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  Business   Market  25 Oct 2017  Bank shares drive up Sensex, Nifty on govt's recapitalisation plan

Bank shares drive up Sensex, Nifty on govt's recapitalisation plan

REUTERS
Published : Oct 25, 2017, 10:30 am IST
Updated : Oct 25, 2017, 10:30 am IST

Bonds fell, with the benchmark 10-year bond yield up 3 basis points to 6.81 per cent from its previous close.

Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years. (Photo: AP)
 Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years. (Photo: AP)

Mumbai: Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years, although bonds fell given the injection will be funded with debt.

State Bank of India, the biggest lender, rose more than 20 per cent, while Punjab National Bank, the second biggest state-run lender, surged more than 33 per cent.

The benchmark NSE Nifty rose as much as 1.3 per cent to a record high of 10,340.55, while the BSE Sensex climbed as much as 1.6 per cent to a record high of 33,117.33.

Bonds fell, with the benchmark 10-year bond yield up 3 basis points to 6.81 per cent from its previous close.

Tags: bse sensex, nifty, bank shares, bank recapitalisation
Location: India, Maharashtra, Mumbai (Bombay)