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    HomeFinanceRenewed Optimism in Banking Stocks Boosts Markets

    Renewed Optimism in Banking Stocks Boosts Markets

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    On Tuesday, the Sensex and Nifty benchmark indices in Mumbai rebounded nearly one per cent due to firm trends in global equities and buying in index major Reliance Industries (RIL) and banking stocks. The 30-share BSE Sensex rose by 0.77 per cent to settle at 58,074.68 points, while the broader NSE Nifty advanced by 0.70 per cent to settle at 17,107.50 points. The gains in domestic equity indices were due to a slew of measures to shield the banking sector, which led to a recovery in global markets. However, concerns remain over the recent turmoil in large banks in the US and Europe, which has shaken investors’ sentiment. The US FOMC meeting on Wednesday on interest rate decision would be keenly eyed as any hike surpassing street expectations could unsettle investors. Falling crude oil prices at a faster pace is also raising concerns over the weakening global economic health. Among the Sensex stocks, Reliance Industries climbed the most by 3.11 per cent, ending its eight-day slide. Bajaj Finance, Titan, Axis Bank, ICICI Bank, Bajaj Finserv, IndusInd Bank, UltraTech Cement, Larsen & Toubro, HDFC Bank, HDFC and Kotak Mahindra Bank were among the other major winners. Power Grid, Hindustan Unilever, Tech Mahindra, Tata Consultancy Services, Infosys and Asian Paints were among the biggest laggards. In the broader market, BSE midcap gauge climbed 0.66 per cent and smallcap index gained 0.50 per cent. Among indices, consumer durables jumped 1.57 per cent, energy zoomed 0.99 per cent, power rallied 0.74 per cent, commodities jumped 0.71 per cent and telecommunication (0.63 per cent). FMCG, IT, realty and teck were the laggards. Foreign Portfolio Investors offloaded equities worth Rs2,545.87 crore on Monday, according to exchange data.

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    Rajesh M
    Rajesh M
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