Indian shares ended higher on Wednesday, lifted by financial stocks, particularly a sharp surge in shares of non-banking financial companies, to post its best trading session since April this year. The NSE Nifty50 reclaimed 10,400 mark, ending 159.10 points higher, or by 1.54 percent at 10460.10. The BSE Sensex ended above 34,700, settling 461.42 points up, or 1.35 percent, at 34760.89.

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Broader market outperformed frontline indexes with the midcap indexes closed 663 points higher, marking the biggest single-day gain ever.

Nifty Bank also recorded its biggest single-day gain in absolute terms since October 2017. All 12 stocks on the sectoral indice ended with gains. ICICI Bank and SBI ended up as the top gainers on the Nifty Bank.

The market breadth remains firmly in favour of advances with advance-decline ratio at 5:1. Axis Bank, State Bank of India, Bajaj Finance and Bajaj Finserv were the top gainers, while Infosys, TCS, and Bharti Infratel lost the most.

(Market update as of 3.45 pm)

Sensex, Nifty sustain gains, midcaps jump 3.5% on sharp spike in NBFC shares

Indian shares continued to trade higher around Wednesday noon, lifted by a sharp surge in non-banking financial companies' (NBFC) shares as well as index heavyweight Reliance Industries Ltd, ICICI Bank and HDFC twins.

The BSE Sensex rising 393 points or 1.15 percent, to trade at 34,692.74 at 11.46 AM. The broader NSE Nifty50 also jumped 127 points or 1.23 percent, to 10,428.

Broader markets outperformed benchmark indexes with the BSE MidCap soaring 3.5 percent on the back of gains in NBFC shares as fears over liquidity concern eased.

The BSE SmallCap index also climbed 2.87 percent with shares of HEG and select power stocks surging by up to 20 percent. The BSE LargeCap also posted gains of 1.35 percent.

Broader indexes on the NSE also moved higher with the Nifty MidCap trading higher by 3.47 percent.

Nifty Bank, Auto, Fin Service, PSU Bank, PVT Bank and Realty posted gains between 2 and 2.74 percent. Media surged 3.48 percent, while the Nifty IT was the only laggard, dipping 1.47 percent.

BSE sectoral indices also traded largely higher with Consumer Durables gaining by 3.74 percent, while only IT and Teck dipped over a percent among 19 indices.

Shares of Bajaj Finance and Finserv surged the most on the Nifty rising 9.33 and 7.37 percent, respectively. Titan Company rose over 5 percent reversing Tuesday's losses.

Eicher Motors and Zee Entertainment gained nearly 5 percent, while other major gainers include Maruti Suzuki, Yes Bank, Axis Bank, IndusInd Bank and SBI.

Shares of Infosys, Wipro, HCL Technologies, TCS, Sun Pharma and M&M dipped by nearly 3 percent.

The rupee traded at 74.13 against the US dollar at 12.08 PM. The home currency earlier had opened stronger against the US dollar at 74.15, rising from Tuesday's close of 74.39 against the greenback.

Asian shares also gained with Hong Kong's Hang Seng up by more than half a percent, while Japan's Nikkei traded flat.

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First Published:Oct 10, 2018 12:37 PM IST