Financial shares rally on stimulus package hope; IndusInd Bank soars 40%

IndusInd Bank snapped its eight-day losing streak and surged 40% to Rs 421.8, its biggest-ever one-day gain on the NSE

Shares of financials, including banks, non-banking finance companies (NBFCs), housing finance companies (HFCs) and insurance companies, rallied up to 40 per cent on the National Stock Exchange (NSE) on Thursday on expectation of huge stimulus package announcement by the government.

At 10:25 am, Nifty Bank, Nifty Financial Services and Nifty Private Bank indexes rallied between 9 per cent and 10 per cent, while the benchmark Nifty 50 and Nifty PSU Bank index were up 5 per cent. In the past three trading days, the financial sector indices have surged in the range of 15 per cent to 20 per