Markets began the day extensively higher, day ahead of Reserve bank Governor Shaktikanta Das’ press meet at 10-am. It is broadly hoped that the Central Bank would give liquidity support as well interest cut.
At 9.35-am, the BSE Sensex rallied 1,100 point at 31K-mark, and the Nifty traded 900-mark, up by 340 points.
The entire the Nifty sectoral gauges traded in the green, led by Nifty Bank, Nifty Private bank, PSU Bank index, up 7 and 8 percent.
IndusInd Bank, Axis Bank SBI, Bajaj Finserv,and Bajaj Finance led gains among Nifty constituents whereas Bharti Airtel, HeroMotoCorp, HCL Tech, Gail India and Bajaj Auto were the top losers. Track latest best stock to watch today, stock-tips from here.
Majority of the bigger banking stocks were also witnessing gains, including Axis Bank, ICICI Bank, and SBI. Auto stocks were moving higher on expectation that a slash in interest rates would see good demand for products through vehicle financing.