NEW DELHI: Equity indices jumped on Friday with the benchmark BSE sensex rising more than 950 points led by gains in banking stocks. Sensex soared 976 points or 1.97 per cent to close at 50,540; while the broader NSE Nifty moved 269 points or 1.81 per cent higher to settle at 15,175.
Top gainers in the BSE pack included State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, HDFC and IndusInd Bank with their shares rising as much as 4.98 per cent.
On the NSE platform, all the sub-indices finished in green Nifty PSU Bank and Nifty Bank outperforming the index by surging as much as 3.82 per cent.
Shares of government-owned SBI rose nearly 5 per cent after the lender reported 80 per cent rise in its fourth quarter profit due to lower provisioning of bad loans.
Read AlsoSBI Q4 profit jumps 80%, announces first dividend in four yearsState Bank of India, the country’s largest lender by assets, on Friday posted a record quarterly profit, helped by lower provisions for bad loans, and announced its first dividend in four years.
Investor sentiment also stayed upbeat as as new coronavirus infections remained below the 3,00,000-mark for a fifth straight day.
Daily coronavirus cases in India have fallen over the past few days after hitting a record of more than 4,14,000 earlier this month.
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Domestic equities look to be good as of now, Binod Modi, head-strategy at Reliance Securities told news agency PTI, adding that benchmark indices witnessed sharp run-up this week despite selling pressure seen in the last two days as daily caseload in the second Covid wave continued to be below 3 lakh.
“Chances are very high now that lockdown restrictions in most states will start going away,” Gaurav Garg, head of research, CapitalVia Global Research, told Reuters.
“Companies which are directly impacted by lockdowns, like auto, realty and banking, are going to see a lot of buying,” he added.
(With inputs from agencies)