Mumbai (Maharashtra) [India], July 6 (ANI): The Indian stock markets' key indices, Sensex and Nifty, surged by over one per cent on Wednesday helped by strong buying support in banking and financial stocks as a strong quarterly number of Bajaj Finance boosted investors' confidence.

The 30 stock SP BSE Sensex was trading 510.25 points or 0.96 per cent higher at 53,644.60 points at 1.58 pm against its previous day's close at 53,134.35 points.

Earlier, Sensex started the day marginally higher at 53,170.70 points. The markets witnessed strong buying support in the afternoon session with Sensex surging to a high of 53,797.00 points in the intra-day.

The Sensex had closed 100.42 points or 0.19 per cent down in a volatile session on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 136.85 points or 0.87 per cent higher at 15,947.70 points.

Earlier, the Nifty opened in the positive at 15,818.20 points and soared past 16,000 points in the intra-day. It touched a high of 16,002.20 points in the intra-day.

Bajaj Finance surged by around four per cent after announcing a strong Q1 business update. The scrip was trading 4.11 per cent to Rs 5894.80. Bajaj Finserv was trading 3.65 per cent higher at Rs 11940.

The share price of Bajaj Finance surged after the company disclosed financial information for the quarter ended June 30, 2022.

Bajaj Finance's core assets under management (AUM) rose to Rs 2,04,000 crore as of June 30, 2022 as compared to Rs 1,56,115 crore as of June 30, 2021, posting an increase of 31 per cent.

The Company continues to remain well capitalised with capital adequacy ratio (CRAR) of approximately 26.2 per cent as of 30 June 2022. During the quarter, the Company invested Rs 2,500 crore in equity shares of Bajaj Housing Finance Ltd, a wholly-owned subsidiary.

The strong financial number of Bajaj Finance boosted buying support in other banking and financial stocks.

Kotak Bank surged 2.42 per cent to Rs 1703.05. HDFC Bank rose 1.15 per cent to Rs 1367.55. Axis Bank jumped 1.56 per cent to Rs 658.50. State Bank of India was trading 1.21 per cent higher at Rs 477.85.

Only six of the 30 scrips that are part of the benchmark Sensex were trading in the red. NTPC slumped 2.02 per cent to Rs 137.90. Power Grid Corporation fell 1.54 per cent to Rs 210.80. Tata Steel fell 1.50 per cent to Rs 847.40.

The index heavyweight Reliance Industries Limited was trading 1.32 per cent down at Rs 2401.10. (ANI)