Banks, NBFCs surge post SBI’s liquidity gesture

Axis, Yes Bank and Kotak Mahindra among top gainers in the Sensex pack
In a relief rally of sorts, benchmark equity indices gained more than 1% on Wednesday, a day after the State Bank of India (SBI) said that it would provide liquidity support to non banking financial companies (NBFCs). Banking and financial stocks led the strong rally even as most market participants say that investors should remain cautious as the underlying weakness is far from over and the near term would remain volatile. The 30-share Sensex surged 461.42 points or 1.35% to close at 34,760.89, as 25 constituents ended the day with gains. Stocks like Axis Bank, State Bank of India, Yes Bank, ICICI Bank and Kotak Mahindra Bank were among the top gainers of the day in the Sensex pack. Shares of NBFCs like Indiabulls Housing Finance, Dewan Housing Finance Corporation, Manappuram Finance, LIC Housing Finance and Muthoot Finance all gained significant ground on Wednesday.
Nifty up
Meanwhile, the broader Nifty settled the day at 10,460.10, up 159.05 points or 1.54%. On BSE, the overall market breadth was also strong with over 2,000 stocks gaining ground, as against 611 declines with the BSE Midcap index surging more than 4%. “We continue to maintain a cautious view on the markets in the short term due to a weakening rupee and rising oil prices which will further increase the twin account deficit,” said Hemang Jani, Head — Advisory, Sharekhan.
Source : https://www.thehindu.com/todays-paper/tp-business/banks-nbfcs-surge-post-sbis-liquidity-gesture/article25185514.ece

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