Indian stock market rises, led by banking, finance stocks

Mumbai, June 5 (SocialNews.XYZ) The Indian equity indices returned to green on Friday, with the BSE Sensex rising over 300 points led by healthy buying in the banking and finance stocks.

The S&P BSE Banking index rose by 2.73 per cent and the Finance index settled 2.35 per cent higher.

Gains in the global markets also reflected in the domestic stock market, analysts said.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said: "Indian equities followed positive global cues, which were driven by ECB's additional stimulus boost. Investors are pricing in a global economic recovery, supported by Central Banks' policy measures across geographies."

According to Rahul Sharma, Head of Research at Equity99 Advisors, bargain hunting continued in select index-heavy stocks and mid-cap stocks as the government has announced its plans to gradually lift the lockdown across the country in a phased manner thereby putting a gradual end to economic uncertainty.

"With no major negative news expected in the near future and no major events, Foreign Portfolio Investors have turned positive on the domestic markets adding to the overall sentiments," he said.

Sensex closed at 34,287.24, higher by 306.54 points or 0.90 per cent from the previous close of 33,980.70.

It had opened at 34,198.55 and touched an intra-day high of 34,405.43 and a low of 33,958.02 points.

The Nifty50 on the National Stock Exchange ended at 10,142.15, higher by 113.05 points or 1.13 per cent from the previous close.

Source: IANS