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    Closing Bell: Sensex ends 489 points higher, Nifty above 11,800; Jet Airways surges 93%, YES Bank up 11%

    Closing Bell: Sensex ends 489 points higher, Nifty above 11,800; Jet Airways surges 93%, YES Bank up 11%

    Closing Bell: Sensex ends 489 points higher, Nifty above 11,800; Jet Airways surges 93%, YES Bank up 11%
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    By CNBC-TV18  IST (Updated)

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    The Sensex ended 489 points higher at 39,602, while the broader Nifty50 index gained 140 points to end at 11,832.

    Indian benchmark indices recouped early losses to end higher on Thursday as gains in banking and financial stocks offset losses in IT counters triggered.
    Asian shares were higher on the US Federal Reserve's decision to keep its key rates unchanged and hopes for positive US-China trade talks in the upcoming G20 meeting. Further, the US Fed said it was gearing up to face global growth and economic risks with rate cuts starting as early the next month.
    The Sensex ended 489 points higher at 39,602, while the broader Nifty50 index gained 140 points to end at 11,832. Broader markets outperformed benchmark indices with the Nifty Midcap and the Nifty Smallcap indices rising 1.7 percent each.
    Yes Bank, Indiabulls Housing, Sun Pharma, IndusInd Bank and JSW Steel were among the top gainers on the Nifty50, whereas UPL, Wipro, Tech Mahindra, Britannia and Adani Ports led the losses.
    Jet Airways surged 93 percent ahead of its bankruptcy hearing at National Company Law Tribunal (NCLT) due later today.
    All sectoral indices ended the day in the green. The Nifty Pharma gained the most, up 3 percent followed by the Nifty PSU Banks (up 2.9 percent), the Nifty Auto (up 2.7 percent) and the Nifty Metal (up 1.9 percent). The Nifty Bank, the Nifty Fin Services and the Nifty Realty also gained during the day.
    The Nifty Bank rose over 1 percent after Fed signalled future cuts. Yes Bank surged 11 percent, while IndusInd Bank was up over 4 percent.
    Shares of Indiabulls Housing Finance rallied over 8 percent after the company decided to buyback all non-convertible debentures maturing in July and August aggregating to Rs 2,285 crore.
    IT stocks led the losses after the US told India that it is planning to restrict the popular H-1B visa programme, under which skilled foreign workers are brought to America each year. Wipro fell 2.5 percent, while Tech Mahindra was down 1.5 percent.
    UPL fell 12.31 percent intraday on Thursday after HSBC Research raised concerns on declining soybean demand, pricing pressure from the US-China trade tensions and the African swine fever (ASF).
    Globally, the MSCI world equity index, which tracks shares in 47 countries, gained 0.4 percent on the prospects of further stimulus, heading for a third day of gains. The Euro STOXX 600 rose 0.66 percent and Wall Street futures indicated US stocks were set to open higher. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2 percent, led by gains in China.
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