Sensex, Nifty close at all-time high driven by the mega recapitalization package for banks

equity tips, stock tips, market closing Stock Markets closed at lifetime highs on Wednesday led by the stellar rally in PSU bank stocks after Modi govt announced a mega plan of Rs 2.11 lakh crore to recapitalize state-run lenders.

The BSE Sensex rose 435.16 points at 33,042.50, while the NSE Nifty-50 index crossed 87.70 points to finish at 10,295.35 points.  The market gained for the third day in row.  Shares of SBI, PNB rallied up to 48% while HDFC, HDFC Bank, and Kotak Mahindra Bank lost up to 5%.

The Nifty bank index heightened 935.65 pts to hit the day-high of 25,157.8 pts, but failed to break the record high of 25,198.80 points, closed up 3.46 % at 25,057.8. The Nifty PSU Bank index jumped the most since the time it was constituted. The index gained 916.45 points to hit the all time high of 3,835.9 points.

Infosys moved ahead after reporting stellar growth in Q2 net profit of Sept ember over Q1 June 2017. HCL Technologies fell after reporting muted growth in net profit in Q2, while Ambuja Cements went higher after strong Q3 results.

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