Sensex Jumps Above 1000 Points In Late Trading Hrs, Banking Stocks Rally

Today, the RBI hiked the repo rate by 50 bps to 5.9%, as expected by analysts, leading Sensex and Nifty to a bull run. Sensex today jumps above 1,047.99 points and Nifty jumps 320.20 points in the late trading hours. The banking stocks and the financial sectors stocks are having the major weightage on that. The Nifty private bank gained by 584.10 points, and the Nifty PSU Bank gained by 95.25 points today.

INDUSIND Bank, BAJAJ Finserve, Bajaj Finance, HDFC Bank, HDFC, Kotak Bank, Axis Bank, SBI, and ICICI Bank are some of the top gainers today. On the other hand, Asian Paints, Britannia, Wipro, Infosys, and TCS are some of the top losers in trade.

After the RBI repo rate hike, the banks are also expected to increase their interest rates on loans. However, assured income options like FDs and government bonds are expected to be more profitable this year. Banks might offer better interest rates on FDs, after the 50 bps rate hike. So, the banking stocks are shinning today.

Fresh 52-week high and low stocks

The top stocks to reach 52-week high level on NSE in intra day trading are GPT Infraprojects Limited, Transformers And Rectifiers (India) Limited, Axis Mutual Fund - Axis Silver ETF, Apollo Sindoori Hotels Limited, Mask Investments Limited, Cipla Limited, and Solar Industries India Limited, etc. On the other hand, Cerebra Integrated Technologies Limited, Sona BLW Precision Forgings Limited, Mastek Limited, Zensar Technologies Limited, Sanofi India Limited hit fresh 52-week low today.

Indices like NIFTY 100 and NIFTY 200 are performing considerably well today by gaining 302.75 points and 154.60 points respectively. On BSE, financial services, telecommunication, utilities, bank-ex, metal and power indices are surging sharply today.

Meanwhile, in the Asian stock markets, Nikkei stood at 25,937.21 points down by 484.84 points, but Hang Seng Index stood at 17,222.83 points up by 56.96 points.