The benchmark indices settled higher for the third consecutive session on Wednesday led by a rise in information technology (IT) and select bank stocks.
The S&P BSE Sensex
ended at 35,717, up 204 points (0.57 per cent), while the broader Nifty50 index settled at 10,729, up 43 points.
Among the sectoral indices, the Nifty
IT index settled 2.7 per cent higher led by a rise in MindTree, Infosys and Tata Consultancy Services (TCS) which rose in the range of 4 to 5.7 per cent.
In the broader markets, however, both the S&P BSE MidCap index and the S&P BSE SmallCap index fell 0.5 per cent each at 14,863 and 14,321 respectively.
Stocks that made news
YES Bank fell 11.3 per cent to Rs 162 on the National Stock Exchange (NSE), a day after Moody's Investors Service downgraded the private bank's ratings to non-investment grade and changed the outlook to negative from stable on the back of various resignations from the board.
The shares of Jet Airways settled 4.2 per cent higher at Rs 306 apiece on NSE. The stock had rallied as much as 9 per cent to Rs 320 in intra-day trade after a TV report said that airline's promoter Naresh Goyal has agreed to sell his controlling stake in the company.
Hotel Leela Venture surged 20 per cent to end at Rs 15.20 on the NSE on reports that a consortium, including Thailand’s Minor International, is considering an investment of about Rs 2.5 billion ($350 million) to acquire a majority stake in Indian hospitality firm. The stock zoomed 73 per cent in last three trading sessions from Rs 8.85 on November 22, 2018. It touched a multi-year low of Rs 8.61 last Friday in intra-day trade on the BSE.
Asian shares posted modest gains on Wednesday on hopes Beijing will take steps to support the economy and as investors tried to decipher conflicting signals on prospects for de-escalating the Sino-US trade dispute.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7 per cent, led by advance in Taiwan and China. Japan's Nikkei gained 1 per cent. Hong Kong's Hang Seng index rose as much as 1.4 per cent to hit a more than seven-week high while mainland blue-chip shares climbed 1.3 per cent.
prices rose by more than 1 per cent on Wednesday, pushed up by a North Sea production outage and expectations in the market that OPEC will next week decide to implement some form of supply cut to counter an emerging glut.
US West Texas Intermediate (WTI) crude futures were at $52.36 per barrel, up 80 cents, or 1.6 per cent from their last settlement. International Brent crude oil
futures were up 89 cents, or 1.5 per cent, at $61.10 per barrel.
(with Reuters input)