Sensex soars 565 points; banking, IT stocks surge

The Indian equities markets key indices rose sharply for the third straight day on Wednesday led by strong buying support in banking and IT stocks.

Extending the previous two days rally, the benchmark Sensex opened with handsome gains at 59,293.44 points and touched a high of 59,536.53 points.

At 12.25 pm the 30 stock S&P BSE Sensex was trading at 59,427.95 points, which is 565.38 points or 0.96 per cent higher than its previous day's close at 58,862.57 points.

The Sensex had surged 848.40 points or 1.46 per cent on Tuesday as Finance Minister Nirmala Sitharaman proposed in the Union Budget 2022-23 to significantly boost investments in order to accelerate economic growth.

In the Union Budget 2022-23 the Finance Minister proposed to increase capital expenditure by 35.4 per cent to Rs 7.50 lakh crore in 2022-23 from Rs 5.54 lakh crore in the current year.

The broader Nifty 50 of the National Stock Exchange was trading 169.45 points or 0.96 per cent higher at 17,746.30 points against its previous day's close at 17,576.85 points.

Earlier the Nifty opened in the positive at 17,706.20 points and surged to a high of 17,768.30 points.

There was strong buying support in banking & financial and IT stocks. Bajaj Finserv surged 5.19 per cent to Rs 16716.40. IndusInd Bank soared 4.60 per cent to Rs 964.50. Bajaj Finance soared 3.20 per cent to Rs 7249.25. Kotak Bank was trading 2.99 per cent higher at Rs 1941.85.

Among the IT stocks HCL Technologies soared 3.34 per cent to Rs 1170.45. Wipro surged 1.92 per cent to Rs 587.90. TCS soared 1.49 per cent to Rs 3858.80.

However, Tech Mahindra was trading 2.64 per cent down at Rs 1467.30.

Sun Pharma slipped 0.79 per cent to Rs 885. Nestle India 0.70 per cent down at Rs 18532; Maruti Suzuki 0.67 per cent down at Rs 8499.85 and UltraTech Cement 0.46 per cent down at Rs 7477.55 were among the major Sensex losers.

( With inputs from ANI )