SENSEX, NIFTY50 indices snap two-day losing streak led by gains in banking shares

The Indian equity benchmarks snapped their two-day losing streak on Tuesday, June 9, powered by gains in banking shares after the Reserve Bank of India on Monday introduced a US dollar-rupee forex swap facility for fresh FCNR (B) deposits mobilised by banks for a minimum tenor of three years and a maximum of five years to attract foreign capital.

The SENSEX rose as much as 511 points and NIFTY50 index touched an intraday high of 23,279 led by index heavyweights such as ICICI Bank, State Bank of India, Axis Bank, Bajaj Finance and Reliance Industries.

The SENSEX ended 395 points higher at 73,918 and NIFTY50 index advanced 119 points to close at 23,242.

Asian markets ended higher as tech shares led gains after Wall Street recovered some of its sell-off from last week.

Oil prices fell back after surging on Monday as fighting flared between Israel and Iran, threatening to pull the region back into full-scale war.

South Korea's KOSPI climbed 8.2%, China's Shanghai Composite rose 1.3% and Singapore's Straits Times advanced 1.44%.

Back home, NIFTY Bank index surged as much as 1,255 points, its biggest single day gain since April 10, following RBI's move.

NIFTY Financial Services, Auto, Metal, Pharma, PSU Bank, Private Bank, Healthcare and Realty indices also rose between 0.6%-3.6%.

On the flip side, IT and Media indices ended lower.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index rose 1.35% and NIFTY Smallcap 100 index gained 1.7%.

Among the individual shares, JSW Infrastructure rose over 5% after the company emerged as the successful bidder for the container terminal project at Kolkata Dock.

Shares of Studds Accessories surged nearly 17% to an intraday high of ₹513.50 as trading volumes across both NSE and BSE surpassed 4 million shares.

InterGlobe Aviation was top gainer in the NIFTY50 index, the stock rose 3.95% to close at ₹4,532. Jio Financial Services, State Bank of India, Axis Bank, ICICI Bank, Apollo Hospitals, Eicher Motors, Bajaj Finance, Asian Paints and Shriram Finance also rose between 1.7% and 2.3%.

On the flipside, Titan, ONGC, NTPC, Power Grid, Eternal, Tech Mahindra, Cipla, Bharti Airtel and HDFC Life were also among the laggards in the NIFTY50 index.

The overall market breadth was extremely positive as 2,380 shares ended higher while 904 closed lower on the NSE.