Sensex soars 617 points; Bajaj twins surge 5 per cent

Mumbai (Maharashtra) [India], July 6 : The Indian stock markets' key indices, Sensex and Nifty, surged by over one per cent on Wednesday helped by strong buying support in banking and financial stocks as a strong quarterly number of Bajaj Finance boosted investors' confidence.
The 30 stock S&P BSE Sensex surged 616.62 points or 1.16 per cent to 53,750.97 points against its previous day's close at 53,134.35 points.
Earlier, the Sensex started the day marginally higher at 53,170.70 points. The markets witnessed strong buying support in the afternoon session with Sensex surging to a high of 53,819.31 points in the intra-day.
The Sensex had closed 100.42 points or 0.19 per cent down in a volatile session on Tuesday.
The broader Nifty 50 of the National Stock Exchange surged 178.95 points or 1.13 per cent to 15,989.80 points.
Earlier, the Nifty opened in the positive at 15,818.20 points and soared past 16,000 points in the intra-day. It touched a high of 16,011.35 points in the intra-day.
The share price of Bajaj twins - Bajaj Finance and Bajaj Finserv - soared around 5 per cent on Wednesday on a strong business update for the first quarter of the current financial year.
Bajaj Finance surged 4.71 per cent to close at Rs 5929 at the BSE. Bajaj Finserv soared 4.83 per cent to Rs 12075. Bajaj twins were the top gainers among the 30 Sensex scrips.
The share price of Bajaj Finance surged after the company disclosed financial information for the quarter ended June 30, 2022.
Bajaj Finance's core assets under management (AUM) rose to Rs 2,04,000 crore as of June 30, 2022 as compared to Rs 1,56,115 crore as of June 30, 2021, posting an increase of 31 per cent.
The Company continues to remain well capitalised with capital adequacy ratio (CRAR) of approximately 26.2 per cent as of 30 June 2022. During the quarter, the Company invested Rs 2,500 crore in equity shares of Bajaj Housing Finance Ltd, a wholly owned subsidiary.
The strong financial number of Bajaj Finance boosted buying support in other banking and financial stocks.
Kotak Bank surged 2.60 per cent to Rs 1706. The country's largest lender State Bank of India soared 1.59 per cent to Rs 479.65. IndusInd Bank rose 1.54 per cent to Rs 836.60. Axis Bank rose 1.49 per cent to Rs 658.05. HDFC Bank rose 1.44 per cent to Rs 1371.50.
Hindustan Unilever, Maruti Suzuki, Asian Paints, Titan, Nestle India, Mahindra & Mahindra and UltraTech Cement were among the major Sensex gainers.
Only five of the 30 scrips that are part of benchmark Sensex closed in the red. Power Grid Corporation slumped 1.63 per cent to Rs 210.60. NTPC fell 1.03 per cent to Rs 139.30.
The index heavyweight Reliance Industries Limited fell 0.87 per cent to Rs 2411.95. L&T and Tata Steel also closed in the red.