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New Delhi: Equity indices ended Wednesday with a benchmark BSE SENSEX Banking and financial stocks surged by nearly 1,000 points.
The 30-share BSE index rose 996 points or 3.25 percent to close at 31,605; While wide Nse nifty It rose 286 points or 3.17 percent to close at 9,315.
Private equity group Carlyle had discussed with the lender for a fund infusion. ICICI Bank, Kotak Bank, Bajaj Finance, HDFC Bank, IndusInd Bank and SBI were the other beneficiaries, increasing by 8.89 percent.
On the NSE, sub-indices of Nifty Bank, Private Bank and Financial Services rose 7.46 percent.
Deepak Jasani, head of retail research at HDFC Securities, told news agency Reuters, “Financial institutions appear to be buying interest from institutional players. Banks have been catching some less fish after beating for the past few days.”
However, Jasani said the medium-term outlook for banks remains weak.
According to traders, in the next few days, the market is likely to trade range-bound with zig-zag fashion as traders would prefer not to pursue their open positions on uncertainty in global markets.
Meanwhile, the rupee depreciated by 5 paise to 75.71 (provisional) against the US dollar, as market participants worried about rising tensions between the US and China amid the coronovirus epidemic.
Forex traders said the rupee was trading in a narrow range in the form of positive domestic equities, growing optimism about a potential coronavirus vaccine and a flare-up in US-China tensions leading to a revival of business activity .
Foreign portfolio investors bought equities worth Rs 4,716.13 crore in the capital market on Tuesday, provisional exchange data showed.
(With agency inputs)
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