Shares of BFSI (Banking, Financial Services and Insurance) sector rallied heavily on Thursday with HDFC twins, Yes Bank, IndusInd Bank, SBI, ICICI Bank, PNB, Axis Bank, rising up to 5% in today's trade.
Shares of BFSI (Banking, Financial Services and Insurance) sector rallied heavily on Thursday with HDFC twins, Yes Bank, IndusInd Bank, SBI, ICICI Bank, PNB, Axis Bank, rising up to 5% in today’s trade. Indian equities are on an extended bull run led by the government’s decision to bring down on additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore. Following the development, the domestic markets surged to record highs on Wednesday with Sensex surpassing the psychological mark of 35,000. On Thursday, the bull run continued with the headline indices Sensex and Nifty extending their gains to hit newer record highs. Shares of Yes Bank advanced as much as 4.23% to the day’s high of Rs 356.9 as the fifth-largest private sector lender is all set to announce the third quarter results later today.
Shares of India’s most valuable lender HDFC Bank surged 3% to hit an all-time high of Rs 1,947.4 while the stock of India’s largest housing financier HDFC rose 3.2% to a lifetime high of Rs 1,918.65. Shares of India’s largest lender State Bank of India jumped 3.5% to a day’s high of Rs 317.8 while shares of other prominent BFSI companies such as Axis Bank, ICICI Bank, IndusInd Bank, Punjab National Bank, Bharat Financial Inclusion, Kotak Mahindra Bank and Bank of Baroda surged up to 2.5% in the day’s trades. The stock of ICICI Bank and Axis Bank hit their respective 52-week highs rising by 1.52% to Rs 353.2 and 2.02% to Rs 597.15 on NSE.
Meanwhile, India’s stock markets extended the record-breaking run on Thursday with Sensex and Nifty opening at fresh records after hitting new milestones in yesterday’s trade. The domestic markets took a breather on Tuesday on account of the widening of trade deficit to a 3-year high but resumed on the rising streak after the Narendra Modi government lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier. BSE Sensex gained as many as 394.88 points to hit a lifetime high of 35,476.7 while NSE Nifty added 98.55 points to mark the record high of 10,887.1 on Thursday. Earlier yesterday, foreign investors bought stocks worth Rs 625.13 crore on a net basis, while domestic institutional investors purchased shares for an amount of Rs 168.61 crore, according to the provisional data on the stock exchange.
Shares of Adani Ports SEZ, Bharti Airtel, UltraTech Cement and Yes Bank will be in close watch ahead of their respective third-quarter earnings scheduled for later today. Other major companies which are also lined up with Q3 earnings are Deepak Nitrite, Adani Enterprises, Cyient, DB Corp, Hindustan Zinc, Mastek, and Zensar Technologies. The benchmark Sensex rose 284.63 points or 0.81% to began at 35,366.45 whereas the wider share indicator Nifty advanced 84.85 points or 0.79% to start at 10,873.4.