Banking and non-banking financial companies (NBFCs) stocks gained on Wednesday after the government appointed a successor to Urjit Patel.
After market hours on Tuesday’s trade, Shaktikanta Das, a former economic affairs secretary, was appointed as the new governor of the central bank.
All banking stocks surged on expectations that Shaktikanta Das could support public lenders in the recapitalization process.
Nifty PSU Banks was up 2% led by Bank of India, which has jumped over 6%, while Vijaya Bank
, Union Bank
, Central Bank of India, and Oriental Bank of Commerce
were among the other gainers.
Nifty Bank and Nifty Private Bank indices were up in today’s trade.
Also, Nifty Finance service index rose 1.2% to 11,206 in morning trade. M&M Finance
, Indiabulls Housing Finance
, HDFC Life
and Bajaj Finance
rallied 6-3%, respectively.
Shares of Yes Bank
gained 4% ahead of the board meeting on Dec 13 to discuss the successor to Rana Kapoor whose term as the MD and CEO ends on January 31, 2019.
, Yes Bank, IDFC Bank
, Federal Bank, and Axis Bank
rose 4-2%, respectively.
Meanwhile, the Sensex
rose 358 points to 35,508, while the Nifty
jumped 105 points to 10,654. The market breadth is positive with 1,381 shares advancing, 253 shares declining, and 418 shares remaining unchanged on the NSE.