The Nifty Bank index ended at 24,635.05, 1.33% higher. Bank stocks that led to the gains are: HDFC Bank 1.86% higher at Rs 1,246.70; ICICI Bank 1.37% higher at 420.30; Axis Bank 1.52% higher at 501.45; Kotak Mahindra Bank 1.79% higher at 1,393.30; and SBI 0.34% higher at 203.75.
BSE Bankex, too, ended 1.36% higher at 27,969.34 on Wednesday.
HDFC, HDFC Bank, ICICI Bank and Reliance Industries were the biggest boosts to Sensex, contributing more than 200 points to the gain in the index at 40,707.31.
Equitas SFB retail quota fully subscribed
Equitas SFB IPO had received bids for 5,58,34,200 shares compared with the issue size of 11,58,50,001 shares. Bidding was seen by retail individual investors (RIIs), whose quota was subscribed 1.04 times
Bajaj Finance Q2 loss
NBFC major Bajaj Finance today reported a huge 36% decline in consolidated profit for the quarter ended September 2020 due to elevated provisions. Profit fell to Rs 965 crore during the quarter, down from Rs 1,506 crore in same period last year. Consolidated NII went up 4% at Rs 4,165 crore against Rs 4,000 crore (YoY).
Rupee ended lower
Indian rupee ended 12 paise lower at 73.58 per dollar, amid selling seen in the domestic equity market. It opened higher at 73.41 per dollar versus Tuesday’s close of 73.46 and traded in the range of 73.36-73.58.
Despite having a volatile day, equity indices rallied higher primarily due to gains in financial stocks and positive global cues.