ANL 34.10 Decreased By ▼ -0.15 (-0.44%)
ASC 13.65 Increased By ▲ 0.30 (2.25%)
ASL 23.40 Increased By ▲ 0.80 (3.54%)
AVN 85.60 Increased By ▲ 1.90 (2.27%)
BOP 7.70 No Change ▼ 0.00 (0%)
BYCO 9.44 Increased By ▲ 0.07 (0.75%)
DGKC 111.51 Increased By ▲ 1.31 (1.19%)
EPCL 48.99 Decreased By ▼ -1.90 (-3.73%)
FCCL 22.85 Increased By ▲ 0.09 (0.4%)
FFBL 25.47 Decreased By ▼ -0.23 (-0.89%)
FFL 15.33 Increased By ▲ 0.03 (0.2%)
HASCOL 8.94 Decreased By ▼ -0.06 (-0.67%)
HUBC 78.43 Decreased By ▼ -0.57 (-0.72%)
HUMNL 6.13 Increased By ▲ 0.29 (4.97%)
JSCL 19.14 Increased By ▲ 0.44 (2.35%)
KAPCO 40.50 Increased By ▲ 1.11 (2.82%)
KEL 3.72 Increased By ▲ 0.04 (1.09%)
LOTCHEM 14.20 Decreased By ▼ -0.15 (-1.05%)
MLCF 42.75 Increased By ▲ 0.45 (1.06%)
PAEL 30.90 Decreased By ▼ -0.17 (-0.55%)
PIBTL 9.52 Increased By ▲ 0.07 (0.74%)
POWER 8.61 Increased By ▲ 0.17 (2.01%)
PPL 82.50 Decreased By ▼ -0.80 (-0.96%)
PRL 23.09 Increased By ▲ 0.32 (1.41%)
PTC 9.00 Decreased By ▼ -0.20 (-2.17%)
SILK 1.38 Decreased By ▼ -0.02 (-1.43%)
SNGP 38.90 Increased By ▲ 0.31 (0.8%)
TRG 165.00 Increased By ▲ 1.78 (1.09%)
UNITY 35.80 Increased By ▲ 0.87 (2.49%)
WTL 1.53 Increased By ▲ 0.08 (5.52%)
BR100 4,846 Increased By ▲ 46.43 (0.97%)
BR30 24,817 Increased By ▲ 123.55 (0.5%)
KSE100 45,175 Increased By ▲ 231.06 (0.51%)
KSE30 18,470 Increased By ▲ 86.89 (0.47%)

Coronavirus
VERY HIGH
Pakistan Deaths
18,797
12024hr
Pakistan Cases
854,240
410924hr
Sindh
290,756
Punjab
316,334
Balochistan
23,186
Islamabad
77,684
KPK
123,150
Markets

Indian shares surge in glitch-ridden session as banks gain

  • The NSE Nifty 50 index ended 1.86% higher at 14,982.00, while the S&P BSE Sensex rose 2.07% to 50,781.69.
  • The top three boosts to the Nifty 50 were financial and banking stocks, which surged in extended trading, pushing the Nifty private bank index higher by 3.9%.
24 Feb 2021

BENGALURU: Indian shares closed sharply higher in a glitch-ridden, extended session on Wednesday, led by gains in financial stocks after private-sector lenders were allowed to carry out government transactions.

The NSE Nifty 50 index ended 1.86% higher at 14,982.00, while the S&P BSE Sensex rose 2.07% to 50,781.69.

The top three boosts to the Nifty 50 were financial and banking stocks, which surged in extended trading, pushing the Nifty private bank index higher by 3.9%.

The sub-index snapped a six-session losing streak to advance the most among the 14 major sectoral indexes.

HDFC Bank and ICICI Bank were among the top gainers, closing 5% and 4% higher, respectively.

An embargo on private-sector banks to carry out government-related transactions including taxes and pension payments has been lifted, the finance ministry said on Wednesday, which analysts said was a positive for these lenders.

Wednesday's trade was marred by technical disruptions caused by a telecoms glitch, which forced the National Stock Exchange - India's biggest bourse - to halt trading for nearly four hours.

Analysts said some stock moves after the resumption of trade at around 1005 GMT reflected frantic trading to square off positions ahead of the expiry of February derivative contracts due tomorrow.

Indian equities rose sharply in the first two weeks of February, thanks to solid corporate earnings and a well-received federal budget, before trimming some of those gains due to profit-taking. With Wednesday's gains, the Nifty 50 is now up 9.9% in February.

Index heavyweight Reliance Industries extended gains for a second day, settling 1.9% higher.

The Nifty IT services index was the only sector to finish lower, falling 0.11% amid an appreciation in the rupee which hit a near one-year high on Wednesday. A stronger rupee weighs on earnings of IT services firms, which receive a bulk of their revenues from overseas customers.