Market recovers; Yes Bank top gainer

The Indian benchmark indices closed with gains despite experiencing volatile trade on Tuesday. Yes Bank was the top gainers on both the benchmarks Sensex and Nifty. Broader markets also participated in the rally with Mid-cap and Small-cap indices gaining more than 1 per cent.

Sensex closed at 35,150.01, up by 190.29 points or 0.54 per cent, while Nifty50 ended the day at 10,549.15, up by 60.70 or 0.58 per cent. The top gainers on BSE Sensex were Yes Bank, up by 7.29 per cent, Sun Pharma up by 5.75 per cent, Asian Paint up by 4.03 per cent, SBI up 2.85 per cent, Axis Bank up by 2.42 per cent, ITC up by 1.84 per cent, while the top losers were Hero Motor, Bharti Airtel, HDFC Bank, ICICI Bank, Adani Ports and Maruti Suzuki, these stocks were down between 2 per cent and half a per cent on Tuesday.

The private banker Yes Bank had a dream run gaining steadily in every session. The stock opened at Rs. 164.30 per share and hit an intraday high of Rs. 179.70 per share during the closing hours of trade. Following Yes Bank's gain during day's session was Axis Bank.

Following the Reserve Bank of India Governor Urjit Patel's exit, it seemed like a field day for all the banks who are in the bad book of RBI. Both Yes Bank and Axis Bank have a tussle with the banking regulator RBI regarding the tenure of their heads. The Reserve Bank of India had refused to extend the term of Rana Kapoor, CEO of Yes Bank and Shikha Sharma, CEO of Axis Bank. Also gaining today was Punjab National Bank and Kotak Bank, the latter has taken the RBI to the Bombay HC Court regarding its ruling on the bank's promoter shareholding.

Nifty Bank closed the day at 26,163.40, up by 60.75 points or 0.23 per cent and Nifty PSU Bank index closed at 2,880.80, up by 74.25 points or 2.65 per cent, reflecting the up tick in state-owned banks including SBI, Canara Bank, Central Bank and Bank of Baroda.