Sensex tops 35,000 as banks rally after govt cuts borrowings to Rs 200 bn
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Sharp rally in banking stocks saw the benchmark Sensex top the 35,000-mark for the first time, while the 50-share Nifty inch towards 10,800 on Wednesday. Benchmark indices gained closed to a per cent as investor sentiment got a boost amid cooling of bond yielSensex tops 35,000 as banks rally after govt cuts borrowings to Rs 200 bn
Sharp rally in banking stocks saw the benchmark Sensex top the 35,000-mark for the first time, while the 50-share Nifty inch towards 10,800 on Wednesday. Benchmark indices gained closed to a per cent as investor sentiment got a boost amid cooling of bond yields after the government announced a cut in additional market borrowing for the current fiscal year.The BSE Sensex gained 0.89 per cent, or 311 points, to 35,081.82, while Nifty ended 0.82 per cent, or 88 points higher at 10,788.55. Axis Bank gained 4.7 per cent, most among Sensex components, followed by State Bank of India (SBI), which gained 3.4 per cent and ICICI Bank which rose 2.7 per cent after the yield on the 10-year government security softened by 12 basis points to 7.26 per cent. A day earlier, banking and financial shares had tumbled after the 10-year bond yield had jumped 11 basis points. "The market momentum continues to remain strong due to optimism by both domestic and foreign investors," said Motilal Oswal, ... Read more