Indian market ended with strong gains on Wednesday with broader markets outperforming benchmark indexes. Nifty Midcap Index posted a gain of 663 points, the biggest ever in absolute terms. And, Nifty Bank saw a gain of 794 points, the best one-day move in a year to close at 25,3225.

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All the 12 Nifty Bank stocks ended the session higher with major contribution coming in from ICICI Bank, Axis Bank and SBI. Benchmark Indices also had the best trading session in the past months.

The Nifty, led by financials, moved 159 points higher to 10,460, while the Sensex advanced 461 points to close at 34,761. Besides defensive bets of IT and Pharma, majority of the sectors saw a higher close with financials contributing 80 percent to the Nifty move.

ICICI Bank, Axis Bank, SBI and Reliance were top index gainers, while Infosys, TCS, HCL Technologies and Sun Pharma were major losers.

On the earnings front, Bandhan Bank reported Q2 earnings with strong balance sheet growth and stable asset quality. Gross NPA came in at 1.3 percent against 1.26 percent seen in the last quarter. Net interest margin also improved to 10.3 percent.

The bank has an exposure of nearly Rs 400 crore to IL&FS group which remains standard. On the promoter stake reduction, the Kolkata-based bank would be soon submitting a plan to the Reserve Bank of India. The bank likely will consider options of offer-for-sale, acquisition and fundraising.

The newly listed, Garden Reach closed 12.5 percent lower at Rs 103.30 from its issue price of Rs 118 per share.

In the Futures market, Nifty 10,400 Put option added 5 lakh shares in the open interest with premium slipping 43 percent. Nifty 10,500 Call option shed 2.5 lakh shares in the open interest with premium moving 65 percent higher. Nifty October Futures closed with a premium of 9 points against a premium of 13 points on Tuesday.

Stocks in Asia ended up with broad gains on Wednesday. Australia's ASX 200 gained 0.14 percent to close at 6,049.8, with most sectors moving higher.

In Japan, the Nikkei 225 bounced back to close higher by 0.16 percent at 23,506.04 after being in largely flat territory earlier, while the Topix also ended the trading day up by 0.16 percent at 1,763.86, with most sectors seeing gains.

Earlier in the day, data showed that core machinery orders in Japan rose above expectations in August, suggesting possible growth in capital expenditure.

In the Greater China region, the Hang Seng index in Hong Kong saw a slight gain to close at 26,193.07. On the mainland, the Shanghai composite saw a rebound, advancing by 0.18 percent to close at around 2,725.84.

The Shenzhen composite, on the other hand, declined by 0.15 percent to end the trading day at about 1,383.05.

South Korea's Kospi also closed lower, slipping by 1.1 percent at 2,228.61.

First Published:Oct 10, 2018 4:30 PM IST