JOIN US Bulls continued their dream run on Wednesday from where they left off on Tuesday with both the benchmark indices ending nearly 2% higher and posting their biggest two day gain in seven years.
While the S&P BSE Sensex closed 463.63 points (1.95 %) higher above the 24,000-mark at 24,242.98, the Nifty 50 gained 146.55 points (2.03%) to end at 7,368.85.
“Market had taken faith in the Budget and believes that the worst is over. Investors expect a positive direction for the market this month aided by ECB & FED policy meet. A sign of recovery in global market is adding optimism among the participants,” Geojit BNP Paribas Financial Services Head-Fundamental Research Vinod Nair said.
“Data showing heavy buying from foreign portfolio investors (FPIs) during the previous trading session also gave a fillip to sentiment on the bourses. Market participants welcomed the RBI’s easing of rules to allow lenders to bolster capital ratio by including reserves associated with property revaluations and foreign currency translations in the calculation of common equity tier I capital,” BNP Paribas MF Manager – Equities Shreyash Devalkar said.
Banking stocks were the major gainers following RBI’s move to change Basel III capital regulations with respect to treatment of certain balance sheet items. SBI zoomed 12.56% to Rs 182.40 with volumes of 5.33 crore shares. Other major gainers included ICICI Bank (up 7.59% to Rs 220.50), Punjab National Bank (up 7.54 per cent to Rs 79.20), Bank of Baroda (up 6.43% to Rs 144.80).
It was a mixed bag in terms of sectors as far as losers on Nifty 50 were concerned. M&M was the top loser, ending down 5.29% at Rs 1201. Other losers included Sun Pharma (down 1.96% to Rs 851.40).