Economy

Bank recapitalisation plan boosts key Indian equity market trade

Bank recapitalisation plan boosts key Indian equity market trade”

Similarly, the NSE Nifty 50 closed at a new high of 10,295.35 points, up 0.86 per cent or 87.65 points.

At 0620 GMT, the S&P BSE Sensex fell 0.05 percent at 33,026 while the broader NSE Nifty rose 0.12 percent to 10,307.

"The BSE Sensex surged over 500 points to hit an all time high of 33,117.33 in the opening session on Wednesday after the finance ministry on Tuesday announced a Rs2.11 trillion bank recapitalization plan for state-owned lenders".

The Sensex touched a high of 33,112.51 points and a low of 32,835.06 points during the intra-day trade so far.

Offloading of positions by participants with Thursday being the last trading session of October series contracts in the derivatives segment pulled the index back from record levels, analysts said.

"Yet another high and no sign of fatigue".

"While today's F&O expiry added some volatility in between, FIIs are likely to get attracted to the domestic tailwinds".

Market breadth was mixed with 1375 shares rising against 1326 falling on the BSE.

The Government's announcement of Rs 9-lakh crore booster dose charged up banking and infra stocks in both bourses as the Centre acted with various measures to spur the economy, including a Rs 2.11 lakh crore recapitalisation plan for PSU banks and a massive Rs 6.92 lakh crore road building programme. "Markets zoomed higher on Wednesday to close at new life highs".

Major Sensex losers were: Kotak Mahindra Bank, down 5.43 per cent at Rs 1,009.70; HDFC Bank, down 3.76 per cent at Rs 1,794.50; HDFC, down 2.60 per cent at Rs 1,677.90; Lupin, down 2.22 per cent at Rs 1,003.75; and Sun Pharma, down 2.10 per cent at Rs 523.25.

The BSE Small-Cap index rose 0.61 per cent while mid-caps gained 0.50 per cent.

Nasdaq closed in red, down by 0.53 per cent while FTSE 100 was also down by 1.07 per cent at the closing on Wednesday.



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