Sensex, Nifty Soar Over 3% Amid Strong Buying Interest In Banking Stocks

Domestic stock markets soared more than 3 per cent on Wednesday backed by strong buying interest in banking stocks. The S&P BSE Sensex index soared 1,051.3 points to touch 31,660.60 at the strongest level during the session, and the NSE Nifty 50 benchmark climbed to as high as 9,334.00 compared to its previous close of 9,029.05. Investors sought bargains in beaten-down banking stocks, while Axis Bank gained after a report said private equity group Carlyle was in discussions with the lender for a fund infusion, news agency Reuters reported.

The Sensex ended 995.92 points – or 3.25 per cent – higher at 31,605.22, and the Nifty settled at 9,314.95, up 285.90 points (3.17 per cent) from the previous close.

The Nifty Bank index – comprising stocks of 12 major lenders in the country – surged as much as 8.22 per cent before settling with a gain of 7.28 per cent.

Analysts awaited official data on the country’s gross domestic product (GDP) due on Friday.

The country’s GDP likely expanded at its weakest pace since 2012, according to a Reuters poll.

Meanwhile, the number of coronavirus cases in the country surged past 151,700 as of Wednesday, with growth rate of new infections showing no sign of slowing even as the country starts to ease its strict lockdown.

Equities in other Asian markets slipped on concerns about rising tensions between the US and China. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent.

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