SGX Nifty Surges, Banking Stocks in Focus

Nifty futures on the Singapore Exchange (SGX Nifty) gains 0.44 percent. The MSCI-Asia Pacific index, excluding Japan is up 0.24 percent.

On Tuesday, the Indian parliament passed a bill aimed at drawing foreign investment to the banking sector by increasing shareholders' voting rights.

Traders expect positive movement in bank shares and also companies who are in the fray to receive banking licence including Shriram Transport Finance Co (SRTR.NS), L&T Finance Holdings Ltd (LTFH.NS) and Mahindra & Mahindra Financial Services Ltd (MMFS.NS).

Foreign investors bought 9.22 billion rupees of stocks, while domestic institutions sold stocks worth 4.91 billion rupees on Tuesday, when the BSE Sensex rose 0.63 percent.