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Stock markets back, Banking stocks plummeted

Stock Markets into ProfitsBanking stocks plummeted with the wake of the Supreme Court last year.

Domestic equity markets returned gains. Banking stocks plummeted in the wake of the Supreme Court ruling last year that the six-month moratorium on the Reserve Bank of India (RBI) could not be extended. With this, the stock markets overcame the losses on Monday. The indices moved positively with the support of international markets since early morning. Analysts said there were positive signs in Asian markets as US markets started the week with highs and bond yields remained stable. In addition, shares of key sectors traded higher in the domestic market. Shares of Adani Group gained the most at 10 percent, especially on the acquisition of a stake in the Gangavaram port in Andhra Pradesh. At the close, the Sensex was up 280.15 points at 50,051 and the Nifty was up 78.35 points at 14,814.

In the Nifty, the PSU Banking Index rallied with a gain of 3%, while the finance and realty sectors rallied. The FMCG, media, and metal sectors have languished. In the Sensex, Ultra Cement, IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, and SBI gained while ONGC, Powergrid, ITC, NTPC, M&M, and HDFC gained. The rupee exchange rate against the US dollar Is at 72.48.

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