NEW DELHI: Welcoming the Modi government’s mega reform push in infrastructure and banking sectors, domestic equity indices scaled fresh highs on Wednesday.

The S&P BSE Sensex surged 435 points to settle at 33,042.50 with SBI being the top gainer (up 28 per cent) and Kotak Mahindra Bank (down 5 per cent) the worst laggard.

The broader Nifty50 index of the National Stock Exchange (NSE) closed a tad below the 10,300 level at 10,295, after touching the milestone in opening deals. Out of the 50 constituents, 24 ended in the green and 26 in the red.

Here’s a look at the top movers and shakers of the session

Bank stocks jump on fund infusion
Bank stocks were on fire which made the PSU Bank index zoom 30 per cent after the government announced a Rs 2.11 lakh crore capital infusion plan for state-owned banks. The Nifty Bank index rallied 814 points to settle the session at 25,036, with 7 out of 12 constituents ending in the green. Punjab National Bank (up 49 per cent), Canara Bank (up 39 per cent) and Bank of Baroda (up 29 per cent) emerged as the top contributors to the surge.



Reliance Nippon Life issue sold like hot cakes!
The initial public offering (IPO) of Reliance Nippon Life Asset Management got fully subscribed within one minute on Day 1. High net worth investors (HNIs), as well as qualified institutional investors quota, got oversubscribed within a minute. At 10.01 am (IST), HNI quota subscribed nearly 6 times, while QIB quota got subscribed by 1.66 times. Retail quota got subscribed by 0.02 times at around the same time. Till 4:15 pm, the issue was subscribed 4.57 times.



Infosys surges post Q1 nos
IT major Infosys recovered from its early losses and surged over 1 per cent during the session, a day after the company reported over 3 per cent rise in net profit but lowered its annual revenue forecast. The stock of the company closed at Rs 935 apiece, up 1 per cent.



RCom: Call disconnected?
Shares of Reliance Communications (RCom) plunged 5 per cent after ET.com reported that the telecom operator was looking to shut down major parts of its wireless business in the next 30 days, blaming among other factors, the “creative destruction” brought in by new entrant Reliance Jio’s free voice and cheap data services. According to the website, the incumbent has told its employees that their last date of employment will be November 30. The scrip eventually closed at Rs 16 apiece, down 3 per cent.



GIC Re makes lukewarm debut
Shares of GIC Re made a tepid debut, listing at Rs 850 on the exchange, down 6.79 per cent from the issue price of Rs 912. At the issue price, the stock was valued at 26.6 times diluted FY17 earnings and 4 times FY17 P/B. GIC Re IPO ran from October 11 to 13 and was subscribed 1.37 times. The scrip ended the session at Rs 870 apiece, up 4.56 per cent.



Spurt in open interest
Shares of Punjab National Bank witnessed the biggest spike in open interest contracts at 41 per cent, followed by United Bank (27.46 per cent) and L&T Finance Holdings (26.29 per cent).