFS on March 12 and the floor price for the sale will be 357.50 per share, HDFC Life said in a regulatory filing.

At the floor price, the company will raise about 3,500 crore.

12 Mar 2019, 08:58:28 AM IST

Oil prices rise amid broad market rally, OPEC supply cuts

Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC. A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement.

Brent crude futures were at $66.75 per barrel, up 17 cents, or 0.3 percent.

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout