Equity Benchmarks rallied further in afternoon trade, with the Nifty inching towards 8400 as banks extended gains after stable earnings from South Indian Bank and IndusInd Bank.
The 30-share BSE Sensex was up 226.27 points or 0.84 percent at 27125.83 and the 50-share NSE Nifty climbed 84.40 points or 1.02 percent to 8373. The broader markets also gained 1 percent.
South Indian Bank gained nearly 2 percent and IndusInd Bank surged 5.5 percent on stable earnings growth as well as asset quality despite currency demonetisation.
Nifty Bank rose 1 percent as HDFC Bank, ICICI Bank and SBI were up 1.5-2 percent. Housing finance company HDFC was up 1 percent.
Metals stocks remained strong after China said it would be closing all of its medium frequency furnaces by June 2017. These furnaces contribute close to 9 percent to China’s total steel capacity. Hindalco surged 6.4 percent and Tata Steel gained 4 percent.
TCS and Infosys were moderately under pressure ahead of US president-elect Donald Trump’s first press conference and third quarter earnings later this week.
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