Indian shares recouped early losses to end Thursday's session with over 1 per cent gain as financial stocks, following Fed’s rate-cut hints, offset losses in IT counters triggered by a report of U.S. move to cap H1-B work visas.
That apart, reports of monsoon hitting drought hit Maharashtra also boosted sentiment. As per a Reuters report, India’s annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country.
The benchmark S&P BSE Sensex zoomed 489 points, or 1.25 per cent, to 39,602, with YES Bank, IndusInd Bank, Sun Pharma, Larsen & Toubro, and ICICI Bank leading the list of gainers. Out of the 30 BSE Sensex scrips, only NTPC, ITC, HDFC Bank, and Hindustan Unilever ended Thursday's session with losses.
In the broader market, the S&P BSE MidCap index added 237 points, or 1.6 per cent, to settle at 14,680, while the S&P BSE SmallCap index rose 146 points, or 1.05 per cent, to 14,065.
YES Bank shares tumbled to a double-digit value of Rs 98.75 per share, down 4.6 per cent intra-day, for the first time in almost half a decade as investors’ sentiment eroded due to the bank’s exposure to debt-laden companies. However, the stock ended the day 11 per cent higher at Rs 114.55.
Shares of Adani Green rallied 3.66 per cent to Rs 41.10 on Thursday, a day after the company announced that its wholly-owned subsidiary Adani Renewable Energy Park (Gujarat) has bagged 600 MW wind-solar hybrid projects in an auction conducted by state-run Solar Energy Corporation of India (SECI).