India News | Sensex Rallies 432 Pts on F&O Expiry; Financial Stocks Shine
Get latest articles and stories on India at LatestLY. Equity benchmark Sensex rallied 432 points on Thursday, tracking gains in banking and financial stocks as the November series derivatives expired amid largely positive cues from global markets.
Mumbai, Nov 26 (PTI) Equity benchmark Sensex rallied 432 points on Thursday, tracking gains in banking and financial stocks as the November series derivatives expired amid largely positive cues from global markets.
After a volatile session, the 30-share BSE index ended 431.64 points or 0.98 per cent higher at 44,259.74.
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Similarly, the broader NSE Nifty surged 128.60 points or 1 per cent to 12,987.
Tata Steel was the top gainer in the Sensex pack, rising around 5 per cent, followed by Bajaj Finance, Bajaj Auto, HDFC, HCL Tech and Titan.
On the other hand, Maruti, ONGC, IndusInd Bank and Tech Mahindra were among the laggards.
Domestic equities witnessed sharp recovery led by sharp rebound in banking, financial services and insurance (BFSI) stocks and metals.
BFSIs continued to be a key driving force for the market, said Binod Modi, Head- Strategy at Reliance Securities.
"Improved prospects of earnings recovery in the backdrop of improvement in collection efficiencies, better outlook for credit costs and possibility of reversal of provisions due to resolution of select large accounts along with better valuations attracted investors in BFSIs," he noted.
Heavy buying sentiment was also seen as November derivative contracts expired, traders said.
Elsewhere in Asia, bourses in Shanghai, Tokyo, Hong Kong and Seoul ended with significant gains.
Stock exchanges in Europe, however, began of a tepid note.
Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.32 per cent higher at USD 47.89 per barrel.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)