Sensex rallies 250 points, Nifty near 10,700 at close, Axis Bank rises 9%

Bombay Stock Exchange building in Mumbai

Equity benchmark BSE Sensex rallied over 250 points to close only 30 points short of the 35,000 mark on Friday, amid positive global cues and strong corporate earnings announced this week.

At close, the 30-share strong gauge was256.10 points or 0.74% higher at 34,969.70. The broader NSE Nifty 50 too rose 74.50 points or 0.70% to end at 10,692.30.

Gains in the Sensex pack were led by Axis Bank, SBI, ICICI Bank, Reliance Industries, Maruti Suzuki and Yes Bank, rising as much as 8.97%.

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 close 8.97% higher at Rs 538.90, 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 settled 1.02% lower on Friday.

Reliance Industries Limited (RIL) is expected to declare its Q4 results after market hours today. The stock closed 1.99% higher at Rs 994.75.

The BSE Sensex’s Asia peers also settled in the positive territory on Friday, with the Hang Seng up 0.91% and Nikkei 225 up 0.66%, and the Shanghai Composite closing 0.23% higher.


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