NEW DELHI: Equity indices traded on a strong note on Thursday as banking and IT stocks continued their upward trend. The benchmark BSE sensex surged 725 points or 1.78 per cent to 41,341 in late deals; while the broader NSE Nifty moved 202 points or 1.70 per cent higher to 12,111.
Top gainers in the BSE pack included State Bank of India (SBI), HCL Tech, Infosys, Tata Steel, Tech Mahindra and Bajaj Finance with their shares rising as much as 5.60 per cent.
On the NSE platform, all sub-indices except for Nifty Realty were trading in green with Nifty PSU Bank surging as much as 2.81 per cent.
Traders said that strong earnings from the country’s biggest lender SBI lifted banking stocks, with IT stocks supporting the gains.
SBI has reported an upbeat September-quarter profit and said it expected stronger annual credit growth. The NSE banking index rose for a fourth straight session since private-sector lender ICICI Bank reported a higher profit last week.
“The large banks have benefited from lower deposit rates and a higher liquidity during the Covid-19 crisis. The banking sector has had a very good run, but we need to see if credit growth picks up,” said Samrat Dasgupta, CEO at Esquire Capital Investment Advisors.
In a volatile session, the 30-share BSE index had ended 355 points or 0.88 per cent higher at 40,616 on Wednesday. Nifty had climbed 95 points or 0.80 per cent to close at 11,909.
On the global front, Asian markets gained on Thursday, as investors awaited a clear result from the US election. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5% to reach its highest since March 2018.
Live: US election results 2020
Both US President Donald Trump and Democratic challenger Joe Biden have paths to 270 Electoral College votes as states tallied mail-in ballots. Biden held a narrow lead in Wisconsin while Trump’s campaign filed a lawsuit to try and halt vote counting in that state.
Online bookmakers were leaning towards Democratic challenger Joe Biden winning as voting results were announced after having favoured incumbent Donald Trump earlier.
“We will enter a period of uncertainty for a few weeks and the markets will remain volatile,” Esquire Capital’s Dasgupta said, referring to the US presidential election results.
(With agency inputs)
Source From : Times Of India