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Sensex sprints 1,595 pts, Nifty tops 16,750

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From the 30-share Sensex pack, Axis Bank, State Bank of India, ICICI Bank, Indusind Bank, Maruti Suzuki India and Hindustan Unilever Limited were the biggest gainers in early trade, jumping up to 4.85 per cent.

Equity benchmark indices continued their winning momentum on Thursday and jumped nearly 3 per cent in the opening trade, tracking an overall bullish trend in global markets.

The 30-share BSE benchmark index opened in the green and further zoomed 1,595.14 points or 2.91 per cent to 56,242.47, continuing its rally for the third day.

Similarly, the NSE Nifty jumped 411.95 points or 2.52 per cent to 16,757.30.

From the 30-share Sensex pack, Axis Bank, State Bank of India, ICICI Bank, Indusind Bank, Maruti Suzuki India and Hindustan Unilever Limited were the biggest gainers in early trade, jumping up to 4.85 per cent.

In contrast, Tata Steel was the lone laggard.

Bourses in Hong Kong, Tokyo and Shanghai were quoting in the green in mid-session deals.

Stock exchanges in the US settled with significant gains on Wednesday.

In the previous trade, the BSE benchmark settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent, notching up the biggest single-day gain since February 25.

The Nifty also climbed 331.90 points or 2.07 per cent to end at 16,345.35.

Meanwhile, international oil benchmark Brent crude jumped 1.66 per cent to USD 113 a barrel.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 4,818.71 crore on a net basis on Wednesday, according to exchange data.

“The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024,” according to Mohit Nigam, Head – PMS, Hem Securities.

Counting of votes were underway on Thursday in the five states where assembly polls were held recently.

PTI

Rbi cfo

RBI Grants Approval To LIC To Up Stake In IndusInd Bank To Nearly 10%

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The RBI approval is subject to compliance with the direction on ‘Prior Approval for Acquisition of Shares and Voting Private Sector Banks’ as well as regulations of the Sebi and any guidelines or regulations.

Private bank IndusInd Bank on Friday said the RBI has given approval to Life Insurance Corporation to increase stake in the bank to nearly 10 percent. The bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to Life Insurance Corporation (LIC), a shareholder of the bank to acquire up to 9.99 percent of the total issued and paid-up capital of the bank, the bank said in a regulatory filing on stock exchanges. 

The state-run insurer holds 4.95 percent of the total issued and paid-up capital of the bank. The RBI approval is subject to compliance with the direction on ‘Prior Approval for Acquisition of Shares and Voting Private Sector Banks’ as well as regulations of the Sebi and any guidelines or regulations.

The Reserve Bank last month had accepted most of the recommendations of its working group on corporate ownership of private sector banks, by allowing unrestrained promoter shareholding in the first five years of operations. It recommended hiking the same to 26 percent after 15 years from the extant 15 percent and also the new capital requirements. This was deemed beneficial for banks like Kotak Mahindra Bank and IndusInd Bank. The said approval is valid for a period of one year i.e., up to December 8, 2022, the bank said.

IndusInd Bank shares were marginally up at Rs 947 on BSE in afternoon trade.

(PTI)