Nifty Reclaims 10,700 Amid Broad-Based Gains, Axis Bank Surges 4%

Nifty Reclaims 10,700 Amid Broad-Based Gains, Axis Bank Surges 4%

Sensex and Nifty moved higher on Friday amid broad-based gains. The Sensex rose over 250 points to 34,998 while Nifty reclaimed 10,700 levels. Banking, capital goods, auto and oil & gas stocks supported the gains while some weakness was seen in IT stocks. Among the Nifty50 stocks, Axis Bank surged over 4 per cent while Reliance Industries gained over 3 per cent. ICICI Bank, Eicher Motors and Adani Ports were also among the top gainers. Yes Bank shares rose 1.5 per cent, extending its Thursday’s 8 per cent gains.

Bharti Airtel, Tech Mahindra, Wipro and TCS were among the top losers in the Nifty50 pack, down about 1 per cent. The breadth of the market was also strong, with BSE midcap and smallcap indices trading 0.5 per cent higher.

Asian shares edged higher today, after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, while Japan’s Nikkei gained 0.4 per cent.

South Korea’s KOSPI briefly rose more than 1 percent and set a one-month high, helped partly by hopes that a summit meeting between the leaders of North and South Korea would end their decades-long conflict and ease tensions over North Korea’s nuclear weapons programme.

The firmer tone of Asian equities came after each of Wall Street’s major indexes rose 1 per cent or higher on Thursday, while Inc shares jumped more than 6 per cent in after-market trading after the online retailer reported a 43 per cent surge in first-quarter revenue.