Sensex gains 200 points, Nifty above 10,700; YES Bank slips 4%

NEW DELHI:- Positive global sentiment, due to hopes of a possible truce between the US and China on the trade war front, helped domestic equity benchmarks Sensex and Nifty open Wednesday's session in the positive territory. 

 White House economic adviser Larry Kudlow confirmed a dinner powwow between Trump and his Chinese counterpart Xi Jinping at the G20 gathering in Argentina. He also held open the possibility that the two countries would reach a trade deal, Reuters reported. 

 Investors now await Federal Reserve Chair Jerome Powell's speech on Wednesday for clues on future rate hikes by the central bank. 

 Sensex jumped nearly 200 points in early deals and Nifty hovered above 10,730 with buying in most sectors. 
Around 9:30 am, the BSE Sensex was 172 points, or 0.48 percent up at 35,685, while Nifty was 32 points or 0.30 percent up at 10,717. 

Midcaps and smallcaps were underperforming benchmark Sensex at that time. 

 BSE Midcap and Smallcap indices were 0.13 percent down and 0.02 percent up, respectively. 

 Crude oil prices edged up in global markets ahead of an Opec meeting next week, whereas the US dollar climbed near two-week highs after a senior official of the US Fed, in his comment, emphasized the need for further rate hikes. 

  Sectoral indices were trading mixed on BSE. Realty, power, oil & gas, metal, and pharma were among the losers, while IT, teck, FMCG and consumer durables were in the green. 

 In the Sensex basket of stocks, 19 stocks were advancing in trade, while 12 were declining. 

 IndusInd Bank, InfosysNSE 3.17 %, TCS, Kotak Mahindra BankNSE 0.32 % and ITC were among the top gainers in the Sensex index. 

YES Bank, NTPC, ONGC, Coal India and Vedanta were leading among the losers in the Sensex pack of stocks. 

 Shares of YES BankNSE -5.75 % extended losses to the fourth consecutive session today. 

Moody’s Investors Service has downgraded Yes Bank’s foreign currency borrowings by two notches after a series of director-level resignations and the likely divergence between its bad-loan estimates and those computed by the Reserve Bank of India (RBI).
 
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