Sensex Zooms Nearly 1000 Points, Nifty Above 9,300 Levels

The Indian benchmark indices rallied today as both S&P BSE Sensex and NSE Nifty 50 record gains of over 3.15%. The gains in the indices were led by the financial and banking stocks on the back of the expiry of the derivative contracts. The BSE Sensex shot up nearly 1000 points. 

The Sensex index jumped 3.25% or 996.92 points to close the day at 31,605.22 points. The Nifty 50 index spiked 3.15% or 285.90 points. It closed at 9,314.95 points, well above its crucial mark of 9,300 levels. Among the Sensex stocks, ICICI Bank and Axis Bank were the top gainers, and they shot up 8.95% and 14.24% respectively. 

Apart from them, the shares of Kotak Mahindra Bank, IndusInd Bank. Bajaj Finance and HDFC Bank climbed nearly 5% each. The NSE Nifty sectoral indices were in the favourable terrain. The NSE Nifty Bank index gained over 7% to emerge as the top gainer.

Also Read: Banking and Financial Stocks Drag Indices Down Due to Moratorium

The broader indices on the Bombay Stock Exchange (BSE) did not match the performance of the benchmark indices. The S&P BSE SmallCap index gained a meagre 0.28% while the S&P BSE MidCap index closed Wednesday gaining only 0.54%. 

The shares of Axis Bank shot up on the back of the report, which claimed that Carlyle, a private equity firm (PE) is planning to pick nearly 8% of the stakes of the bank. The stocks of the Bajaj duo gained after hitting their two-year lows. Bajaj Finserv added 3% while Bajaj Finance expanded 5%. They were down due to the fears over the first quarter of the FY20 being a complete washout for them. 

The unrest in Hong Kong caused due to the mounting political tensions influenced the global equity and commodities markets today. This has masked the positive market movements that were anticipated on the back of the world economy reopening. The shares being traded on the Chinese and Hong Kong markets extended their bear run.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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