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    Closing Bell: Nifty settles above 9,300, Sensex surges 996 points; Axis Bank jumps 14%

    Closing Bell: Nifty settles above 9,300, Sensex surges 996 points; Axis Bank jumps 14%

    Closing Bell: Nifty settles above 9,300, Sensex surges 996 points; Axis Bank jumps 14%
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    By CNBCTV18.com  IST (Updated)

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    The Sensex ended 996 points higher at 31,605, while the Nifty rose 286 points to settle at 9,315.

    Indian shares surged over 3 percent on Wednesday supported by gains in private banks, while Axis Bank surged after a report said private equity group Carlyle was in discussions with the lender for a fund infusion. Other banking stocks like ICICI Bank, HDFC Bank, and HDFC also contributed to the gains.
    The Sensex ended 996 points higher at 31,605, while the Nifty rose 286 points to settle at 9,315.
    Meanwhile, Asian shares slipped on concerns about rising tensions between the United States and China. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 percent.
    Nifty Bank, which has lost over 44 percent so far this year, rallied 7.3 percent, while Nifty Fin Services also advanced 5.8 percent for the day.
    Axis Bank surged over 14 percent on reports that private equity group Carlyle may invest $1 billion for an 8 percent stake in the bank.
    Among other sectors, Nifty IT and Nifty Metal also added over 2.5 percent, while Nifty FMCG rose 0.33 percent.
    Three of the top five gainers included financial names. Axis Bank, ICICI Bank, Wipro, Grasim and Bajaj Finance were the top gainers on the Nifty50 index, while Sun Pharma, UltraTech Cement, Zee, Titan, and Asian Paints led the losses.
    Shares of Titan Company fell after the company said it saw “virtually zero sales” during the first six weeks of the lockdown.
    The number of coronavirus cases in India surged past 151,700 as of Wednesday, with the growth rate of new infections showing no sign of slowing even as the country starts to ease its strict lockdown.
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