Sensex Surges 696 Points, Nifty Settles Above 17,750; Financial, Banking Stocks Rise

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The overall market breadth stood strong as 2,295 shares advanced while 1,064 declined on BSE.

New Delhi: The domestic equity indices extended gains to the third straight session on Wednesday led by gains in financial and banking stocks. The 30-share BSE Sensex rallied 696 points or 1.18 per cent to close at 59,558; while the broader NSE Nifty moved 203 points or 1.16 per cent higher to settle at 17,780. 

Investors’ wealth zoomed nearly Rs 9.68 lakh crore in just three straight days amid heavy buying interest.

Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 index jumped 1.18 per cent and small-cap ended 1.44 per cent higher.

The indexes (BSE and NSE) had climbed nearly 1.5 per cent each after the Union Budget 2022-23 unveiled increased spending to Rs 39.45 lakh crore in the coming fiscal year to build public infrastructure and drive economic growth.

“The capex-driven budget will drive credit growth in the economy, so we may see benefits for the banking sector, which was a laggard,” Anita Gandhi, director at Arihant Capital Markets, told news agency Reuters.

On the stock-specific front, Bajaj Finance was the top Nifty gainer as the stock surged 4.98 per cent to Rs 16,696.05. IndusInd Bank, HCL Tech, Bajaj Finance and HDFC Life were also among the gainers. Nifty PSU Bank outperformed the index by rising as much as 3.41 per cent.

In contrast, Tech Mahindra, UltraTech Cements, Britannia, Shree Cement and Nestle India were among the losers.

The overall market breadth stood strong as 2,295 shares advanced while 1,064 declined on BSE.

On the 30-share BSE platform, IndusInd Bank, Bajaj Finserv, HCL Tech, Bajaj Finance, Kotak Mahindra Bank and Axis Bank attracted the most gains with their shares rising as much as 5.57 per cent.

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