The Indian equity benchmarks opened higher, halting their three-day sell off. The S&P BSE Sensex Index rose as much as 0.58 percent to 35,184 and the NSE Nifty 50 Index rose as much as 0.55 percent to 10,584.95
The market breadth was tilted in favour of buyers. Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Media index’s 0.86 percent gain. On the flipside, the NSE nifty IT Index was the only sectoral loser, down 0.4 percent.
Yes Bank Worst Performer On Sensex, Nifty
Shares of Yes Bank extended declines for the second day and fell as much as 6.8 percent to Rs 182.20, its lowest levels since Oct. 31.
Yes Bank traded at 9.3 times its estimated earnings per share for the coming year, according to Bloomberg data. The analysts have lowered price target by 38 percent in the past three months.
Oil Marketers Rally On Lower Crude Oil Prices
Shares of the oil marketing companies rallied today on lower crude oil prices. The Brent crude fell 6.69 percent on Friday to $58.41 a barrel, its lowest levels since October 2017.
IT Index Declines For The Fourth Day On Strengthening Rupee
The NSE Nifty IT Index extended decline for the fourth day and is set for its longest losing streak in four months due to the strengthening rupee.
The home currency strengthened for the eighth day and appreciated as much as 0.55 percent to 70.30 against the U.S. dollar.
BEML Gains On Order Win
Shares of the earthmoving equipment maker extended gains for the second day and rose as much as 2.5 percent, to Rs 777, its highest levels since Sept. 18.
The company was awarded a contract worth Rs 3015 crore for supply of 378 Metro coaches, according to its stock exchange notification. The deliveries are scheduled to commence July 2020 until Sep 2022.
Trading volume was triple its 20-day average. The stock has declined 55 percent in the past 12 months.
Cochin Shipyard Near One-month High After Share Buyback Announcement
Shares of the shipbuilding company rose as much as 7 percent to trade near a one-month high at Rs 390.
The company plans to buy back shares worth Rs 200 crore at Rs 455 apiece, according to its stock exchange notification.
Trading volume was 7.4 time sits 30-day moving average, Bloomberg data showed. The stock fell 27.6 percent so far this year compared to a 4 percent advance in the Sensex.