Sensex, Nifty Snap Three-Day Losing Streak; L&T Surges After Q3 Earnings

Larsen & Toubro was among the top Nifty gainers, the stock rose nearly 3 per cent to close at Rs 1,330.

The S&P BSE Sensex and NSE Nifty 50 indexes snapped their three-day losing streak on Thursday led by gains in Larsen & Toubro, Infosys, ICICI Bank, State Bank of India, Kotak Mahindra Bank and Axis Bank. The benchmarks opened higher and extended gains in noon deals on the back of buying interest in capital goods, telecom and industrial shares. The Sensex rose as much as 299 points and the Nifty 50 index reclaimed its important psychological level of 12,150.

The Sensex ended 271 points or 0.66 per cent higher at 41,386 and the NSE Nifty 50 index advanced 73 points or 0.6 per cent to close at 12,180.

All the 19 sector gauges compiled by BSE ended higher led by the S&P BSE Capital Goods index’s 2.2 per cent gain. S&P BSE Realty, Oil & Gas, Bankex, Industrials and Telecom sector gauges also rose between 1-2 per cent each.

Mid- and small-cap shares outperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap indexes rose 1 per cent each.

Larsen & Toubro was among the top Nifty gainers, the stock rose nearly 3 per cent to close at Rs 1,330 after it reported a 15 per cent rise in net profit to Rs 2,352 crore in the third quarter ended December 2019 compared to Rs 2,041 in the corresponding quarter of the previous year, the company said in a regulatory filing post market hours on Wednesday.

Axis Bank advanced 1.6 per cent to close at Rs 724 after the private sector lender reported a net profit of Rs 1,757 crore for the October-December period. Axis Bank’s net profit in the third quarter of current financial year was 4.53 per cent higher compared with the corresponding period a year ago, boosted primarily by lower provisioning for non-performing assets (NPAs) or bad loans.

According to a regulatory filing by the bank after market hours on Wednesday, Axis Bank’s net interest income – or the difference between interest earned and interest expended – rose 15.16 per cent to Rs 6,453 crore in the October-December period.

Yes Bank, Indian Oil, GAIL India, Bharat Petroleum, Mahindra & Mahindra and State Bank of India were also among the gainers.

On the flipside, Zee Entertainment, UPL, Cipla, Power Grid, Tech Mahindra, Dr Reddy’s Labs, Eicher Motors and TCS were among the losers.

The overall market breadth was positive as 1,455 shares ended higher while 1,067 closed lower on the BSE.


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