YES Bank share rises over 1% amid market rally

YES Bank shares were trading 1% higher on Thursday amid a rally in the broader market, with Sensex and Nifty up 1.45% each.

The bank announced recently that Ravindra Pandey has been appointed on its board as SBI's nominee director. "The appointment is as per the nomination received from State Bank of India under the Yes Bank Reconstruction Scheme 2020 notified by the Ministry of Finance in March this year. He replaces Swaminathan Janakiraman, who resigned with effect from Oct. 28, 2020, "YES Bank said in a regulatory filing.

YES Bank share price opened at Rs 12.30 and later hit intraday high of Rs 12.39, rising 1% in today's session. Earlier, the stock erased gains and fell 0.65% to the intraday low of Rs 12.25 as against the earlier close of Rs 12.26 on BSE.

Share of the private sector lender that exited from Sensex and Nifty has declined 0.9% in one week, 8% in one month and 73.85% since the beginning of the year. YES Bank stock is trading lower than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 30,767 crore as of today's session.

The stock price of troubled private sector lender, that has traded positive in last two days, has been on a decline since the bank reported its June-Sept quarter earnings.

Last week, the lender posted a net profit of Rs 129.37 crore for the September quarter compared with a Rs 600.08 crore loss posted for the same period last year.

Meanwhile, market indices Sensex and Nifty traded majorly higher on Thursday, tracking gains in global equities. Domestic as well as global investors were buoyed today, closely watching the outcome of US elections. Extending gains for the fourth straight session, Sensex gained 512 points to 41,130 and Nifty rose 146 points to 12,055. Investors hoped a win by challenger Joe Biden in the presidential race might result in a additional economic stimulus for the coronavirus-hit economy.

Democratic candidate Joe Biden is leading Republican nominee President Donald Trump in terms of electoral votes. As per latest numbers, Joe Biden has won 264 electoral college votes, while US President Donald Trump follows with 214 votes. The winner should have at least 270 electoral college votes.

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