The Indian stock market climbed upwards for what was the third straight day on Wednesday, 17th June. Both the Bombay Stock Exchange (BSE), India's benchmark stock market and the National Stock Exchange (NSE) gained significantly on the day.
The NSE or Nifty as it is colloquially known rose despite 28 of its 50 listed stocks saw their share value dip. However, Nifty posted gains because of large-cap shares' values soaring upwards. The NSE gained around 0.21 per cent and closed the day at 11,687.5.
Meanwhile, the BSE gained around 0.22 per cent and closed the day at 39,215.64. The biggest gainers of the day were the State Bank of India (SBI) and Indiabulls Housing Finance on the NSE. SBI gained around 2.2 per cent. Indiabulls Housing Finance gained around 3.4 per cent on the day's trading.
Dewan Housing Finance Corporation Ltd (DHFL), continued to lose momentum and slipped by around 11.2 per cent. Even as the Indian stock indices moved upwards, one of its banking companies, things continued to look bleak for the Indian banking system.
Reuters reported that the Punjab and Sind Bank has notified the country's central bank, the Reserve Bank of India (RBI) of fraud of around $34.58 million on Wednesday.