NEW DELHI: Equity indices surged on Monday with the benchmark BSE sensex rising over 750 points in morning trade led by gains in banking and financial stocks after the Reserve Bank of India (RBI) announced a Rs 50,000 crore special liquidity facility for mutual funds (MFs).
The 30-share BSE index was up 771 points or 2.46 per cent to 32,099; while the broader NSE Nifty rose 217points or 2.37 per cent to 9,372.
Axis Bank, Kotak Bank, Bajaj Finance, IndusInd bank, HDFC and ICICI Bank were the top gainers in the sensex pack with their shares rising as much as 5.51 per cent.
Power Grid and NTPC were the only losers with their shares falling up to 0.32 per cent.
On NSE, all sub-indices witnessed gains with Nifty Financial Services, Private Bank and Bank gaining as much as 3.11 per cent.
The RBI's move came three days after after Franklin Templeton Mutual Fund suddenly closed six debt fund schemes, catching investors off guard.
In a statement, the central bank said heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
Domestic market opened on a positive note tracking global stocks that rallied as the rate of deaths from Covid-19 dropped in several badly hit countries, while leaders stepped up plans to reopen their economies, analysts said.
Meanwhile, the rupee appreciated by 41 paise to 76.05 against the US dollar in early trade, tracking positive opening in domestic equities and weakening American currency in the overseas market.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains in early deals.
In the previous session, the BSE barometer settled 535.86 points or 1.68 per cent lower at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.
Foreign portfolio investors were net sellers in the capital market on Friday, as they offloaded equity shares worth Rs 207.29 crore, according to provisional exchange data.
(With agency inputs)
The 30-share BSE index was up 771 points or 2.46 per cent to 32,099; while the broader NSE Nifty rose 217points or 2.37 per cent to 9,372.
Axis Bank, Kotak Bank, Bajaj Finance, IndusInd bank, HDFC and ICICI Bank were the top gainers in the sensex pack with their shares rising as much as 5.51 per cent.
Power Grid and NTPC were the only losers with their shares falling up to 0.32 per cent.
On NSE, all sub-indices witnessed gains with Nifty Financial Services, Private Bank and Bank gaining as much as 3.11 per cent.
The RBI's move came three days after after Franklin Templeton Mutual Fund suddenly closed six debt fund schemes, catching investors off guard.
In a statement, the central bank said heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
Domestic market opened on a positive note tracking global stocks that rallied as the rate of deaths from Covid-19 dropped in several badly hit countries, while leaders stepped up plans to reopen their economies, analysts said.
Meanwhile, the rupee appreciated by 41 paise to 76.05 against the US dollar in early trade, tracking positive opening in domestic equities and weakening American currency in the overseas market.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains in early deals.
In the previous session, the BSE barometer settled 535.86 points or 1.68 per cent lower at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.
Foreign portfolio investors were net sellers in the capital market on Friday, as they offloaded equity shares worth Rs 207.29 crore, according to provisional exchange data.
(With agency inputs)
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