Equity benchmarks jumped further in last hour of trade. The Sensex rose 405.61 points or 1.63 percent to 25306.07 and the Nifty surged 130.15 points or 1.71 percent to 7727.15.
PSU banks saw buying interest today with Nifty PSU Bank index rising 4 percent after Vijay Mallya told Supreme Court that he is ready to pay Rs 4,000 crore to lenders by September 2016. State Bank of India, which has biggest exposure to Kingfisher with Rs 1,400 crore loan, surged 4 percent.
Among others, ICICI Bank, Tata Motors, Axis Bank, L&T, Sun Pharma, Adani Ports, Bajaj Auto, Hero Motocorp and GAIL gained 2-5 percent while HDFC, Mahindra & Mahindra, Bharti Airtel and Maruti Suzuki lost 0.5-1 percent.
Lupin rose nearly 5 percent after Credit Suisse believes that USFDA observations will have no impact on company’s growth as there is no pending ANDA from Mandideep plant.
Metals stocks continued to shine with Tata Steel, Vedanta and Hindalco rising 5-6 percent after the government extended safeguard duty on steel imports. Tata Steel and Hindalco rallied over 5 percent.
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