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MARKET WRAP: Sensex jumps 404 pts, ends 9-day losing streak; IT, banks gain

All that happened in markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Markets, Stocks, BSE, NSE, SENSEX
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The frontline indices ended over 1 per cent higher, snapping their 9-day losing streak, led by gains in information technology (IT), financials and metal stocks.

Among sectors, the Metal index, which was the top gainer of the day, ended 2.99 per cent higher led by Jindal Steel and Tata Steel. The Bank index, too, rose 1.02 per cent led by IDFC First Bank and State Bank of India.

In the broader market, the S&P BSE MidCap ended 144 points, or 1.04 per cent higher at 14,010, while S&P BSE SmallCap settled at 13,281, up 119 points, or 0.91 per cent.

BUZZING STOCKS

Shares of Anil Dhirubhai Ambani Group (ADAG) companies tumbled by up to 11 per cent on the BSE in intra-day trade on Wednesday after an unfavorable Supreme Court (SC) verdict in Ericsson contempt case. In a big setback for Anil Ambani, the SC today held Reliance Group chairman and its two directors guilty of contempt in pleas filed by telecom equipment maker Ericsson for not clearing its dues of Rs 550 crore. Court asked Ambani to pay Rs 453 crore to Ericsson in four weeks, failing which he will have to serve three months of jail term. Shares of Reliance Capital ended 4.3 per cent lower at Rs 145.05 apiece on the BSE. 

GLOBAL MARKETS

Asian stocks advanced to 4-1/2-month highs on Wednesday as investors bet that Chinese and US trade negotiators would be able to secure a deal to de-escalate their year-long tariff war.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose nearly 1.0 per cent to reach its highest levels since Oct. 2. Hong Kong’s Hang Seng gained 1.1 per cent to six-month highs, while Korea’s Kospi and Taiwan’s index recovered to levels last seen in early October. Japan’s Nikkei gained 0.75 per cent to two-month highs. 

(with Reuters input)

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