Closing Bell: Sensex jumps 450 pts, Nifty closes above 18,800; HDFC Life surges 6%, LTIMindtree soars 3%

"Nifty opened on a small positive note followed by some consolidation. The index picked up momentum in the second half and got stronger towards the end of the trading session. The index gained over 100 points and closed near the high point of the day. This was majorly due to the support given by Banknifty which finally fired up. HDFC Bank gave a strong performance today which was complimented by ICICI Bank and Axis Bank which pushed the bank nifty above 44000 comfortably. Going forward, Nifty is expected to attempt fresh life high levels with immediate support placed at 18700 levels. Strong writing has been seen in 18700 and 18750 strike put options suggesting any intraday dip towards these levels is likely to be bought into."

The Sensex was up 446.03 points or 0.71 percentat 63,416.03, and the Nifty was up 126.20 points or 0.68percentat 18,817.40.

Nifty again failed to breach the all-time high levels, closing about 70 points shy of the level.

The biggest driver of the market’s upward move was financial services stocks. The Nifty Financial Services index also hit its all-time high level. Banking and realty names were also in demand. Though some selling was seen in the FMCG sector.

The Nifty Bank and PSU Bank indices closed over 1 percent higher while the Nifty FMCG index lost 0.07percent.

About 1,965 shares advanced, 1,420 shares declined, and 138 shares were unchanged.

Shares of HDFC and HDFC Bank jumped up to 1.49 percent in late afternoon trade on June 27 after HDFC chairman Deepak Parekh said the merger between the two firms is expected to be completed by July 1. The merger between the country's largest private sector bank HDFC Bank and mortgage lender HDFC Ltd is expected to be completed by July 1, Parekh said on June 27.

"The merger is expected to be complete by July 1. Both HDFC Bank and HDFC Ltd will have separate board meetings on June 30," said Parekh. He also said that all approvals are in place. "HDFC Ltd shares will be unlisted by July 13," he added.HDFC and HDFC Bank announced the decision to merge on April 4, 2022. As per the plan, HDFC will acquire a 41 percent stake in HDFC Bank through the merger.

The announcement also triggered a spike across other HDFC stocks, with HDFC Life Insurance Co surging 6 percent.

The Sensex was up 383 points or 0.61 percentat 63,353.81, and the Nifty was up 102 points or 0.45 percentat 18,775.35. About 1,968 shares advanced, 1,490 shares declined, and 154 shares were unchanged.

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All eyes on the first-everBajaj-Triumphbike

Bajaj Auto share price gained on June 27 ahead of the global launch of the first set of motorcycles under the Bajaj-Triumph partnership. At 2.35 pm, the stock was quoting at Rs 4,619 on the NSE, higher by 0.5 percent from previous close.

While the exact details are not known yet, bike enthusiasts believe Scrambler and Roadster are the two models that will be showcased in London, United Kingdom. They are likely to sport a 300-400cc engine, thus directly taking on Royal Enfield.