Equity benchmark indices rebounded in early trade on Friday, May 31, after falling for the past five days, amid a rally in Asian markets along with buying in index majors Larsen & Toubro and Mahindra & Mahindra.
The 30-share BSE Sensex climbed 550.22 points to 74,435.82 in early trade. The NSE Nifty went up by 147.15 points to 22,635.80. In the five days of fall, the BSE benchmark tanked 1,532 points or 2 per cent.
From the Sensex basket, Larsen & Toubro, Mahindra & Mahindra, Bajaj Finance, UltraTech Cement, NTPC, IndusInd Bank, Tata Motors and Titan were the major gainers.
Infosys, Bharti Airtel, Kotak Mahindra, Tata Consultancy Services and HCL Technologies were among the laggards.
The electioneering for the ongoing general elections halted on Thursday ahead of the last phase of polling to be held on Saturday, June 1.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.
Wall Street ended lower on Thursday, May 30.
Global oil benchmark Brent crude went lower 0.34 per cent to USD 81.58 a barrel.
Unclaimed deposits with banks rise 26%
Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the RBI Annual Report released on Thursday. The amount with the Depositor Education and Awareness Fund stood at Rs 62,225 crore at the end of March 2023.
Banks, including cooperative banks, transfer unclaimed deposits of account holders lying in their accounts for 10 or more years to RBI’s Depositor Education and Awareness (DEA) Fund.
As a measure to assist the account holders and with a view to consolidating and rationalising the extant instructions on inoperative accounts, the Reserve Bank issued a comprehensive guidelines earlier this year on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be.