Mumbai, Oct 10: Expectations of a healthy second quarterly earnings result season and attractive valuations lifted the domestic equity indices on Wednesday. Besides, healthy buying in banking, capital goods and automobile stocks coupled with hopes on revival of the NBFC sector enhanced investors' risk-taking appetite.
According to analysts, key Indian equity indices which opened on a positive note maintained the gains aide by a slight drop in crude oil prices.
"I would view this as a relief rally, as the fall of the stock market in the recent past was led by NBFCs. This is the pull back which was long due. It comes after the SBI on Tuesday said that they will buy assets from NBFCs," Rusmik Oza, Head of Fundamental Research, Kotak Securities, told IANS.
"Having said that, there is still uncertainty, we are definitely not out of the woods as other public sector banks are low on cash."
At 3.30 p.m., the NSE Nifty50 provisionally closed at 10,460.10, up 159.05 points or 1.54 per cent. The benchmark S&P BSE Sensex, which had opened at 34,493.21 points, settled at 34,760.89 points, up 461.42 points or 1.35 per cent from the previous close. The Sensex touched an intra-day high of 34,858.35 points and a low of 34,346.50.