Indian markets ended higher on Monday, with Nifty reaching an eight-month high and banking stocks rallying to record levels, driven by RBIs surprise easing, strong U.S. jobs data, and progress in global trade discussions.
Kotak Mahindra Bank Ltd., IDFC First Bank Ltd., and AU Small Finance Bank Ltd. share prices were top three gainers as the NSE Nifty Bank index hit 57,000 level for the first time. The index extended its record rally to second day.
Indian markets closed higher on Friday, buoyed by the RBIs surprise 50 bps rate cut and CRR reduction aimed at stimulating growth. The Sensex rose 747 points, while Nifty reclaimed the 25,000 mark. Analysts expect further upside if key resistance levels are breached. Rate-sensitive sectors led the rally amid renewed optimism, despite global uncertainties and tepid domestic demand.
Yes Bank's board on Tuesday approved the raising of Rs 16,000 crore through a mix of debt and equity issuances, according to an exchange filing. The private lender will raise Rs 7,500 crore via equity issue, and Rs 8,500 crore by way of issuance of eligible debt securities in Indian or foreign currency.
The Competition Commission of India has approved Warburg Pincus' proposed acquisition of nearly 10% stake in IDFC First Bank Ltd., according to a statement issued by the fair trade regulator on Tuesday.