The Indian equity benchmarks continue to rally for second session in a row after a strong up move in the previous session led by a strong buying interest in banking, IT and financial services shares. The Sensex rose as much as 572 points and Nifty 50 index moved above its important psychological level of 15,100. HDFC Bank, Reliance Industries, Axis Bank, Infosys, HDFC and TCS were among the top movers in the Sensex.
As of 9:22 am, the Sensex was up 557 points at 51,339 and Nifty 50 index climbed 159 points to 15,140.
Buying was visible across the board as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s 2.5 per cent gain. Nifty PSU Bank, Private Bank, Bank, Financial Services, IT and Realty indices also rose between 1-2 per cent.
Mid- and small-cap shares were also witnessing strong momentum as Nifty Midcap 100 and Nifty Smallcap 100 indexes advanced over 1 per cent each.
Hindalco was top Nifty gainer, the stock rose 4 per cent to Rs 346. IndusInd Bank, Axis Bank, ONGC, Kotak Mahindra Bank, UPL, HDFC Life, Tata Steel, BPCL, Indian Oil and JSW Steel also rose between 2-3 per cent.
On the flipside, Nestle India, Britannia Industries, Hindustan Unilever, Titan, Asian Paints, Tech Mahindra and Divi’s Labs were among the notable losers.
The overall market breadth was extremely positive as 1,514 shares were advancing while 541 were declining on the BSE.