Sensex Soars Over 1,000 Points, Financials, Banking Shares In Limelight

Share Market Updates: The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index gaining 1.1 per cent each

Sensex Soars Over 1,000 Points, Financials, Banking Shares In Limelight

Stock Market: Bajaj Finserv, Bajaj Finance, Axis Bank and SBI gained 1.3 per cent each

The Sensex soared as much as 1,030 points to touch fresh all-time highs and come within striking distance of the 60k mark on the back of strong global cues after the US Fed signaled that tapering could start earlier than market expectations. The Nifty advanced 235 points to hit a high of 17,781.60, a mere 10 points away from its all-time high. As of 12:30 pm, the BSE Sensex is trading at 59,727.50, higher by 801 points or 1.3 per cent and the NSE Nifty is at 17,774.25, up 229.80 points or 1.32 per cent.

The broader markets are also firm, with the BSE Midcap index and BSE Smallcap index gaining 1.1 per cent each. All sectoral indices are trading in the green, with the exception of the pharma space. Financial and banking shares are propelling the markets higher in afternoon trading.

Financial stocks are witnessing buying frenzy; Bajaj Finserv has rallied 5.7 per cent to top the gainers list on the BSE and Bajaj Finance has gained 2 per cent. Banking shares are also hogging the limelight, with Axis Bank, SBI, ICICI Bank and HDFC Bank gaining 1-3 per cent each on the BSE. And index bellweather Reliance Industries has gained over 1 per cent. 

Realty shares are going strong for the second straight session, with the Nifty Realty index jumping 16 per cent in two days. Godrej Properties shares touched 52-week highs of ₹ 2,120 after the company achieved record sales at its Godrej Woods project located in Noida. Among other realty stocks, DLF, Oberoi Realty, Sunteck Realty, Phoenix Mills and Indiabulls Real Estate have zoomed 1-5 per cent each on the BSE.

On the other hand, Dr Reddy's ITC and TCS are bucking the strong market trend, registering losses of around half a per cent each.

Among stocks in the news, Mphasis has touched a 52-week high of Rs 3,329.95 a day after the company announced the acquisition of the US-based Blink Interactive, Inc.

The overall market breadth is extremely positive as there are 2,032 advancing shares as against 1,098 declines on the BSE.