Mkts rebound sharply on buying in bank stocks BSE LTD SET FOR WORST DAY EVER AS SEBI SEEKS HIGH FEE STRUCTURE
The 30-share BSE Sensex jumped 941.12 points or 1.28% to settle at 74,671.28
MUMBAI: Benchmark BSE Sensex rebounded sharply by 941 points while NSE Nifty closed above the 22,600 level on Monday on the back of buying in banking and infra shares and a global stocks rally.
The 30-share BSE Sensex jumped 941.12 points or 1.28% to settle at 74,671.28. During the day, it zoomed 990.99 points or 1.34% to 74,721.15.
The NSE Nifty went up by 223.45 points or 1% to 22,643.40.
From the Sensex basket, ICICI Bank climbed nearly 5% after the company on Saturday said its March quarter consolidated net profit grew 18.5% to ₹11,672 crore, helped by lower provisions.
IndusInd Bank, UltraTech Cement, State Bank of India, Axis Bank, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finance and HDFC Bank were the other major gainers.
HCL Technologies tanked nearly 6% after the company reported a flat year-on-year growth in net profit in the March quarter at ₹3,986 crore.
ITC, Wipro and Bajaj Finserv were the other laggards.
In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory.
European markets were trading on a mixed note. Wall Street ended with gains on Friday.
“The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. Easing Middle East tensions, coupled with stable earnings, are expected to maintain positive market sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services. Global oil benchmark Brent crude declined 0.51% to $89.04 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,408.88 crore on Friday, according to exchange data.
The BSE benchmark Sensex tanked 609.28 points or 0.82% to settle at 73,730.16 on Friday. The NSE Nifty declined 150.40 points or 0.67% to 22,419.95.
BENGALURU: Shares of BSE sank 19% on Monday and were set for their worst day ever, after India’s markets regulator sought a higher regulatory fee structure for options contracts, which, analysts said, could eat into the exchange operator’s profits.
BSE’s stock trimmed some losses to trade down 12.5%, but was still the top loser on the Nifty mid-cap 100 index, which was up 0.3%.
The Securities and Exchange Board of India (Sebi) on Friday directed BSE to pay the regulatory fee on the annual turnover based on the notional value of options contracts, along with differential payment for past years with interest. The company has been calculating annual turnover based on the premium value for options contracts.
MCX, also received a similar directive from Sebi on regulatory fees.