Market Wrap, Jan 24: Sensex gains 87 pts, Nifty at 10,850; YES Bank up 14%

The benchmark indices snapped out of their two-session losing streak, ending a tad higher on Thursday led by a sharp rally in YES Bank.

The S&P BSE Sensex ended at 36,195, up 87 points or 0.24 per cent, while the broader Nifty50 index settled at 10,850, up 18 points or 0.17 per cent.

Among sectors, Nifty Auto index slipped 0.87 per cent weighed by Ashok Leyland and Tata Motors. The Nifty Realty index was the top gainer of the day, rising 2.17 per cent led by Oberoi Realty.

In the broader market, S&P BSE MidCap index settled at 14,860, down 23 points or 0.15 per cent, while S&P BSE SmallCap index slipped 84 points or 0.59 per cent to end at 14,225.

Shares of YES Bank rallied 14.32 per cent to end at Rs 225.50 per share on the National Stock Exchange (NSE) after the private sector lender appointed  Ravneet Gill as its new managing director (MD) and chief executive officer (CEO) with effect from from March 1, 2019. Currently, Ravneet Gill is the CEO of Deutsche Bank India.

The stock hit a low of Rs 189 in the intra-day trade on Thursday.

“The Bank has received Reserve Bank of India (RBI) approval for its new MD & CEO, Ravneet Singh Gill for him to join on or before March 1, 2019,” YES Bank said in statement.

The Board will convene on January 29, 2019 to finalise the interim transition, it added.

Shares of graphite electrode manufacturers Graphite India and HEG fell up to 9 per cent on the BSE on concerns of margin pressure due to the rising cost of raw material. HEG slipped 8.26 per cent to settle at Rs 3,005, while Graphite India fell 6.94 per cent to Rs 625 on the BSE.