Indian markets continued to climb tracking positive cues from global markets ahead of Jackson Hole meeting which could determine market trajectory in the absence of any domestic triggers.
The BSE Sensex surged 276.16 points, or 0.88%, to close at 31568.01, Nifty ended at 9852.50, after moving up 86.95 points, or 0.89%.
Bank stocks rose spurred by Cabinet decision on consolidation of public banks. Shares of SBI, ICICI Bank, HDFC Bank, Kotak Bank and Axis Bank zoomed.
The government on Wednesday decided to set up an alternative mechanism to oversee proposals for consolidation of public sector banks (PSBs) with a view to creating fewer but stronger lenders.
Adani Ports gained 2.79% emerging as the top gainer, followed by Bharti Airtel that jumped 2.41%. Tata Steel moved up 2.28% and Dr Reddy’s climbed 2.25%. Additionally, Tata Motors, NTPC, Reliance, Lupin, Maruti,, Wipro, Coal India,, ONGC, among others, also stood as gainers on Sensex.
Infosys stock rallied 1.98% on value buying amid speculation that Nandan Nilekani might make a comeback as the company’s head.
Most of the sectoral indices ended in the green given the robust buying momentum.
The BSE realty index jumped the most by rising 3.48%, along with metal, banking and financials.
The BSE mid-cap and small-cap indices gained 1.38% and 1.21%, respectively.
Strengthening global shares and uninterrupted buying by domestic investors supported the upsurge, experts are of the view.
Overnight gains at Wall Street amid growing optimism over a market-friendly US tax reform plan sparked gains in Asian and European markets. Renewed hopes of US tax reform and thawing geopolitical tensions, buoyed sentiment.
Hong Kong’s Hang Seng and Japan’s Nikkei ended with gains while China’s Shanghai Composite closed the day with losses. In Europe, London’s FTSE as well as Frankfurt’s Dax Performance Index dipped.
SENTIMENT SURGES
- Bank stocks rose spurred by Cabinet decision on consolidation of public banks
- SBI, ICICI Bank, HDFC Bank, Kotak Bank and Axis Bank zoomed
- Adani Ports gained the most (2.79%) followed by Bharti Airtel, among others
- Strengthening global shares, buying by domestic investors buoyed gains
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Adani Ports gained 2.79% emerging as the top gainer, followed by Bharti Airtel that jumped 2.41%. Tata Steel moved up 2.28% and Dr Reddy’s climbed 2.25%. Additionally, Tata Motors, NTPC, Reliance, Lupin, Maruti,, Wipro, Coal India,, ONGC, among others, also stood as gainers on Sensex.
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