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) )