Nifty hits 10,750 mark; Sensex rises over 300 points
Indian equity indices jump-started today’s session, scaling fresh lifetime highs, reflecting the positive trend in most global markets and led by gains in shares of Housing Development Finance Corp and ICICI Bank.
At 10:04 AM, the S&P BSE Sensex was trading at 34,903 up 310 points while the broader Nifty50 index was ruling at 10,763, up 81 points.
Shares of IDFC Bank and Capital First rose as much as 3% and 6% each respectively after the boards of both the entities on Saturday approved a merger creating a lender, which will have a portfolio diversified across large corporate lending, small and medium enterprise loans and retail credit.
The broader gains were supported by shares of metal, media, automobile, financial companies and private sector banks.
Shares of HDFC rose nearly 2% as the lender will raise Rs111.04 bn through preferential allotment of shares to 10 investors, and 18.96 bn through a qualified institutional placement.
Shares of Infosys, down 0.4%, were the worst hit on the Nifty 50, while those of ICICI Bank, up 2.5%, led the gains.
On the economy front, India’s retail inflation hit a fresh high, growing 5.2% in December, mainly due to hardening housing, fuel and food prices, while inching towards RBI’s upper tolerance level of inflation at 6%.