ICICI Bank, RIL, HDFC Bank boost Sensex with a total of 986 points; causes Nifty to settle over 9,200
National stocks ended up at an alleviated position as of Friday after the central bank’s declaration of imposing measures in a bid to curb financial stress due to the countrywide lockdown.
The benchmark Sensex garnered 986 points with a total spike of 3.2 percent at 31,588 as a result of rally in banks, financials, auto and realty stocks. Nifty saw an increase of 273 points or 3% to culminate at 9,266.
Minimising reverse repo rate by 25 basis points(bps), the Reserve Bank of India encouraged banks to deploy extra funds towards lending. This was seen just after it cut the rates by 90bps.
Closing at an increment of 14%, Axis Bank turned out to be the highest gainer on the 30-share Sensex. Axis Bank was followed by ICICI Bank, Maruti Suzuki and Indusland Bank.
Nestle India, HUL and Tech Mahindra were among the slowest progressors, closing in the red.
Of the 30 shares under Sensex, 23 closed in on green.
Volatility Index(VIX) or fear gauge ended up at 7.7%.
Majority of the sectoral indices closed in the green. In the NSE, Nifty Pharma and Nifty FMCG ended up in the red.