Markets continue to lead the gains on back of rally in heavyweights and banking stocks. Sensex has risen 388 points to 19,190 and the Nifty has risen 116 points to 5756. The Sensex has touched 19k for the first time since January 2008.
Banking sector continues to trade higher, SBI has hiot an all-time high, surging 5.8% to Rs 3,157, Kotak Mahindra Bank has risen 5.8% and ICICI Bank has surged 4.9% to Rs 1,101. Macquarie Research has maintained cautious stance on the banking space after the recent outperformance, their top pick remains ICICI Bank.
Reliance Industries is leading the gains, up 3.04% to Rs 987.70; other heavyweights L&T and Infosys have risen over 1% each.
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Updated at 2:04 pm
Markets have continued to gain steadily on banking stocks and IIP numbers.
The Sensex is at 19,163 - up 363 points in late noon trades. Nifty is up 110 points at 5,750.
Indian industry began the second quarter on a strong footing, clocking 13.8% growth in July. The growth rate — the highest in two months — exceeded market expectations of moderation to 7.8%. It was driven by a strong showing by the manufacturing sector, particularly the capital goods segment.
Banking stocks have gained smartly. The Bank Nifty has jumped 3.5% to 11,848. SBI and ICICI Bank have gained 4-5% respectively.
Union Bank, Axis Bank, Oriental Bank of Commerce and Canara Bank are the other prominent gainers in the banking sector.
The Nifty Junior is up 1.6% at 12,497. Gainers in this sector include Adani Enterprises, Andhra Bank, United Phosphorus and McDowell.
Nifty gainers list is headed by the banking stocks. HDFC has surged 5% to Rs 661. Reliance Infrastructure, NTPC and Hindalco have jumped 2-3% each.
Other gainers include Unitech, Punjab National Bank, DLF, Reliance and Jaiprakash Associates.
The NSE value chart is being head by SBI with a turnover of Rs 1,141.17 cr, followed by Reliance, ICICI Bank, Tata Steel and HDFC.
