Sensex moves up 371 points in volatile session, IndusInd Bank jumps 17 pc

Equity benchmark indices closed over one per cent higher on Tuesday with a dramatic spurt in private banks.Sectoral indices at the National Stock Exchange were mixed with Nifty private bank moving up by 3.5 per cent but pharma dipping by 2.2 per cent.Among stocks, IndusInd Bank was the star of the day by closing 17.07 per cent higher at Rs 476.95 per share, a day after it reported 77 per cent sequential decline in standalone net profit at Rs 302 crore during the quarter ended March.

Equity benchmark indices closed over one per cent higher on Tuesday with a dramatic spurt in private banks.

At the closing bell, the BSE S&P Sensex was up by 371 points or 1.17 per cent at 32,115 while the Nifty 50 edged higher by 99 points or 1.06 per cent at 9,381.

Sectoral indices at the National Stock Exchange were mixed with Nifty private bank moving up by 3.5 per cent but pharma dipping by 2.2 per cent. Nifty financial service too moved up by 3.3 per cent.

Among stocks, IndusInd Bank was the star of the day by closing 17.07 per cent higher at Rs 476.95 per share, a day after it reported 77 per cent sequential decline in standalone net profit at Rs 302 crore during the quarter ended March. On a year-on-year basis, the dip was 16 per cent.

Brokerages said the lender's deposits seem to have stabilised, a response from customers on moratorium has been low and the management's narrative is positive.

Axis Bank was up by 7 per cent after it signed a definitive agreement to hold 30 per cent stake in Max Life Insurance Company Ltd to strengthen its position in the life insurance sector.

ICICI Bank gained by 3.7 per cent while Bajaj Finance ticked up by 9.3 per cent, HDFC by 8.3 per cent and Bajaj Finserv by 5.3 per cent. Auto majors Eicher Motors and Tata Motors were up by 2.4 per cent and 2.1 per cent respectively.

However, Sun Pharma dipped by 3 per cent, IndianOil corporation by 2.3 per cent, NTPC and Vedanta by 2.1 per cent each and Nestle India by 2 per cent.

Meanwhile, Asian shares and US stock futures were subdued as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.

US crude skidded by 14.24 per cent a day earlier to 10.96 dollars a barrel while Brent crude fell by 4.05 per cent to 19.18 dollars per barrel.

Japan's Nikkei was down by 0.06 per cent while Hong Kong's Hang Seng was up by 1.22 per cent and South Korea's Kospi gained by 0.59 per cent.

( With inputs from ANI )