Indian stock markets recoiled from the negative region in the afternoon trades on Monday with Sensex rising nearly 300 points as bankers took charge contributing heavily to the upsurge of the benchmark index.
Indian stock markets recoiled from the negative region in the afternoon trades on Monday with Sensex rising over 550 points as bankers took charge contributing heavily to the upsurge of the benchmark index. Shares of India’s largest bank by assets State Bank of India and the fifth-largest private sector lender Yes Bank emerged as the lead gainers among the components of BSE Sensex index. Following a recovery in the banking sector with PSU banks leading the front steered Nifty to reclaim the psychological mark of 10,000. The heavyweight shares of companies such as HDFC, HDFC Bank, State Bank of India, ICICI Bank, L&T, Yes Bank, ITC, Reliance Industries, Maruti Suzuki, M&M and HUL were the major uplifters.
The domestic equity markets regained their partial losses with a drop in volatility. India Vix, the volatility indicator on NSE, traded down 2.58% at 15.1425. The S&P BSE Sensex surged as high as 569.16 points to mark a day’s peak of 33,084.33 from the day’s low of 32,515.17 while Nifty markets a day’s top of 10,085.85, up by 127.3 points from day’s bottom.
Shares of Yes Bank, SBI, M&M< HDFC, Maruti Suzuki, HUL, Hero MotoCorp, L&T, HDFC Bank, Bajaj Auto, ICICI Bank, ITC and Coal India advanced up to 4.5% with the stock of Yes Bank surging the most while, on the other hand, shares of IT companies such as Infosys, Wipro, and TCS traded down with Wipro being the top laggards among the Sensex constituents. The stock of Azim Premji-led India’s third-largest IT company Wipro lost 4.44% to a day’s low of Rs 272.55 on BSE.
All the sectoral indices of National Stock Exchange traded in green barring the Nifty IT index with Nifty PSU Bank, Nifty Media, Nifty Financial Service and Nifty Bank soaring up to 3.7%. Among the PSU bank shares, stocks of Canara Bank, Bank of Baroda, Synbdicate Bank, State Bank of India, Union Bank of India, Bank of India, Allahabad Bank, Indian Bank, Andhra Bank rose 2 to 6%.