Sensex surges 415 points, regains 60k level

Mumbai (Maharashtra)[India], March 6 : Indian equities continued making gains on Monday from the last session, tracking positive global cues which supported buying. Sensex regained 60,000 level during Monday's session.
Key indices -- BSE Sensex surged 415.49 points or 0.69 per cent to 60,224.46. The Nifty 50 index added 117.10 points or 0.67 per cent to 17,711.45. Some of the top Nifty gainers were Adani Enterprises which went up 5.45 per cent, Tata Motors, which was up 2.92 per cent and ONGC, which rose 2.5 per cent. Other gainers included ONGC, Oil India, Aegis Logistics, Indian Oil Corporation and Bharat Petroleum Corporation.
In the Asian markets, Hong Kong's Hang Seng went up 35 points, Japan's Nikkei surged 310 points and China's Shanghai lost 6 points on Monday. In US markets, Dow Jones went up 387 points and Nasdaq and S&P were trading in the positive territory.
In European markets, BEL was up 4 points, CAC was up 13 points, while FTSE declined lost 45 points when Asian markets opened on Monday.
The focus this week by the investors is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where US interest rates could go this year.
The shares of Yes Bank were trading in the positive territory as stocks went up 0.60 per cent on Monday morning as the three-year lock-in period of the largest commercial lender in the country ends today. The shares of the lender closed at Rs 16.90 apiece on Monday.
In the morning, shares of SBI surged about 0.45 per cent to Rs 563.30 apiece while in a span of five days, it had climbed about 7.56 per cent. On Friday, SBI shares gained 5 per cent and ended at Rs 561 apiece. Shares of Yes Bank had surged 2.73 per cent in a span of five days.
Girish Sodani, Head of Equity Market at Swastika Investmart, said, "Yes Bank's financial condition has improved and there is a long way for the bank to become a profit-making bank. So, SBI, ICICI Bank, HDFC Bank, IDFC First Bank may not offload their entire stake at random. In fact."
Sodani said, "After the bailout of the bank in 2020, YES Bank's earnings have improved significantly, sharing its business update for the Q3FY23 (third quarter) that its advances were up nearly 12 per cent (year-on-year) and up over 2 per cent (quarter-on-quarter). On December 22, the bank statement transferred stressed assets of Rs 48,000 crore to JC Flowers Asset Reconstruction, a move that will wipe the bank's book clean of worthless assets to help in its restructuring model. Particularly on the asset quality front. The Rs 9,000-crore fund infusion by the PE firms has further bolstered the capital."