Closing Bell: Markets close in the green post rangebound session; ICICI and Axis banks among top gainers

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Markets close in the green post rangebound session; Axis and ICICI banks among top gainers 

The benchmark indices closed in the green post a rangebound session. The banking stocks mildly outperformed the previous performance with ICICI Bank and Axis Bank among top gainers. The NSE Nifty gained 23 points to close above 10,400 and the BSE Sensex gained 92 points to close above 33,800 levels. The market breadth remained in favour of the declines with the advance-decline ratio at 1:1. The HDFC Twins kept the Nifty and the Nifty Bank gains in check with both the stocks down 1% each.

ITC may launch the vitamin-infused candy over the next 4-6 months.

Bond yields saw sharp surge and spiked 20 basis points

The bond yields saw a sharp surge and spiked 20 basis points and were hovering around 7.33%. Dhawal Dalal, CIO-Fixed Income, Edelweiss AMC said all bond market participants are perplexed with this uptick. “One should note that the decline from 7.80% peak level in early March to 7.15% was also equally sharp,” he said.

DMRC to take over entire debt servicing to the DAMEPL lenders.

The Delhi High Court directed the DMRC to take over the entire debt servicing to the lenders of DAMEPL of Rs 1,618 crore. 
 

Markets trade higher; Airtel recovers 3%, banks gain.
 
The BSE Sensex and the NSE Nifty have advanced in the last hour of trade. The BSE Sensex is trading at 33,900 levels and the NSE Nifty is trading in the 10,400 range at 10,407 points. The banks continue to gain with Axis bank and ICICI bank among gainers. The State Bank of India (SBI) witnessed a spike in trade in the last trading hour and Bharti Airtel, which has been among the top index losers in the previous sessions, is a seeing a recovery of 3% today. 

Check out Rajat Bose's top stock recommendations.
 

• Apollo Tyres is a sell with a stop above Rs 295.50, targets are Rs 285.50 and Rs 281.
• Unless Escorts April Futures closes above Rs 903, the reversal signal would remain intact. Put a stop loss around Rs 902.25 or Rs 903, and targets are Rs 879 and Rs 874.

Deeply concerned about the loss in India's governance premium, says M Damodaran.

Markets maintain recovery numbers; ICICI and Axis banks continue to gain.

The NSE Nifty is hovering around 10,400 points and the BSE Sensex continues to remain in the 33,800 range. ICICI Bank, Axis Bank and Hindalco are among the top gainers. The European markets also opened in the green as the Xi said that he is looking for a more open and free trade for China. 

Governance premium that differentiates India, is seemingly being lost, says M Damodaran
 

Expressing his concerns over the recent developments in Axis Bank over shortening the tenure of the current CEO Shikha Sharma, M Damodaran, former Sebi chief said, "Deeply concerned that the governance premium that differentiates India, is seemingly being lost."

The RBI was not singling out anyone. The regulator would have looked at the entire complex of issues, he added.

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PM Modi vouches for Nitish Kumar, says state is now developed.
 

Prime Minister Narendra Modi, at the Madhepura plant function, said "Centre is walking beside Nitish Kumar, Bihar Chief Minister, to develop Bihar." "More than 8,50,000 toilets have been constructed in Bihar in last one week," he said. 

WATCH| S Naren, ICICI Prudential chief, is bullish on the consumption theme. 

Markets recover from off highs; ICICI Bank contributes 20 points to Nifty

The NSE Nifty has advanced to 10,400 points with ICICI bank being the major contributor. ICICI Bank is also contributing an immense share to the BSE Sensex at 4.74%. The Sensex is currently trading at 33,884 points. 

Prime Minister Narendra Modi is currently addressing the Madhepura plant inauguration.

Nifty juggles between 10,300-10,400, Sensex remains sticky, Axis bank continues to gain.

The BSE Sensex is continuing to trade in the 33,800 range and the NSE Nifty is juggling between the 10,300-10,400 range. Axis Bank and ICICI Bank continue to gain while auto stocks lose in trade with M&M, Hero Motocorp and Tata Motors among top index losers.