Equities end higher amid volatility; banking, finance stocks surge

Mumbai, April 28 (IANS) Amid a volatile trading session, the Indian equity indices settled higher on the back of healthy buying in banking and finance stocks.

The S&P BSE Finance index rose by 3.53 per cent and the BSE Banking index ended 2.94 per cent higher.

Largely positive trend in the global markets also supported the Indian indices, analysts said.

“Major Asian markets have closed on a positive note, barring the Shanghai and Nikkei indices. European indices like the FTSE, DAX and CAC have ended higher,” said Deepak Jasani, Head of Research at HDFC Securities.

Vinod Nair, Head of Research at Geojit Financial Services, noted that benchmark indices ended positive tracking global markets, led by financials and hopes of a fiscal stimulus have given support to the markets.

“The sustainability of this rally depends on the easing of lockdown measures and the measures to get businesses back on track,” he said.

Sensex closed at 32,114.52, higher by 371.44 points or 1.17 per cent from the previous close of 31,743.08. It had opened at 32,101.91 points and touched a high of 32,199.91 and a low of 31,661.34 points.

The Nifty50 on the National Stock Exchange closed at 9,380.90, higher by 98.60 points or 1.06 per cent from the previous close.

Rahul Sharma, Research Head at Equity99 Advisors, said: “After the recent market crash, investors have started bargain hunting in companies with strong fundamentals as global investors have turned optimistic with the prospects of eased lockdowns and more stimulus from central banks in the coming days.”

On the technical front, Jasani of HDFC Securities, said that for the Nifty, 9,403 is a crucial resistance level and 9,260 would be the major support level.

–IANS

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