Sensex rises 377 points to close at 40,522; Nifty settles at 11,889 – Times of India

NEW DELHI: Equity indices finished higher on Tuesday with the benchmark BSE sensex rising over 350 points led by gains in banking and financial stocks.
The 30-share BSE index finished 377 points or 0.94 per cent higher at 40,522; while the broader NSE Nifty settled 122 points or 1.03 per cent higher at 11,889.
Kotak Bank was the top gainers in the sensex pack rising nearly 12 per cent after the lender posted a 27 per cent jump in Q2 profit. Nestle India, Asian Paints, Bajaj Finance, NTPC and L&T were the other gainers rising up to 6.01 per cent.
While TCS, ONGC, Infosys, HDFC, SBI and ITC were the major losers falling as much as 2.09 per cent.
On the NSE platform, sub-indices Nifty Bank, Financial Services and Private Bank gained up to 3.13 per cent.
According to experts, domestic markets surged on hopes of higher inflows after MSCI (Morgan Stanley Capital International) said it will make changes to its global indexes following revisions in the country’s foreign ownership limits.
MSCI said it would will implement changes in foreign ownership limits (FOL) in the MSCI global indexes containing Indian securities in November.
“Because of the FOL rule change the free float of Indian stocks will go up, so investors are expecting this would help the weightage of Indian stocks in the MSCI indexes,” Samrat Dasgupta, chief executive of Esquire Capital Investment Advisors told news agency Reuters.
On the currency front, rupee pared early losses and settled 13 paise higher at 73.71 against the US dollar, tracking positive domestic equities.
Meanwhile, exchange data showed that foreign institutional investors sold equities worth Rs 119.42 crore on a net basis on Monday.
(With agency inputs)