Markets back to pre-cash ban level, Sensex gains 333 points

Banking, metal, automobiles and consumer durables stocks were in fine nick, lifting the key indices

The market on Wednesday returned to its pre-demonetisation level, as the benchmark BSE Sensex gained 333 points, or 1.21 per cent, to close at nearly three-month high of 27,708, on the back of strong earnings amid positive global feelers.

Covering of pending short positions, following the expiry of the January futures and options contracts on Wednesday, and positive earnings by some companies aided sentiment. Stock exchanges will remain closed on Thursday for the Republic Day.

The Sensex last closed above 27,700 on November 1, when it hit an intra-day high of 27,736.83. The gauge had rallied 341.08 points in the previous two