Sensex Closes 449 Points Higher As Markets Extend Gains To Second Day
Stock Market Updates: HDFC, HDFC Bank and ICICI Bank were the biggest boosts to Sensex
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The Sensex ended 448.62 points - or 1.12 per cent - higher at 40,431.60 and the Nifty settled at 11,873.05, up 110.60 points - or 0.94 per cent - from its previous close.
Top percentage gainers in the 50-scrip Nifty basket at the time were ONGC, NTPC, GAIL, HDFC and Axis Bank, trading between 2.18 per cent and 3.72 per cent higher.
On the other hand, UPL, TCS, Hero MotoCorp, Cipla and Divi's Lab - down 0.65-1.79 per cent each - were the worst hit among 12 laggards in the index.
HDFC, HDFC Bank and ICICI Bank were the biggest boosts to Sensex.
HDFC Bank shares gained as much as 2.49 per cent to Rs 1,228.80 apiece on the BSE, after the country's largest lender by market value posted a 18.4 per cent jump in its profit in the quarter ended September 30.
The Nifty Bank index - which tracks stocks of 10 majors lenders in the country - gained as much as 2.83 per cent during the session, led by HDFC Bank, ICICI Bank and Axis Bank.
"Bank stocks are steadily gaining momentum after HDFC Bank's results and markets think that other private sector banks could follow suit," said Saurabh Jain, assistant vice president at SMC Global Securities.
Share markets elsewhere in Asia approached a two-and-a-half-year high registered recently, fuelled by hopes of a new fiscal package in the US and a coronavirus vaccine by the end of this year. MSCI's broadest index of Asia Pacific shares traded 0.31 per cent higher. Japan's Nikkei 225 benchmark was up 1.06 per cent at the time.
Drug maker Pfizer said it could have a coronavirus vaccine ready in the US by the end of the year and US House Speaker Nancy Pelosi said she was optimistic legislation on a coronavirus relief package could be pushed through before the presidential election.
However, China's Shanghai Composite benchmark index was down 0.33 per cent after weaker-than-expected macroeconomic data. The country's gross domestic product (GDP) grew 4.9 per cent in the July-September period from a year earlier, slower than the median forecast of 5.2 per cent, though separate monthly indicators pointed to an expansion in economic activity.