SENSEX surges 315 points, NIFTY50 ends above 23,100 led by HDFC Bank, Axis Bank

The Indian equity benchmarks ended higher on Friday, September 25, on the back of a short covering rally and value buying at lower levels after the benchmarks posted their worst single day performance in over six months in the previous session.

The SENSEX rose as much as 388 points and NIFTY50 index touched an intraday high of 23,163 led by gains in index heavyweights like HDFC Bank, Axis Bank, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro and Bajaj Finance.

The SENSEX ended 315 points higher at 73,896 and NIFTY50 index advanced 77 points to close at 23,140.

For most part of the day, SENSEX and NIFTY50 traded in a narrow range but broke out of the range on the upside in noon deals as private sector lenders and suto shares came under buying interest.

10 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended higher led by the NIFTY Consumer Durables index's 1% gain. NIFTY Realty, Auto, Private Bank, PSU Bank, Metal, FMCG, Financial Services and Bank indices also rose between 0.4% and 0.9%.

On the other hand, IT, media, pharma, healthcare and oil & gas shares witnessed selling pressure.

Broader markets underperformed their larger peers as NIFTY Midcap 100 index declined 0.14% while NIFTY Smallcap 100 index advanced 0.15%.

PB Fintech shares dropped for a second straight session; the stock fell 3.7% to close at ₹1,165.

Shares of Bharat Parenterals were locked in a 20% upper circuit at its 52-week high of ₹1,895.10 on the BSE after the company informed exchanges that its board will meet on Tuesday, September 29, to consider fund raising via preferential issuance of equity shares. The company, however, did not disclose the amount it plans to raise vial preferential issue of shares.

Transport Corporation of India shares surged more than 14% after the company disclosed that the board of directors will consider an equity share buyback proposal next week.

Axis Bank was top gainer in the NIFTY50 index, the stock rose 3.03% to close at ₹1,222. Asian Paints, Mahindra & Mahindra, Bajaj Finance, HCL Technologies, Power Grid, Titan, InterGlobe Aviation, Coal India and HDFC Bank also rose between 0.9% and 2.14%.

On the flip side, Max Healthcare, Tata Motors PV, Infosys, ONGC, Trent, SBI Life, ICICI Bank, Bharti Airtel, Hindalco and Tata Consumer Products were top losers in the NIFTY50 index.