Sensex adds 172 pts, Nifty tops 11,900, Yes Banks tanks 14%

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Mumbai, Policenama Online – Sensex on Wednesday added 172 points while the 50-scrip Nifty index managed to close above 11,900. Yes Bank plunged 13 per cent ending as the top laggard for the second straight day.Top index contributor Reliance Industries ended in the red but other heavy-weights like Infosys, HDFC and TCS closed higher.Yes Bank on Tuesday had postponed the decision to approve or decline the binding offer of $1.2 billion — 60 per cent of the total capital the bank aims to raise — submitted by mysterious investor Erwin Singh Braich but indicated it may “favourably consider” the offer of $500 million of Citax Holdings and Citax Investment Group in the next board meeting.s

The Sensex closed 172.69 points or 0.43 per cent higher at 40,412.57. The broader Nifty ended 11,910.15, over 50 points up. Sensex mid-cap index gained 0.52 per cent and small-cap jumped 0.01 per cent.”After a subdued trade during most part of the day, market witnessed a sharp turnaround due to short covering in index heavyweights,” said Vinod Nair, Head of Research at Geojit Financial Services.Niar added that the upcoming macro indicators like CPI inflation & IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near term. On global front, FOMC meeting, UK election and US tariff deadline remain key events.

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