Bank stocks rally after Supreme Court verdict on moratorium

Equity indices regained their footing on Tuesday, propelled by banking stocks which surged after the Supreme Court declined to extend the the loan moratorium period and said complete waiver of interest was not possible.

Reversing the previous session’s losses, the 30-share S&P BSE Sensex rose 280 points, or 0.56%, to 50,051. The broader NSE Nifty advanced 78 points, or 0.53%, to close at 14,815.

UltraTech Cement was the top gainer in the Sensex pack, rising 3%, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and RIL.

“The banking stocks were lifted post Supreme Court’s order against granting interest waiver and extension of moratorium period,” said Vinod Nair, Head of Research at Geojit Financial Services. “While its decision to not charge compound interest added a minor concern in the banking space,” Mr. Nair added.

FIIs were net sellers in the capital market as they offloaded shares worth ₹787 crore, as per exchange data.

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Printable version | Oct 4, 2022 9:27:29 pm |