The markets witnessed hectic buying in banking shares in the latter half of the trading session on Tuesday, after Deepak Parekh, chairman of HDFC said that the HDFC-HDFC Bank merger shall be effective from July 01 onwards.
Parekh added that both firms will have separate board meetings on June 30, and shares of HDFC shall cease trading from July 13, 2023. Post the announcement, shares of HDFC and HDFC Bank rallied over 2 per cent at the high point of the day, and eventually settled with gains of around 1.5 per cent each. The buying boosted sentiment at other banking counters, as a result the Bank Nifty surged 1.2 per cent.
Meanwhile, among the key benchmark indices, the S&P BSE Sensex rallied to a high of 63,468, and settled 446 points higher at 63,416. The NSE Nifty reclaimed the 18,800-mark, and ended with a gain of 126 points at 18,817. India VIX dipped 5.8 per cent on Tuesday.
Among other Sensex 30 shares, SBI, Bharti Airtel, Axis Bank, Kotak Bank, Bajaj Finserv and ICICI Bank advanced over a per cent each.
The broader indices also finished on a positive note. The BSE MidCap index advanced 0.4 per cent, while the SmallCap index added 0.6 per cent. The overall breadth too was positive, with more than 2,000 stocks advancing against 1,450-odd declining shares on the BSE.
Among individual stocks, shares of InterGloble Aviation (IndiGo) hit a fresh all-time high on gaining over 3 per cent today. In doing so, its market capitalisation came within striking distance of hitting the Rs 1 trillion mark.
Global Cues
Tokyo stocks opened lower on Tuesday, after US and European markets mostly retreated as a short-lived mutiny in Russia stoked concerns about the country’s stability.The benchmark Nikkei 225 index was down 0.22 percent, or 72.01 points, at 32,626.80 in early trade, while the broader Topix index slipped 0.06 percent, or 1.25 points, to 2,258.92.
US stocks closed lower on Monday, as investors were wary of betting on riskier assets before seeing the outcome of Russia’s aborted weekend mutiny.
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