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Sensex ends positive, Nifty below 10,850; Reliance Industries, Yes Bank lift indexes

Updated : January 24, 2019 05:04 PM IST

Shares of Yes Bank jumped more than 19 percent after the private lender announced Ravneet Gill as its upcoming CEO and MD.

Reliance Industries shares jumped nearly 2 percent, lifting indexes.

Bharti Infratel, Tata Motors, UPL, Sun Pharma and Cipla shares dipped between 1.7 percent and 5 percent.

Sensex ends positive, Nifty below 10,850; Reliance Industries, Yes Bank lift indexes

Indian shares shrugged off weakness in the last hour of Thursday's trade to settle with minor gains.

Benchmark indices were supported in large part by index heavyweight Reliance Industries Ltd (RIL), Yes Bank, Tata Consultancy Services and Infosys. The broader NSE Nifty50 rose 0.17 percent to 10,849.80, while the BSE Sensex gained 0.24 percent to settle at 36,195.10.

Shares of Yes Bank jumped more than 19 percent to their highest close since mid-November after the private lender announced Ravneet Gill as its upcoming chief executive officer (CEO) and managing director (MD).

The bank also reported a net profit of Rs 1,001 crore for the third quarter ended December 2018. The stock eventually settled at nine percent at close, contributing eight points to Nifty's gains.

Broader market underperformed with the Nifty MidCap slipping 0.30 percent. The BSE MidCap fell 0.15 percent.

In addition to Yes Bank, RIL shares jumped nearly two percent, lifting indexes. RIL shares gained likely on Reliance Jio launching Rs 594 and Rs 297 long validity prepaid plans for JioPhone users. The former will be valid for 168 days and the latter will be valid for 84 days.

Tata Consultancy Services (TCS), JSW Steel and Tech Mahindra were other major gainers rising between one and two percent. Bharti Infratel, Tata Motors, UPL, Sun Pharma and Cipla shares dipped between 1.7 percent and 5 percent.

The rupee traded at 71.20 against the US dollar at 4.32 pm. The home currency had opened stronger at 71.25 against the greenback on Thursday as the dollar eased against its peers on concerns over global growth and US government shutdown.

Most Asian indices ended higher despite muted participation, tracking positive cues from US equities overnight.

South Korea's Kospi ended 0.81 percent up, Hong Kong's Hang Seng was higher 0.42 percent. Japan's Nikkei ended flat in the red.

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