The rally in NBFC stocks was driven by four consecutive sessions of Foreign Institutional Investor (FII) buying in the Indian market. On Wednesday, benchmark 10-year government bond yields fell 11 basis points—the steepest decline in seven months—as US Treasury yields dropped following the Democratic victory in the midterm elections. Lower yields typically reduce credit costs and borrowing expenses across the economy.
Tata Capital shares advanced 4% to Rs 354, while L&T Finance rose 5.5% to Rs 279.60. Cholamandalam Investment and Finance Company gained 6.27% to Rs 1,763.15. At the close, L&T Finance reached a market capitalization of Rs 69,165 crore at Rs 279.95.
Poonawalla Fincorp increased 4% to Rs 488.10 in late morning deals, up from the previous close of Rs 469.55. The broader market rally lifted the Sensex 1,561 points to 78,862 and the Nifty 457 points to 24,419, pushing the total market capitalization of BSE-listed firms to Rs 501.14 lakh crore.
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