The Bombay Stock Exchange on Wednesday rose by 333, closing at 27,708.14, while National Stock Exchange Nifty ended at 8,603 for the first time in three months, NDTV reported. Financial stocks saw some of the biggest jumps during intra-day trading on the back of strong quarterly results and a positive outlook for the Union Budget presentation on February 1.
Axis Bank, HDFC Bank and Tata Steel were among the biggest gainers of the day. Private sector banks including Axis and HDFC, as well as Kotak Mahindra Bank and YES Bank, gained between 0.9% and 1.5%.
Meanwhile, stocks of Bharti Airtel fell by at least 3.63% after the company reported a 54% decline in its third quarter profits because of factors such as demonetisation and strong competition from new telecom entrant Reliance Jio.
BSE’s smallcap and midcap indices also rose by 0.75% and 0.59%. Kotak Securities Senior Vice Preisdent Dipen Shah said markets were “getting excited” about the Q3 results of financial companies because their outcome had not shown “any major impact from demonetisation”.
International stocks also gained, with some hitting three-month highs, Reuters reported. While Japan’s Nikkei 225 rose by 1.3%, Hong Kong’s Hang Seng gained 0.43%. Australia’s S&P ASX 200 rose by 0.38%, while the Shanghai Composite gained 0.22%.