Equity indices close with positive bias, Yes Bank cracks by 8 pc

Equity benchmark indices traded in a narrow range on Tuesday but closed with a positive bias as hopes of interest rate cut receded following a surge in inflation. The BSE S&P Sensex closed 93 points higher at 41,953 while the Nifty 50 moved up by 33 points at 12,362. Sectoral indices at the National Stock Exchange were mixed with Nifty FMCG kicking up by 1.4 per cent. While retail inflation print for December came at 7.35 per cent, up from 5.54 per cent in November, wholesale inflation inched up to 2.59 per cent. Auto majors Hero MotoCorp and Mahindra and Mahindra moved up by 2 per cent and 1.3 per cent while IT czars Tech Mahindra and HCL Technologies gained by 1.3 per cent and 1.2 per cent respectively. However, banking stocks fell with Yes Bank plunging by 8.3 per cent, IndusInd Bank by 4 per cent, Kotak Mahindra Bank by 0.7 per cent and State Bank of India by 0.8 per cent.