Sensex Up 350 Pts Amid Volatility; SBI, IndusInd Gain 2%

Indian benchmark indices exhibited volatility in intra-day deals on Wednesday amid weakness in private banking shares and buying interest in IT stocks.

After opening 205 points lower, the S&P BSE Sensex dipped to a low of 70,002, but soon recouped losses and rebounded into the positive zone. The BSE index quoted around 70,450 – up 50-odd points.

The NSE Nifty 50 touched a low of 21,137, and was seen testing the 21,250 levels.

Among individual stocks, Axis Bank was down over 4 per cent after the private lender on Tuesday reported a net profit of Rs 6,071 crore in the December quarter of FY24, up 4 per cent Y-o-Y. Its NII came at Rs12,532 crore, up 9 per cent Y-o-Y, while NIM was 4.01 per cent.

Asian Paints, Mahindra & Mahindra, Maruti and Tata Motors were the other prominent losers, down around 1 per cent. On the other hand, Infosys, SBI, HCL Technologies and Tata Steel held gains.

In the broader market, the BSE MidCap was up 0.1 per cent, while the SmallCap advanced 0.2 per cent so far on Wednesday.