Banks, Financials Lift Sensex By 359 Pts

The Indian benchmark indices followed its Asian counterparts and ended the day on a positive note led by gains in Banking and Financial sector stocks. 

The BSE Sensex ended the day's session at 52,300.47, higher by 358.83 points. The index recorded gains in 23 shares out of 30 in the pack with shares of Bajaj Finance and Bajaj Finserv surging over six and four per cent each in the intraday session on Thursday, June 10.

Similarly, the Nifty-50 index closed higher by 102.40 points at 15,737.75.

Experts are of a view that the markets will move in a upward direction further amid a faster vaccination programme and support from the fiscal measures by the centre as the Finance Ministry said it has released third monthly instalment of revenue deficit grant of Rs 9,871 crore to 17 states.

"Sentiments remain positive as Faster vaccine coverage and frontloading of fiscal measures outlined in this year's budget, according to the Finance Ministry, will be important factors in improving the investment and consumption cycles and, as a result, restoring the economy," said Gaurav Garg - Head of Research at CapitalVia Global Research Ltd.

The Nifty Banking index gained over a per cent too in the day's trade and contributed the most among all other spaces. Shares of PNB surged over four per cent, while those of SBI, IndusInd Bank, and RBL gained over two per cent and were among the top gainers in the space.

The broader markets also jumped higher after a muted previous session caused by profit booking across the board. The BSE Midcap and Smallcap jumped over a per cent during the trading session on Thursday. Shares of Jaiprakash Asso and Khadim India advanced 20 per cent in the Smallcap space and pushed the Smallcap index over 25,000.

However, on the flip side, selling was seen in shares of ITC, Bajaj Auto and Granules India which led the stocks down by over a per cent each.

In the overall market breadth, 2254 shares closed with gains and 699 shares declined at the market closing on Thursday.