Equity gauges erase gains to end flat, Yes Bank spurts 27 pc

Equity benchmark indices erased all intraday gains on Thursday and ended flat after a volatile session.

Global markets, meanwhile, swung higher with central banks offering interest rate cuts to stabilise economic outlook amid spreading coronavirus.

The BSE S & P Sensex closed 61 points higher at 38,471 while the Nifty 50 ticked up by 18 points to 11,269.

Except for Nifty metal and realty, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank gaining by 1.4 per cent and FMCG by 1 per cent. But Nifty realty drifted lower by 1.14 per cent.

Among stocks, Yes Bank rose by 26.96 per cent at Rs 37.20 per share after reports said the government has asked State Bank of India to form a consortium for stake purchase of the troubled private lender.

The bank said it is not aware of such a decision but it continues to explore various means of raising funds through the issuance of securities to a diverse set of investors in the usual and ordinary course of its business.Among other prominent gainers were HCL Technologies, Tata Consultancy Services, Hindustan Lever, Britannia, Eicher Motors, Asian Paints and Vedanta.

Index heavyweight Reliance Industries closed 2.22 per cent lower at Rs 1,309.90 while Hindalco, Cipla, Bharti Infratel and Tata Motors dipped between 1 and 3 per cent each.

Meanwhile, Asian shares rallied for a fourth straight session as American markets swung sharply higher after the US House of Representatives approved 8.3 billion dollar funding bill to combat the spread of coronavirus.

Central banks too offered some relief for the global economic outlook, Japan's Nikkei to rise by 1.09 per cent, Hong Kong's Hang Seng by 2.08 per cent and Shanghai composite by 1.99 per cent.

The upbeat sentiment came despite coronavirus crisis showing no signs of slowing and mounting deaths globally.