Private banks lead the rally on D-Street, IndusInd gains 3.7 pc

Equity benchmark indices moved up 0.7 per cent during early hours on Tuesday as foreign fund flows seemed unstoppable and the global cues equally supportive.

At 10:15 am, the BSE S&P Sensex was up by 335 points or 0.71 per cent at 47,689 while the Nifty 50 ticked higher by 92 points or 0.66 per cent to 13,965.

All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank rising by 2 per cent, private bank by 1.4 per cent and IT by 1 per cent.

Among stocks, Wipro edged higher by 1.6 per cent to Rs 389.20 per share as its Rs 9,500 crore buyback offer kicked off.

IndusInd Bank jumped by 3.7 per cent to Rs 899.55 per share while Axis Bank gained by 1.1 per cent, HDFC Bank by 1.3 per cent, Kotak Mahindra Bank and State Bank of India by 1 per cent each.

Sun Pharma, Grasim and HCL Technologies too traded with a positive bias. However, those which lost were JSW Steel, Hindalco, NTPC, Nestle India, Tata Motors and Eicher Motors.

Meanwhile, Asian shares jumped with Japanese stocks hitting a 30-year high as hopes that a long-awaited US pandemic relief package will be expanded and a Brexit trade deal supported investor risk appetite.

MSCI’s broadest index of Asia Pacific shares outside Japan rose by 0.46 per cent. Japan’s Nikkei leapt by 1.63 per cent to its highest since August 1990 while shares in China rose by 0.1 per cent.

Most other Asian markets were mixed as holiday season saw lower volumes as traders booked profit.

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