Equity indices spurt with rally in banking scrips, IndusInd up 12 pc
Aug 28, 2020
Mumbai (Maharashtra) [India], Aug 28 : Equity benchmark indices traded higher on the first day of September futures and options series with banking and financials contributing significantly to the gains.
The BSE S&P Sensex closed 354 points or 0.9 per cent higher at 39,467 while the Nifty 50 gained by 96 points or 0.83 per cent at 11,655.
Except for Nifty auto, FMCG and metal, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank gaining by 4.9 per cent, private bank by 4.5 per cent and financial service by 2.1 per cent.
IndusInd Bank jumped by 12 per cent to close at Rs 679.05 per share while Axis Bank moved up by 7.9 per cent, ICICI Bank by 4.4 per cent and Kotak Mahindra Bank by 3.7 per cent.
Punjab National Bank was up by 5.6 per cent at Rs 37.30 per share while State Bank of India gained by 4.5 per cent to Rs 225.40.
The other major gainers were UPL, Sun Pharma, Adani Ports, Grasim and Bharti Infratel. However, JSW Steel, Hero MotoCorp, Tata Motors, HDFC Life, Infosys, Dr Reddy's and Hindustan Lever traded with a negative bias.
Meanwhile, Asian shares were mixed as investors pondered over the US Federal Reserve's new strategy to adopt an average inflation target and restore the United States to full employment in the fight to contain coronavirus pandemic.
Japanese shares dropped with the Nikkei down 1.41 per cent as Prime Minister Shinzo Abe resigned because of a chronic health condition, saying he will stay on until a new leader is appointed.
But Hong Kong's Hang Seng rose by 0.56 per cent and South Korea's Kospi ticked up by 0.4 per cent.
