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Indian equities had a session marred by a technical outage that disrupted trading on the National Stock Exchange for nearly five hours.
Once trading resumed at 3:45 P.M., benchmark indices saw a big upmove that saw them gaining the most in three weeks.
The S&P BSE Sensex ended 2% or over 1,000 points higher at 50,781 while the NSE Nifty 50 index gained 1.9% to end near the mark of 15,000 at 14,982.
It was the day of financials to outperform in today's session. The Nifty Bank index gained over 1,300 points or nearly 4% with gains led by HDFC Bank, Axis Bank and State Bank of India. The PSU Bank index also ended with gains of 2.8%.
The Nifty Media index ended with gains of 1.4% while the Nifty Metal and Nifty Realty index ended 0.8% higher. FMCG, I.T., Pharma and Auto indices were little changed.
Broader markets also ended with gains but underperformed the benchmark indices. The Nifty Midcap index ended 1% higher while the Smallcap index closed with gains of 0.9%.
The India Volatility Index fell 4.2% to end at 24.17.
1,227 stocks on the NSE ended with gains while 600 stocks ended lower.
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Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience. @FinMinIndia @DFS_India
— NSitharamanOffice (@nsitharamanoffc) February 24, 2021
Trading resumed on the National Stock Exchange after five hours of outage with the index opening 0.39% higher at 14,763.
The trading time on both the exchanges has been extended to 5 P.M. Many experts had called for an extension in trading hours ahead of the F&O series expiry tomorrow.
The Nifty Bank index has resumed 1.5% higher above the mark of 35,600 while the PSU Bank index is up 2.5%. I.T. and Pharma stocks are underperforming at the resumption of trade. The I.T. index is down nearly 1% while the Pharma index is declining 0.6%.
BSE equity and equity derivatives markets to remain open till 5 pm today. pic.twitter.com/ENFjH7UYVS
— BloombergQuint (@BloombergQuint) February 24, 2021
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Shares gained as much as 2.2% to Rs 329 and are up for the second straight day.
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Shares gained as much as 5.6% to Rs 177.9 - the highest in over a month. The stock is up for the fifth straight day.
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Shares are off the day's high, after gaining as much as 10% to Rs 535.8. The stock is up for the third straight day.
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Indian equities opened little changed in mid-week trading, even as futures were indicating gains of as much as 60 points. Sentiment across the Asia-Pacific is mixed this morning.
The S&P BSE Sensex opened 12 points higher at 49,763 while the NSE Nifty 50 index opened 21 points higher at 14,729.
Most sectoral indices have opened flat this morning. The Nifty Pharma index has opened 0.6% higher while the Auto index is up 0.3%. The Nifty Bank has opened with gains of close to 100 points this morning.
Broader markets continued their outperformance from Tuesday. The Nifty Midcap index has opened 0.6% higher while the Small cap index is up 0.5% at the start of trade.
1,267 stocks on the NSE are trading with gains while 355 are declining this morning.
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