Markets have extended opening gains on Wednesday led by buying in rate-sensitive sectors such as automobiles, real-estate and banking stocks.
BHEL rose 1%, Sterlite Industries and Tata Steel gained over 1% each in metal space while ONGC gained 2%. The laggards included HDFC falling 1%, Hindustan Unilever declined 0.3% while ICICI Bank was tad down by 0.1%.
Bank stocks rose after government cleared the banking bill paving way for foreign investments in the sector and establishment of new private banks. Moreover, hopes of policy easing by the Reserve Bank of India in January monetary policy after positive undertone in Tuesday’s review aided buying in other rate-sensitives too.
Among the banking stocks, Edelweiss Financial Services, Religare Enterprises, Bajaj Finserv and Mahindra and Mahindra Financials from NBFC and State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore from banking sector are trading higher by 3-8%