Sensex Surges Over 600 Points, Nifty Reclaims 11,050 Led By HDFC Bank, Reliance Industries

Nine of 11 sector gauges compiled by the NSE were trading higher led by the Nifty Financial Services and Media indexes over 2 per cent gain.

Sensex Surges Over 600 Points, Nifty Reclaims 11,050 Led By HDFC Bank, Reliance Industries

HDFC Bank was top Nifty gainer, the stock rose as much as 6 per cent.

The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in noon deals led by gains in HDFC Bank, Reliance Industries, HDFC, ICICI Bank, Maruti Suzuki and Kotak Mahindra Bank. The Sensex rose as much as 644 points and Nifty 50 index reclaimed its important psychological level of 11,050 a day after markets witnessed a sharp decline. Gain in Reliance Industries, HDFC Bank, HDFC, ICICI Bank and Maruti Suzuki contributed over 500 points towards the Sensex.

As of 12:37 pm, the Sensex was up 613 points at 37,552 and Nifty rallied 166 points to 11,056.

Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Financial Services and Media indexes over 2 per cent gain. Nifty Bank, Auto and Private Bank indexes also rose over a per cent each.

On the other hand, Nifty IT index was top loser, down 1 per cent.

Mid- and small-cap shares were witnessing buying interest as the Nifty Midcap 100 index rose 0.9 per cent and Nifty Smallcap 100 index advanced 1.1 per cent.

HDFC Bank was top Nifty gainer, the stock rose as much as 6 per cent after the Reserve Bank of India approved appointment of Sashidhar Jagdishan as Managing Director & CEO of the bank for a period of three years. He will be taking charge as the MD and CEO on October 27, 2020, the bank added. Sashidhar Jagdishan will replace Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020.

Reliance Industries, Zee Entertainment, Hero MotoCorp, HDFC, Maruti Suzuki, Bajaj Finance, Bajaj Auto, Bajaj Finserv, ICICI Bank and Sun Pharma also rose between 1.5-5 per cent.

On the flipside, Tech Mahindra, Bharat Petroleum, HCL Technologies, IndusInd Bank, Tata Steel, Infosys, UltraTech Cement, Wipro and Tata Motors were among the laggards.

The overall market breadth was positive as 1,560 shares were trading higher while 824 were trading lower on the BSE.