Benchmark indices continued to gain momentum, following the solid 3 per cent rally on Wednessay. The Sensex was trading with gains of 231 points, while the Nifty rallied 70 points in trade. Strong buying was seen once again in banking names including the likes of ICICI Bank and HDFC Bank.
Shares in Kotak Mahindra Bank gained marginally after the bank’s QIP was oversubscribed by 3 times according to news reports.
Shares in Ujjivan Financial Services jumped 5 per cent after the company reported a near 80 per cent jump in its consolidated net profit at Rs 77.43 crore in the March 2020 quarter.
Software stocks were weak in trade with both TCS and Infosys among the losers in early trade.
Aditya Birla Fashion dropped 4 per cent after the company reported a consolidated net loss of Rs 146.59 crore in the fourth quarter ended March 31, 2020, impacted by the coronavirus pandemic.
Adani Power saw its stock gaining ground after the company said Madhya Pradesh Electricity Regulatory Commission has approved setting up of a 1,320 MW thermal power plant in Madhya Pradesh.
Meanwhile, most markets across Asia were trading with gains, following a jump of 2 per cent in the Dow Jones. Opening-up of the lockdown across the global economies led to sentiments largely remaining buoyant.
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