Sensex headed for 35,000, Nifty up 70 points, Axis Bank rises 5%

Equity benchmark BSE Sensex appeared headed to the 35,000 mark, gaining over 250 points in early trade on Friday amid positive global cues.

At 10.50 am, the 30-share strong gauge was trading 256.97 points, or 0.74% higher at 34,970.57. The broader NSE Nifty 50 was trading higher as well, rising 66.90 points or 0.63% at 10,684.70.

Market breadth on both the indices was positive, with 37 out of 50 shares advancing on the NSE Nifty, as opposed to 13 declines, and 24 advances against 7 declines on the BSE Sensex.

Gains in the Sensex pack were led by Axis Bank, SBI, ICICI Bank, Reliance Industries, Maruti Suzuki and Yes Bank, rising as much as 4.60%.

Axis Bank shares had fallen 3% in early trade on Friday on the company’s declaration of a Rs 2189 crore net loss in Q4 after market hours on Thursday. The stock, however, recovered to trade as much as 5% higher, as Axis Bank CEO Shikha Sharma said the non-performing asset recognition phase of the current credit cycle was nearly complete, and the bank will now shift focus to resolution, according to Reuters.

Private Sector Yes Bank also reported its Q4 earnings on Thursday, with net profit increasing 29% to Rs 1179 crore, beating analyst estimates. The stock was a top performer on the bourses on Thursday, rising over 10% on the NSE, and 8% on the BSE. Yes Bank was trading 1.59% higher at Rs 357.65 in early morning deals on Friday.

Reliance Industries Limited (RIL) is expected to declare its Q4 results after market hours today. The stock was trading 2.54% higher at Rs1000.15 in the early market session.

The BSE Sensex’s Asia peers were also trading higher, with the Hang Seng up 0.40% and Nikkei 225 up 0.45%. The Shanghai Composite Index, however, was trading 0.51% lower at 10.50 am.