Key equity indices were trading near day's high in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 227.66 points or 0.63% at 36,422.76. The Nifty 50 index was up 65.35 points or 0.60% at 10,915.15. The Nifty was trading above 10,900 mark after crossing that level in early trade. Positive cues from other Asian shares boosted investors sentiment.
Among secondary barometers, the BSE Mid-Cap index was up 0.12%. The BSE Small-Cap index was up 0.21%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 932 shares rose and 560 shares fell. A total of 95 shares were unchanged.
ICICI Bank was down 1.58% at Rs 359.25. Media reports suggested that the Central Bureau of Investigation (CBI) has named ICICI Bank's former managing director and chief executive officer (MD and CEO) Chanda Kochhar and her husband Deepak Kochhar, along with his firms, as accused in the Rs 3,250-crore Videocon loan case. The first information report (FIR) registered on Thursday reportedly said the accused, including Videocon Industries (VIL) and its chairman and MD, Venugopal Dhoot, sanctioned certain loans to private companies in a criminal conspiracy and cheated ICICI Bank to the tune of Rs 1,730 crore.
Yes Bank rose 6.13% to Rs 226.95, extending yesterday's sharp gains triggered by RBI approval to name Ravneet Singh Gill as MD & CEO of the private sector bank. Shares of Yes Bank jumped 8.39% to end at Rs 213.85 yesterday, 24 January 2019.
Yes Bank said that Reserve Bank of India (RBI) has vide its letter dated 23 January 2019 approved the appointment of Ravneet Gill as the MD & CEO of Yes Bank for a period of 3 years from the date of joining. Gill is expected to join the bank latest by 1 March 2019. The appointment will be subject to the approval of shareholders at the ensuing annual general meeting of the bank to be held in June 2019.
The board of directors of Yes Bank have scheduled a special board meeting to be held on Tuesday, 29 January 2019, and will finalize on the delegation of powers for transition management in the interim period commencing from 1 February 2019 until Ravneet Gill assumes office.
Further, Yes Bank announced the appointment of Mr. Maheswar Sahu and Mr. Anil Jaggia as additional directors (independent) with effect from 24 January 2019 for a period of 5 years. The announcement was made after market hours yesterday, 24 January 2019.
FMCG shares advanced. Dabur India (up 1.6%), Bajaj Corp (up 1.36%), Jyothy Laboratories (up 1.14%), Britannia Industries (up 0.99%), Godrej Consumer Products (up 0.99%), Hindustan Unilever (up 0.8%), GlaxoSmithKline Consumer Healthcare (up 0.69%), Tata Global Beverages (up 0.4%), Nestle India (up 0.19%) and Procter & Gamble Hygiene & Health Care (up 0.15%), edged higher. Marico (down 0.4%) and Colgate Palmolive (India) (down 1.03%), edged lower.
Overseas, stocks in Asia gained Friday despite fresh overnight uncertainties about US-China trade negotiations. In Japan, core consumer prices in Tokyo, a leading indicator of nationwide price trends, rose 1.1% in January from a year earlier, government data showed on Friday.
In US, stocks closed mostly higher Thursday as investors digested a tide of corporate earnings while monitoring US-China trade talks and a long-running US government shutdown -- all amid worries over the health of the global economy.
In Europe, the European Central Bank (ECB) decided to maintain interest rates at 0% as expected on Thursday, but President Mario Draghi warned that growth risks in the region had shifted to the downside due to a number of external factors.
On the US data front, the number of Americans applying for unemployment benefits fell below 200,000 for the first time in nearly 50 years, the Labor Department reported Thursday. Further, the Conference Board's leading economic index fell 0.1% in December.
Private-sector activity continued to expand in January but at a more moderate pace compared with the same time last year, according to flash purchasing managers index data compiled by Markit. The manufacturing index rose to 54.9 from 53.8 in December, while the services gauge slipped to 54.2 from 54.4. A figure above 50 signifies growth in activity.