Sensex Rises Over 250 Points, Nifty Above 9,550 Ahead Of F&O Expiry

The BSE Sensex rose over 200 points while the broader Nifty was firm above above its psychologically important level of 9,550 on the back of broad-based buying ahead of the derivative expiry for the month of June which is due later in the day. The sentiment on Dalal Street got a boost from overnight rally on the Wall Street. Wall Street stock rallied sharply on Wednesday with the benchmark S&P 500 index scoring its biggest one-day percentage gain in about two months, as financial and technology stocks led a broad market rebound.

Meanwhile, buying was visible across the sectors. Metal shares were witnessing good buying interest, the BSE Metals index was the top sectoral gainer, up 1.77 per cent. IT, real estate, oil & gas, banking, FMCG and power shares were also seeing buying coming in. PSU banking shares which saw selling pressure in last three trading sessions rebounded.

From the Nifty basket of shares, 45 were trading higher while only 6 were among the laggards.

Axis Bank was the top Nifty gainer, the stock jumped 4 per cent to Rs 512 after the bank clarified that with reference to Reserve Bank of India's directions advising banks to initiate insolvency resolution in 12 accounts, the bank said it had exposure on 8 of these accounts and total fund based outstanding of the bank on these accounts was Rs 5,071 crore. Axis Bank added that around 80 per cent of the outstanding was secured and against this outstanding, the provision held was Rs 2,497 crore.

Vedanta, Infosys, Tata Steel, Bharti Airtel, Hindalco, GAIL India, Zee Entertainment and ITC were also among the gainers. 

On the other hand, Sun Pharma, Kotak Mahindra Bank, Dr Reddy's Labs, Tata Power and Cipla were among the notable losers.

The broader markets were also witnessing buying interest with BSE mid-cap index rising 0.83 per cent and small-cap index jumping 1.3 per cent.

As of 12:06 pm, the Sensex was up 253 points at 31,087 and Nifty was at 9,571, up 80 points.