Indian benchmark indices draw strength from RBI stance
Bank stocks got a fillip after the Reserve Bank of India (RBI) on Tuesday changed rules that determine banks' regulatory capital.
The BSE Sensex climbed 463.63 points to 24242.98 and the NSE Nifty went up 146.55 points to 7368.85.
On Tuesday, while the market was expecting the RBI would consider a rate cut after the Union Budget, the central bank decided to provide additional capital to the banking sector by tweaking its capital regulatory rules.
Banks that have been struggling with higher non performing assets issue have welcomed the move, according to industry reports.
On Wednesday, SBI was the biggest gainer.
Other notable gainers included Hindalco, ICICI Bank, Adani Ports, Hero Motocorp, PNB and Bank of Baroda.
Some of the top losers included ITC, Coal India, Sun Pharma and Bajaj Auto.
Shares in the Asian market too rallied to their two-month highs on Wednesday as overnight gains in oil prices and some positive economic data from the US and other countries offset fears of a global economic slowdown, according to media reports.
Image: Wikimedia Commons
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