Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian stock market posted gains on Monday as financial and bank stocks jumped after the Reserve Bank of India’s (RBI’s) announcement of special liquidity facility (SLF) for mutual funds of Rs 50,000 crore. BSE Sensex advanced 415 points or 1.33 per cent to 31,743, while the broader Nifty 50 index soared 128 points or 1.40 per cent to end the session at 9282. Out of 30 stocks that constitute the S&P BSE Sensex, 26 scrips ended the session in green today with IndusInd Bank as top gainer up over 6 per cent, followed by Axis Bank, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance. On the flip side, just four stocks NTPC, Mahindra & Mahindra (M&M), HDFC Bank and Bharti Airtel closed in red. All the Nifty sectoral indices traded in green throughout the day. Nifty Private Bank was top sectoral gainer, up 3 per cent led by gains in RBL Bank, IndusInd Bank and Kotak Mahindra Bank. Nifty FMCG index too advanced 415 points driven by Tata Consumer Products, Britannia and UBL.
The Reserve Bank of India on Monday, stepped forward with a Rs 50,000 crore rescue plan to save mutual funds, days after Franklin Templeton wound up six of its debt and credit schemes with an aggregate AUM (Asset Under Management) of Rs 36,000 crore. RBI said that it has taken note of the heightened volatility in capital markets, after the coronavirus breakout, and acknowledged that the volatility has imposed liquidity strains on mutual funds. The liquidity crunch at fund houses has intensified in the wake of redemption pressures related to the closure of some debt mutual funds.