IndusInd Bank on Wednesday closed with gains of over 6 percent on the back of its upbeat December quarter (Q3) results, helping the bull run on the stock markets. The BSE Sensex gained 241 points to close at 27,140 while the NSE Nifty closed at a two-month high of 8,381, up 92 points, or 1.11 percent.
Private sector lender IndusInd Bank closed 6.16 percent higher at Rs 1,233 on the BSE. The bank had declared its Q3 results on Tuesday. Net profit rose 29 percent YoY to Rs 750 crore while net interest income (NII) grew 34.5 percent to Rs 1,578 crore.
Motilal Oswal Securities Ltd (MOSL)maintained a buy rating on the stock with a target price of Rs 1,430.
The BSE Sensex rally was led by Coal India (up 5.41 percent), Tata Steel (up 3.99 percent) and Lupin (up 2.20 percent). "Coal India gained 5% to close at Rs317after media report that the company's to meet on Jan 17 to mull price rise. Lupin Labs gained 2% to close at Rs1522 after the news that the company gets US FDA approval for Topicort Cream," MOSL said in its note.
The rally in metal stocks was prompted on news of China slashing production. "JSW Steel surged 5% to close at Rs188. Others like Tata Steel, SAIL, Jindal Steel (up 9%) gained 4-9%. Hindalco climbed up over 6% to close at Rs175 on increased base metal price on LME," the brokerage added.
Gold consolidated gains to close Rs 70 higher at Rs 29,100 per 10 gm while silver prices edged Rs 550 up to end at Rs 41,300 per kg.