Closing Bell: Sensex Rises Over 450 Points Led By Banks
"Selling was overdone and it was a time to buy," Sanjiv Bhasin, executive VP-markets & corporate affairs, told BloombergQuint over phone. Nifty has formed a support at 10,200 and it can go up to 11,000 by Diwali as rally in crude prices may be getting over and bond yields will trade below 8 percent, Bhasin said.
Indian equity benchmarks rebounded from six-month lows hit in the previous session as earnings season began with Zee Entertainment.
The S&P BSE Sensex rose 1.35 percent or 461 points to 34,761 and the NSE Nifty 50 Index jumped 1.5 percent or 159 points to 10,460.
\"Selling was overdone and it was a time to buy,\" Sanjiv Bhasin, executive VP-markets & corporate affairs, told BloombergQuint over phone. Nifty has formed a support at 10,200 and it can go up to 11,000 by Diwali as rally in crude prices may be getting over and bond yields will trade below 8 percent, Bhasin said.
Bandhan Bank has beaten all expectations which tells that most banks will come out with good numbers and going ahead the banks will leave apart all the uncertainties of NBFCs, he said.
All sector gauges barring the Nifty IT Index ended higher led by the Nifty PSU Bank Index\'s 5.6 percent gain. Media, Realty, Private Bank, Bank and Financial Services Indices also rose between 3-5 percent.
The mid- and small-cap shares outperformed larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 Indices rose over 4 percent each.
