Sensex jumps 584 points as banking, financials rise; Nifty ends at 15,098 – Times of India

NEW DELHI: Equity indices surged on Tuesday with the benchmark BSE sensex closing over 550 points higher, led by gains in financial and banking stocks.
The 30-share BSE index rose 584 points or 1.16 per cent higher to close at 51,025; while the broader NSE Nifty settled 142 points or 0.95 per cent higher at 15,098.
Kotak Bank, HDFC Bank, HDFC, ICICI Bank, Tech Mahindra and Bajaj Finance were the top gainers in the sensex pack rising as much as 3.17 per cent.
While Power Grid, ONGC, Dr Reddy, NTPC and Bharti Airtel were the major losers falling up to 2.11 per cent.
On the NSE platform, sub-indices Nifty Financial Services, Bank, Private Bank gained up to 2.24 per cent.
“Rising crude prices, surge in bond yields in the US and weakening rupee could be a near-term risk for domestic equities, which has already resulted in FPIs’ outflow in recent days, Binod Modi, head-strategy at Reliance Securities told news agency PTI.
“However, we continue to believe that the recent rise in bond yield is discounting a faster recovery in economic growth and this is unlikely to move northward beyond a point,” he added.
Last week, Reuters reported that the finance ministry was considering slashing excise duties on petrol and diesel to cushion the impact of record high domestic prices.
Meanwhile, broader Asian markets fell on fears of rising bond yields, stretched company valuations and inflation fears, after a mixed session overnight on Wall Street.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,494.49 crore on Monday, as per exchange data.
(With inputs from agencies)