At 12:45 pm, the benchmark BSE Sensex was up by 972.91 points or 1.27%, reaching 77,878.42. The broader NSE Nifty was up 286 points or 1.22% in the green, reaching 23,636.40.
The rally comes amid a planned nationwide bank strike got called off. It was supposed to have been led by the United Forum of Bank Unions (UFBU) which came about after talks for certain demands with the Indian Banks' Association (IBA) failed.
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Among the 30 Sensex stocks, NTPC rose the most by 4.36%, trading at ₹366.45. This was followed by Kotak Mahindra Bank, which rose 4.24%, trading at ₹2,172.75, and SBI, which rose 2.72%, trading at ₹773.50.
Only 6 out of the 30 Sensex stocks were in the red.
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Among the Nifty sectoral indices, the Nifty PSU Bank Index rose the most by 2.84%, reaching 6,305, followed by Nifty Private Bank, which rose 2.46%, reaching 25,852.65, and Nifty Realty which was up 2.01%, reaching 880.10.
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The UFBU, a collective of nine bank unions representing over eight lakh employees and officers in public sector banks, private sector banks, foreign banks, co-op banks and regional rural banks, arranged the strike on Monday and Tuesday over some demands not being met by the IBA.
These demands include ensuring sufficient recruitment in all job cadres across banks to ensure adequate branch staffing, regularising all temporary employees, implementing a five-day work week for all banks, withdrawing performance reviews, ensuring the safety of bank officers and staff against assaults, and amending the Gratuity Act to increase the ceiling to ₹25 lakh.
However, the strike has now been called off.
The stock market rallied upon opening as the trading session for the week began on Monday, March 24. Real estate, oil and gas, and media stocks rose the most.
At 9.15 am, the benchmark BSE Sensex was up by 481.79 points or 0.63 per cent, reaching 77,387.30. The broader NSE Nifty opened 124.70 points up or 0.53 per cent in the green, reaching 23,475.10.
Among the 30 Sensex stocks, NTPC rose the most upon open by 2.15 percent, trading at ₹358.70. This was followed by Tata Motors, which was up 1.72 percent, trading at ₹714.95, and Power Grid Corporation of India, which was up by 1.38 percent, trading at ₹286.90.
Among the Nifty sectoral indices, the Nifty Realty Index rose the most by 1.29 percent, reaching 873.85. This was followed by Nifty Oil & Gas, which was down 1.26 percent, reaching 10,676.90, and Nifty Media, which was down 0.88 percent, reaching 1,561.25.
The Oil & Gas Index rose at a time when global oil prices are down. Brent Crude was down 0.46% or $0.33, trading at $71.83 when it comes to May 2025 futures, while WTI Crude was down 0.42% or $0.29, trading at $67.99 when it comes to May 2025 futures.
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