The Indian benchmark indices gained ground on Thursday on the back of banking stocks that are seeing renewed iinvestor interest after the government's action against black money. An overall positive rally in the global markets also acted as a catalyst.
The 30-share Sensex gained 265.15 points or 0.97 per cent to close at 27,517.68. A total of 2,029 stocks on the BSE gained ground, as against 721 declines. The BSE Bankex index outperformed the benchmark Sensex, gaining 3.63 per cent or 811.39 points.
The broader Nifty of the National Stock Exchange (NSE) ended the day at 8,525.75, up 93.75 points or 1.11 per cent.
“Supportive global markets kept sentiments upbeat. Banking sector was a big performer on the back of benefits expected from the government’s recent initiatives against black money and corruption,” said Dipen Shah, senior vice president & Head PCG Research, Kotak Securities.
“Going ahead, quarterly results will have stock specific impact on markets. Markets will look for early signals of increase in private sector capex. The US Fed meeting in early December will be watched closely,” he added.
Among the Sensex pack, State Bank of India rose 8.41 per cent to close at Rs.281.60. The index was supported with significant gains from Tata Steel, Cipla, Coal India, Power Grid, ICICI Bank and Axis Bank.
Elsewhere in Asia, Hang Seng gained 1.89 per cent while Nikkei was up 6.72 per cent or 1,093 points. The Japanese benchmark had lost 920 points on Wednesday after Donald Trump won the US presidential election.
