Sensex Ends 196 Points Higher; Midcap And Smallcap Indices Outperform

Indian share markets traded on a positive note throughout the day and ended higher. Gains were seen in the metal sectorcapital goods sector, and power sector, while telecom stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 196 points (up 0.6%) and the NSE Nifty closed higher by 71 points (up 0.7%). The BSE Mid Cap index ended the day up 1.3% and the BSE Small Cap index ended the day up by 2.1%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.6% and the Shanghai Composite was up by 1.8%. The Nikkei 225 was up 1%.

The rupee was trading at 70.86 against the US$.

In the news from the automobiles sectorSML Isuzu share price witnessed buying interest today as the company reported 32.8% rise in February 2019 sales.

Shares of the company were locked in upper circuit of 20% on back of the above news.

In the news from the macroeconomic space, India's GDP growth slipped to 6.6% in the third quarter of FY19. The economy had grown 7.1% in the second quarter and 8.2% in the first quarter.

Reports state that weaker domestic and external demand are key factors behind the sub-7% growth. India would still be growing faster than China's 6.4% growth in the same quarter.

Manufacturing's share of GDP has risen just 1.5% in the last three years to stand at 18%. The GDP growth for 2018-19 in the December policy was projected at 7.4%.

Moving on to the news from the banking spaceYes Bank share price was in focus today after Ravneet Gill took charge as Managing Director and CEO of the bank.

As per an article in The Economic Times, his tenure as approved by the Reserve Bank of India (RBI) is 3 years from the date of joining.

Here's an excerpt from the article:

  • The appointment of Gill will be subject to approval of shareholders at the annual general meeting of the bank to be held in June 2019 on the terms and conditions including remuneration as approved by the Reserve Bank of India.

    Investors hope that Gill, working with the board, will change the culture at Yes Bank and make it a transparent bank.
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