Sensex adds 92 points as Axis, ICICI Bank surge outlaws HDFC twins loss; Nifty finishes at 10,402

Indian stock markets extended gains for the fourth consecutive day finishing on a positive note on Tuesday with Sensex and Nifty ending up marginally higher as trade-war fears between US and China seemed to have diminished followed by an uptick in the US stock markets. The investors’ sentiments were also upbeat on the back of better corporate earnings with India’s second-largest IT company Infosys all set to announce the financial results for the quarter and year ended 31 March 2018 on 13 April 2018. BSE Sensex added 91.71 points or 0.27% to close at 33,880.25 whereas NSE Nifty gathered 22.9 points or 0.22% to settle at 10,402.25 on Tuesday.

Shares of Axis Bank emerged as the top gainers among the blue-chip components of Sensex and Nifty on Tuesday after bank’s top person Shikha Sharma called for an early exit from the post of MD and CEO of Axis Bank. Shikha Sharma has requested the board of Axis Bank to cut short her fourth term starting from 1 June 2018 onwards to limit it to 31 December 2018. The stock of Axis Bank rose as high as 6.1% to over a one-month peak of Rs 549.5 before closing up 5.43% at Rs 546 on BSE.

Shares of ICICI Bank also joined the jubilation and advanced nearly 5% to a day’s high of Rs 294.4 before concluding up 2.78% at Rs 288.25 on BSE. Other blue-chip shares which also gained in today’s trade include Hindalco (up 3.91%), Tata Steel (up 2.94%), Adani Ports (up 2.73%), Coal India (up 2.42%), Tech Mahindra(up 1.76%), L&T (up 1.66%), Bharti Airtel (up 1.24%), Vedanta (up 1.23%), State Bank of India (up 0.96%) and Yes Bank (up 0.95%). While, on the other hand, shares of Bajaj Finserv, Hero MotoCorp, Indiabulls Housing Finance, Tata Motors, Bajaj Finance, HDFC, M&M and HDFC Bank lost 0.9% to 2.5%.

Interestingly, the upswing in the heavyweight shares of Axis Bank and ICICI Bank contributed the most in the Sensex upsurge adding about 103 points whereas a decline in shares of HDFC Bank and HDFC wiped off around 60 points from the index. In the intraday dealings on Tuesday, the benchmark Sensex shuttled between a high of 33,949.98 and a low of 33,813.3.

Among the stack of ‘A’ group of BSE, shares of Bajaj Hindusthan Sugar, Nilkamal, Praj Industries, IIFL and Oberoi Realty surged up to 6% while shares of Vakrangee, Trent, Mahanagar Gas, Sunteck Realty and Indraprastha Gas tanked 2 to 5%. Out of the 2,840 total traded companies on Tuesday, 1,430 scrips ended in red, 1,274 stocks closed in green while 136 shares concluded unchanged on Bombay Stock Exchange.

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