India Markets closed

Share market highlights: Sensex soars 646 points, Nifty above 11,300; banks, financials rally

FE Online
sensex, bse, nse

Share market highlights: The headline indices Sensex and Nifty snapped a 6-day losing streak to soar higher, led by a rally in banking heavyweights amid bullish sentiments. The Sensex ended 646 points higher at 38,178, while the Nifty closed above 11,300. IndusInd Bank, Bharti Airtel, ICICI Bank were the top gainers, surging up to 5%. The sentiments got a boost after the Modi government announced a hike in dearness allowance by 5% to 17%. Union Minister Prakash Javdekar announced on a hike in dearness allowance to 17 percent from 12 percent, which is likely to benefit 50 lakh government employees and 62 lakh pensioners. According to current estimates, the move will cost the government exchequer total of Rs 16,000 crore. Meanwhile, Yes Bank shares on Wednesday fell about 10 per cent after the lender denied the reports about strategic investment by Microsoft Corporation and two other tech firms for likely stake sale. The denial came a couple of days after a report said that Microsoft is among the three firms that are in talks with the private sector lender for stake sale. Check the day’s highlights.