Market breadth was positive as 1,418 shares were advancing while 939 were declining on the BSE.
The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in afternoon trading led by gains in Reliance Industries, HDFC, ICICI Bank, Axis Bank, State Bank of India and HDFC Bank. Earlier in the day, the benchmarks opened higher and extended gains on the back of surge in banking shares. The Sensex rose as much as 365 points and the Nifty 50 index touched an intraday high of 12,231.75. The gauge of banking shares – Nifty Bank index surged as much as 401 points.
As of 1:43 pm, the Sensex rose 359 points or 0.86 per cent to 41,520 and the NSE Nifty index advanced 101 points or 0.84 per cent to 12,228.
All the 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty PSU Bank index’s 3 per cent gain.
Nifty Private Bank, Nifty Realty, Nifty Media, Nifty Bank and Nifty Financial Services indexes also rose between 1 and 1.6 per cent each.
Mid- and small-cap shares were also witnessing buying interest as the Nifty Midcap 100 index rose 0.7 per cent and Nifty Smallcap 100 index advanced 1 per cent.
Bharat Petroleum Corporation was top gainer in the Nifty 50 basket of shares, the stock rose 2.6 per cent to Rs 490. Power Grid, Axis Bank, State Bank of India, Zee Entertainment, Coal India, Indian Oil, UPL and Cipla were also among the gainers.
On the flipside, Britannia Industries, Yes Bank, Wipro, JSW Steel, TCS and Kotak Mahindra Bank were among the notable losers.
The overall market breadth was positive as 1,418 shares were advancing while 939 were declining on the BSE.
Source: NDTV Profit