Sensex, Nifty Rebound From 6-Month Lows Led By Private Lenders
Closing Bell: Sensex Rises Over 450 Points Led By Banks
Indian equity benchmarks rebounded from six-month lows hit in the previous session as earnings season began with Zee Entertainment.
The S&P BSE Sensex rose 1.35 percent or 461 points to 34,761 and the NSE Nifty 50 Index jumped 1.5 percent or 159 points to 10,460.
"Selling was overdone and it was a time to buy," Sanjiv Bhasin, executive VP-markets & corporate affairs, told BloombergQuint over phone. Nifty has formed a support at 10,200 and it can go up to 11,000 by Diwali as rally in crude prices may be getting over and bond yields will trade below 8 percent, Bhasin said.
Bandhan Bank has beaten all expectations which tells that most banks will come out with good numbers and going ahead the banks will leave apart all the uncertainties of NBFCs, he said.
All sector gauges barring the Nifty IT Index ended higher led by the Nifty PSU Bank Index's 5.6 percent gain. Media, Realty, Private Bank, Bank and Financial Services Indices also rose between 3-5 percent.
The mid- and small-cap shares outperformed larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 Indices rose over 4 percent each.
Union Bank Surges Most In 7 Months As Trading Volumes Rise
Shares of the state-run lender rose as much as 10.27 percent, the most in seven months, to Rs 72.50 as trading volumes rose.
Trading volume was 1.3 times its 20-day average, data compiled by Bloomberg showed.
Nifty Bank Index Surges Most In Nearly 1 Year
- Nifty Bank Index surged as much as 3.44 percent or 843 points to 25,371 led by gains in ICICI Bank, Axis Bank and State Bank of India.
Vodafone Idea Holds Gains After Block Deal
- Vodafone Idea has 53 lakh shares change hands in two blocks. Stock up 3.7 percent at Rs 35.75.
Buyers and sellers were not immediately known
Philips Carbon, Thyrocare Among Stocks Moving On Heavy Volumes
- Philips Carbon: The Kolkata-based carbon black maker rose as much as 15.38 percent to Rs 221. Trading volume was 9 times its 20-day average.
- Thermax: The Pune-based electrical power equipment maker rose as much as 2.24 percent to Rs 910. Trading volume was 6 times its 20-day average.
- Great Eastern Shipping: The Mumbai--based cargo ship operator rose as much as 15.5 percent, the most in over three years, to Rs 345. Trading volume was 5 times its 20-day average.
- Thyrocare Technologies: The Mumbai-based diagnostic lab operator fell as much as 1.7 percent to Rs 658. Trading volume was 6 times its 20-day average.