NEW DELHI: Equity indices surged for the second consecutive day on Thursday with the benchmark BSE sensex rising over 450 points led by gains in bank, IT and auto stocks, amid positive cues from global markets.
The 30-share BSE index closed 484 points or 1.54 per cent higher at 31,863; while the broader NSE Nifty settled above the 9,300-mark.
Kotak Bank was the top gainer in the sensex pack, rising up to 8.43 per cent after the bank's board approved an equity capital-raise through the issue of 6.5 crore shares. At the current market price of Rs 1,151, this translates into a capital-raise of Rs 7,500 crore, equivalent to nearly $1 billion.
TCS, Infosys, ICICI Bank, HCL Tech, ONGC and HDFC Bank were the other gainers with their stocks rising as much as 5.30 per cent.
While Titan, Hindustan Unilever, Power Grid, NTPC, Nestle India were the top losers with their shares falling up to 3.75 per cent.
On NSE, sub-indices Nifty IT, Private Bank and Bank gained as much as 4.09 per cent.
"Markets are expecting some sort of stimulus from the government and there is also optimism that it will come forward to support the industry," Siddharth Purohit, Research Analyst at SMC Global Securities Ltd told news agency Reuters.
"But my concern is that if the government doesn't act fast enough, the rally will fizzle out. Also, the Reliance-Facebook deal has brought in hope that FDI inflow will continue once the lockdown is lifted," he added.
The rupee soared by 62 paise to settle at 76.06 (provisional) against the US dollar, tracking gains in domestic equities and strength in Asian currencies.
Forex traders said investor sentiment strengthened after the Reserve Bank of India (RBI) said it would undertake additional purchase of government securities through open market operations (OMO).
International oil benchmark Brent crude futures rallied 8.64 per cent to $22.13 per barrel.
Meanwhile, foreign portfolio investors were net sellers in the capital market on Wednesday, as they offloaded equity shares worth Rs 1,326.09 crore, according to provisional exchange data.
(With agency inputs)
The 30-share BSE index closed 484 points or 1.54 per cent higher at 31,863; while the broader NSE Nifty settled above the 9,300-mark.
Kotak Bank was the top gainer in the sensex pack, rising up to 8.43 per cent after the bank's board approved an equity capital-raise through the issue of 6.5 crore shares. At the current market price of Rs 1,151, this translates into a capital-raise of Rs 7,500 crore, equivalent to nearly $1 billion.
TCS, Infosys, ICICI Bank, HCL Tech, ONGC and HDFC Bank were the other gainers with their stocks rising as much as 5.30 per cent.
While Titan, Hindustan Unilever, Power Grid, NTPC, Nestle India were the top losers with their shares falling up to 3.75 per cent.
On NSE, sub-indices Nifty IT, Private Bank and Bank gained as much as 4.09 per cent.
"Markets are expecting some sort of stimulus from the government and there is also optimism that it will come forward to support the industry," Siddharth Purohit, Research Analyst at SMC Global Securities Ltd told news agency Reuters.
"But my concern is that if the government doesn't act fast enough, the rally will fizzle out. Also, the Reliance-Facebook deal has brought in hope that FDI inflow will continue once the lockdown is lifted," he added.
The rupee soared by 62 paise to settle at 76.06 (provisional) against the US dollar, tracking gains in domestic equities and strength in Asian currencies.
Forex traders said investor sentiment strengthened after the Reserve Bank of India (RBI) said it would undertake additional purchase of government securities through open market operations (OMO).
International oil benchmark Brent crude futures rallied 8.64 per cent to $22.13 per barrel.
Meanwhile, foreign portfolio investors were net sellers in the capital market on Wednesday, as they offloaded equity shares worth Rs 1,326.09 crore, according to provisional exchange data.
(With agency inputs)
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