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Sensex rises over 200 points, ICICI Bank, HDFC lead gains in financials – Livemint, Livemint.com

Sensex rises over 200 points, ICICI Bank, HDFC lead gains in financials – Livemint, Livemint.com

Shrugging off a weak start, Indian markets posted strong gains today. Financials led the gains today. The Sensex ended 613 points higher at 90, 823 while the broader Nifty ended 0.5% higher at , 01575879.

Among financials, Axis Bank rose 2%, Kotak Bank 2%, Bajaj Finance 1.5%, ICICI Bank 1.1% and HDFC 1%. UltraTech Cement (2.5%), Tech Mahindra (2.5%), and L&T (2%) were among the other top gainers among the Sensex stocks.

Elsewhere, shares of PNB Housing Finance slumped 41% after it posted a weak set of quarterly numbers on Thursday.

Investors are now keeping a close watch on the February 1 budget for clues on the government move to revive economic growth, which has slipped to a more than six-year low.

Vinod Nair, head of research at Geojit Financial Services, said: “The pre-budget rally has been solid. For this rally to sustain a lot will depend on the actual outcome of Budget and final Q3 earnings trajectory.”

Mid and small caps are continuing its positivity in expectation of revival in growth & liquidity from institutional investors, he added.

The broader markets also posted strong gains today. The BSE midcap index rose 0.8% while smallcap 0.6%.

Global markets were mostly higher today after World Health Organization stopped short of declaring China virus outbreak a global health emergency. (With Agency Inputs) )

                                 

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