Ahead of the operationalisation of the bad bank, banks provided the much-needed ammunition to notch up record-high levels. They also got support from government policy announcements that would reduce their worries about telecom assets going south.
The 30-share pack Sensex rose 417.96 points or 0.71 per cent to close at 59,141.16. Its broader peer NSE Nifty climbed 110.05 points or 0.63 per cent to 17,629.50. Both indices ended at fresh high levels.
“Driven by reforms, the Indian market kept raising its bar and traded to new record highs. The banking sector is expected to perform well in the coming days as the sector which failed to fairly participate in the ongoing rally due to fear over asset quality is gaining traction,” said Vinod Nair, Head of Research at Geojit Financial Services.
Equity investors grew richer by Rs 1.10 lakh crore, as their total wealth represented by BSE market capitalisation rose to Rs 260.78 lakh crore. India on Wednesday surpassed France’s market cap.
Market at a glance:
- Voda Idea spikes 28 per cent after govt responds to SOS call
- India VIX, a barometer of volatility and fear, jumps 5 per cent
- Ami Organics turns into a multibagger on the third day of trading
- ITC leaves rut behind, soars 7 per cent on restructuring buzz
- IPO watch: Sansera Engineering subscribed 10 per cent
MORE TO COME…
