Indian share markets continued their momentum during closing hours and ended the day on a positive note. Gains were largely seen in the metal sector and oil & gas sector.
At the closing bell, the BSE Sensex stood higher by 386 points (up 1.1%) and the NSE Nifty closed higher by 125 points (up 1.2%). The BSE Mid Cap index ended the day up by 1.8%, while the BSE Small Cap index ended the day up by 1.9%.
Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 1.58% and the Nikkei was trading up by 0.15%. The Shanghai Composite stood higher by 2.16%.
The rupee recovered from its all-time low witnessed yesterday and was trading at 68.48 to the US$ at the time of writing.
Oil & gas stocks were witnessing buying interest today. Among the top gainers from the oil & gas sector were GAIL share price (up 6.7%), Petronet LNG share price (up 5.9%), and Indraprastha share price (up 4.1%).
In the news from the banking sector, IDBI Bank share price was in focus today. Shares of the company witnessed buying interest on reports that LIC finalized the deal with the lender, which will allow an infusion of Rs 130 bn in the bank.
As per a leading financial daily, the board members of Insurance Regulatory and Development Authority of India (IRDAI) are likely to meet today, wherein they may clear the deal between IDBI Bank and Life Insurance Corporation of India (LIC).
The development comes as the approval from IRDA is mandatory for insurers to invest over 15% in listed companies. As of March 2018, LIC held 10.8% in IDBI Bank. The board is likely to grant an exemption to LIC for taking over 15% stake in the bank and then LIC may be allowed to buy additional 30% stake, taking its shareholding in the bank to over 40%.
At the closing bell, IDBI Bank share price stood up by 10.4% on the BSE.
