SENSEX surges 791 points, NIFTY50 reclaims 24,000 led by buying in banking shares

The Indian equity benchmarks staged a strong bounce back on Wednesday, June 24, powered by gains in banking shares after the Reserve Bank of India injected ₹1,41,171 crore in transient liquidity into the banking system through a seven-day variable rate repo (VRR) auction. The funds were infused at a cut-off and weighted average rate of 5.26%.

The SENSEX rose as much as 990 points and NIFTY50 index touched an intraday high of 24,090 led by gains in ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, Bajaj Finance and Kotak Mahindra Bank.

The SENSEX ended 790.54 points higher at 76,991.22 and NIFTY50 index advanced 197.55 points to settle at 24,021.65.

Analysts noted that market sentiment turned positive, tracking a fall in crude oil prices in global markets and strength in the rupee against the US dollar.

Reports of foreign portfolio investors pouring in ₹ 35,000 crore so far this month in Indian bonds after the government exempted them from income tax on interest income and capital gains arising from investments in these bonds also added to the positive sentiment.

This is because FAR allows non-resident investors to invest in specified Government of India-dated securities without any investment ceilings, as per data.

Buying was visible across board 13 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended higher led by the NIFTY Realty index's over 2% gain. NIFTY Private Bank, Financial Services, IT, and Oil & Gas indices also rose between 0.6% and 1.85%.

On the other hand, auto and metal shares faced a mild selling pressure.

Mid- and small-cap shares underperformed their larger peers as NIFTY Midcap 100 index advanced 0.1% and NIFTY Smallcap 100 index rose 0.4%.

Stocks of Adani Group entities like Adani Enterprises, Adani Ports, Ambuja Cement, and ACC ended higher amid several key announcements in the conglomerate’s annual general meeting (AGM).

Adani Ports managed more than 500 million tonnes of cargo in the financial year ended 2025-26 as the company plans to expand its operations to 1 billion tonnes by the year 2030.

In his speech, Gautam Adani said that the conglomerate is now integrating its ports, SEZs, logistics, and other maritime services in an effort to keep increasing its market share while reducing the cost of trade.

InterGlobe Aviation was top gainer in the NIFTY50 index, the stock advanced 4.77% to close at ₹5,198 tracking a drop in crude prices.

Trent, Adani Enterprises, Tech Mahindra, Bajaj Finance, ICICI Bank, Infosys and Shriram Finance also rose between 2.4% and 3.6%.

On the flip side, Bajaj Auto, NTPC, Maruti Suzuki, Tata Steel, ONGC, Bharat Electronics, Tata Motors PV and Bharti Airtel were top losers in the NIFTY50 index.