MARKET WRAP: Sensex gains for 4th day, up 163 pts; PSBs, pharma stocks jump

Continuing their northward journey, the benchmark indices gained for the fourth straight day on Thursday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 5.15 per cent and maintained 'accommodative' stance in its sixth bi-monthly monetary policy review of the financial year 2019-20 (FY20). READ MORE

The S&P BSE Sensex added 163 points or 0.4 per cent to settle at 41,306 levels while the NSE's Nifty50 closed the session at 12,138, up 49 points or 0.4 per cent. On the NSE, the Nifty50 index ended at 12,138, up 49 points or 0.4 per cent. 

Bank and financial services stocks made impressive gains post the RBI policy announcement. Nifty Bank climbed 285 points or nearly a per cent to end at 31,287 while Nifty PSU Bank index closed at 2,312 levels, up 59 points or 2.63 per cent. Nifty Private Bank index rallied around a per cent to settle at 17,243 levels.

Volatility index India VIX slipped nearly 3 per cent to 13.75 levels. 

In the broader market, Nifty Midcap 100 index gained 0.7 per cent to 18,241 points and the Nifty Small Cap 100 index added 0.48 per cent to settle at 6,235.

BUZZING STOCKS

Bharti Airtel joined the elite club of Rs 3 trillion market capitalisation (market-cap) as shares of the telecom services provider hit a new high on the BSE in the intra-day trade. The stock settled at Rs 547, up nearly 2.5 per cent. READ MORE

Shares of Avenue Supermarts, which operates supermarket chain DMart, rallied 5 per cent to Rs 2,361, also its new high today, after its board approved the launch of a qualified institutional placement (QIP) by the promoters. The stock ended 2 per cent higher at Rs 2,294. 

GLOBAL MARKETS 

Global stocks extended their recovery on Thursday, cheered by record closes in Wall Street benchmarks following encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.66 per cent while Japan’s Nikkei rose 2.38 per cent. Mainland Chinese shares also reacted positively, with the bluechip CSI300 index up 1.97 per cent. 

US stock futures rose 0.55 per cent in Asia while China’s onshore yuan rose 0.2 per cent to its strongest level since January 23 after the tariff cuts were announced.

In commodities, oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.

(With inputs from Reuters)