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Closing Bell: Sensex ends 327 points higher, Nifty above 11,900; banks, financial stocks surge

Closing Bell: Sensex ends 327 points higher, Nifty above 11,900; banks, financial stocks surge

Closing Bell: Sensex ends 327 points higher, Nifty above 11,900; banks, financial stocks surge
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By CNBCTV18.com Oct 9, 2020 3:39:39 PM IST (Updated)

The Sensex ended 327 points higher at 40,509 while the Nifty rose 79 points to settle at 11,914.

Indian shares ended higher on Friday led by gains in financials after the Reserve Bank of India (RBI) kept interest rates unchanged at 4 percent in the face of high inflation, while also retaining its accommodative stance.

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The Sensex ended 327 points higher at 40,509 while the Nifty rose 79 points to settle at 11,914. For the week, the indices ended over 4 percent higher.
The RBI Governor Shaktikanta Das said the country’s gross domestic product may break out of the coronavirus-induced contraction and turn positive by the fourth quarter of 2020. He added that the GDP is expected to contract by 9.5 percent in FY21, with risks to the downside.
Post the policy, the banking and financial indices surged on liquidity boosting measures. The Nifty Bank surged 2.8 percent while the Nifty Fin Services jumped 1.8 percent.
On the banking index, PNB, Bank of Baroda, ICICI Bank, Axis Bank, SBI, and HDFC Bank rose above 3.5 percent each.
Among other sectors, Nifty IT added 0.6 percent for the day. However, Nifty Realty shed 1.6 percent and the pharma index was down 1.3 percent. Nifty Auto, Nifty FMCG and Nifty Metal also ended the day in the red.
On the Nifty50 index, Wipro, ICICI Bank, Axis Bank, SBI, and HDFC Bank were the top gainers while Grasim, Hindalco, UPL, Sun Pharma and SBI Life led the losses.
Shares of Lakshmi Vilas Bank rose 10 percent after the lender struggling with bad loans and governance issues said it got a non-binding offer from Clix Group.
Globally, world shares pushed on from one-month highs, with Asian stocks closing in on two-and-a-half-year highs, as expectations grew of a Democratic victory in US elections next month, reviving hopes for more US stimulus.
The pan-European STOXX 600 index rose 0.3 percent, set for its second straight week of gains. Wall Street futures were up 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, inching closer to its August 31 peak, which was its highest level since March 2018. China's CSI300 index gained 2 percent after the Golden Week holidays.
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