The Sensex On Monday witnessed its longest winning streak in more than 18 months on optimism that stimulus packages announced by world governments would help revive global economies.
ICICI Bank rose 4.7 per cent, while HDFC Bank climbed 5.2 per cent. Sterlite Industries gained 6.9 per cent, leading commodity producers higher.
The Sensex rose 1.5 per cent to 10,967.22, its longest run of gains since the 11 days ended October 3, 2007. The S&P CNX Nifty Index on the National Stock Exchange (NSE) added 1.2 per cent to 3,382.60. The BSE 200 Index advanced 1.8 per cent to 1,293.78. Nifty futures for April delivery climbed 0.6 per cent to 3,374.
"As long as global news flows are positive and markets globally are rallying, we will follow their cues," said Jayesh Shroff, who helps manage $5.5 billion in assets at SBI Asset Management Company in Mumbai. "India will not remain isolated from the rally," he added. The MSCI Asia Pacific Index rose 0.3 per cent to 88.21, the highest since January 12.
ICICI climbed 4.7 per cent to Rs 416.60 and HDFC Bank added 5.2 per cent to to Rs 1,098.35. State Bank of India (SBI), the largest lender, rose 6.8 per cent to Rs 1,217.90.
Sterlite, India's largest copper producer, gained 6.9 per cent to Rs 423.30 after copper jumped by the limit in Shanghai for a second day. Tata Steel, the country's largest maker of the alloy, advanced 8.5 per cent to Rs 283.15.
China's banks have already met the bulk of the government's target of at least 5 trillion yuan ($732 billion) in new lending this year, with loans rising a record six-fold in March. Premier Wen Jiabao said yesterday China's economy showed signs of a better-than-expected recovery in the first quarter, citing rising investment in fixed assets and consumer demand, the Xinhua News Agency reported.
Satyam Computer Services rose 3.2 per cent to Rs 48.75 after Tech Mahindra outbid competitors, including L&T.
