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Nifty Ends Above 10,000 As Banking Shares Rally; IndusInd Surges 6%

Gains were led by buying witnessed in the banking, metal, energy, infra, auto and realty shares, which settled between 0.7 per cent and 1.8 per cent higher.
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The Nifty had last settled above the psychological 10,000 mark on August 7.
The Nifty had last settled above the psychological 10,000 mark on August 7.
Indian benchmark stock indices extended gains for a third session in a row with the BSE Sensex adding 194 points and the broader Nifty index gaining 71 points to close at 10,006. The National Stock Exchange benchmark index - Nifty50 - had last settled above the psychological 10,000 mark on August 7. Gains were led by buying witnessed in the banking, metal, energy, infra, auto and realty shares, which settled between 0.7 per cent and 1.8 per cent higher. Shares of IndusInd Bank, which said on Monday that it had entered into an exclusive agreement with micro-lender Bharat Financial Inclusion to explore merger opportunities, finished as 5.6 per cent at Rs 1,791.25 apiece on the NSE. IndusInd Bank shared had risen as much as 6 per cent to a 52-week high of Rs 1,799.10 during intraday trade. It was also the top gainer among the 51 shares in Nifty. Shares of Bharat Financial Inclusion ended 3.4 per cent higher at Rs 966.90, after hitting a 52-week high of Rs 979 earlier in the session.

Auto shares also witnessed buying as the increase in Goods and Services Tax (GST) was less wide-ranging than expected. Maruti Suzuki rose 2.2 per cent to finish at 8,142.40 on the NSE.

The government said on Saturday it would increase taxes for mid-sized, large, and sports utility vehicles under the newly lunched indirect tax - GST.

The quantum of the increase was less than expected and tax rates for smaller cars and hybrid vehicles were not raised, comforting investors.

Meanwhile, higher global markets also boosted sentiments. Investors in Asia reacted with relief after North Korea did not conduct another missile test this weekend, when it celebrated its founding anniversary. (With agency inputs)

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