Sensex gained 371.44 points closing at 32114.52 and Nifty surged by 98.60 points closing at 9380.90.
IndusInd Bank shares gained over 17%. Bank and Auto stocks saw a great ending while Energy, Metal, Pharma and FMCG sectors saw a decline in their share prices.
Sensex and Nifty saw a surge and closed in green today for the second consecutive day. Sensex marked a seven-week high today with bulls running strong.
Top Gainers – Sensex and NIFTY
IndusInd Bank saw a significant jump in its shares and surged to 17.6% even with average quarterly results. Other gainers included Bajaj Finance, HDFC Bank, Axis Bank and Bajaj Finserv with an increase of 9.32%, 8.33%, 7.07% and 5.36% respectively.
Auto and Bank sector saw a great hike and positive rally in today’s market.
Axis Bank signed a deal to buy a 29% stake in Max Life Insurance Company. Bank shares surged after that as the news broke into the market. RBI, IRDAI and CCI to approve within 6-9 months for the agreement.
Losers – Sensex and NIFTY
Sun Pharma was worse hit today, losing 3.02% of its share price. Others included IOC, NTPC Ltd. and Vedanta Ltd. with loss of 2.33%, 2.11% and 2.10% respectively.
Bharti Airtel lost 1.45% of its share value even after a deal with Nokia of INR 7500 crores for making Single Radio Access Network (SRAN). Company to expand in 9 circles for better customer experience. Experts predict that the stock will see gains in the coming days.
FII/DII
Foreign Institutional Investors bought Indian stocks of around 4877.7 crores and sold stocks of INR 4999.85 crores value. A total of 122.15 crores of value was taken out from the Indian Financial market by Foreign investors amid the weak global economy.
Indian Equity market witnessed an increase in net value investment by Domestic Institutional Investors by around 389 crores. The stock value of around 4249.74 crores was invested and sold stocks of value 3860.74 crores during the day.
Indian market will witness an increase in investment in the coming days amid strong equity market performance.