Sensex Surges Over 400 Points Led By Rally In Banking, Energy Shares

Domestic equity benchmarks (Sensex and Nifty) extended gains and surged to the highest point of the day in last hour of trade led by gains in banking heavyweights like ICICI Bank, HDFC Bank, Kotak Mahindra Bank and State Bank of India. The S&P BSE Sensex rose as much as 1.15 per cent or 436 points to hit intraday high of 38,244.66 and the NSE Nifty 50 Index climbed as much as 1.14 per cent or 130 points to 11,484. In yesterday's session Sensex and Nifty recorded their biggest single-day decline of this month.

Investor sentiment improved after Asian shares drifted higher on Tuesday after two days of losses as US 10-year Treasury yields edged up.

As of 3:04 pm, the Sensex traded 1.12 per cent or 425 points higher at 38,234 and the NSE Nifty 50 Index advanced 1.09 per cent or 124 points to 11,478.

Seventeen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Energy Index's 2.13 per cent gain. Bankex, Power, Utilities and Finance Indexes on the BSE also rose between 1.4-2 per cent each. On the flipside, S&P BSE Information Technology Index was top loser, down 0.33 per cent.