Bank Nifty shot up 50 a 30-month high - LuvKush Finserve

Benchmark indices rallied to a 28-month high and the Bank Nifty shot up to a 30- month high in Wednesday's trade after RBI governor said that he has noted the fall in inflation, fuelling hopes for a further rate cut in the upcoming Policy. At the close, the Sensex was up 491 points at 20,213 and the Nifty gained 151 points at 6,147.

All the sectoral indices registered over 1% gain except the IT index, which was up 0.4%. Rate sensitive like Realty, Bankex and Auto indices surged 2-4% along with Capital Goods, PSU, Oil & Gas, Health Care, Metal, Power, FMCG and Consumer Durables indices which moved up 1.5-3%. Wipro down 0.5% was the only stock to close in the red, among Sensex-30.

The major movers among the Sensex stocks were from the financial space with HDFC, SBI, ICICI Bank and HDFC Bank adding nearly 4-5%. All the major auto names - M&M, Tata Motors, Bajaj Auto, Maruti Suzuki and Hero MotoCorp- gained 2-3.6%.

Among individual stocks, DLF was up 5% at Rs 242 after the company received strong response from institutional investors for its share sale programme. In the broader markets, the midcap index gained 1.6% and the smallcap index added nearly 1%, both underperforming the Sensex which was up 2.5%.

Source : Equity Bulls

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