Sensex, Nifty zooms about 1%; bank stocks rise
Markets turned bullish as the banking stock surged fast.
Bank Nifty hitting a record high on hopes of faster reforms as the government
initiated two-day discussion on the banking sector reforms including mergers of
banks, especially PSU banks besides equity raising activity.
Market is heading towards their sixth straight session of
gains, helped by banking stocks ahead of an industry meet, while a survey
showing manufacturing activity expanded at its fastest pace in two years in
December also boosted the sentiment.
At 1.40 p.m., the Sensex was trading higher by 398.13 points
at 27,905.67 and the NSE index Nifty was trading up by 119.40 points at
8,403.40.
Gainers, losers
Gainers HDFC 3.88%, Tata Motors 3.05%, BHEL 2.81%, ICICI
Bank 2.59% and Axis Bank 2.5%, while the losers were Hero MotoCorp 0.32%,
M&M 0.3%, Bajaj Auto 0.25% and HUL 0.04%.
Banking stocks advanced on hopes of faster reforms in the
sector ahead of a one-of-a-kind two-day industry meet that has begun in Pune
today.
Indian airline stocks gained today as oil marketing
companies have cut jet fuel prices by 12.5 per cent. Jet Airways surged 4.8 per
cent and SpiceJet rose 2 per cent.
The HSBC Manufacturing Purchasing Managers' Index (PMI),
compiled by Market, rose to 54.5 in December from 53.3 in the previous month,
its highest since end-2012, as new orders flooded in and factories kept price
increases to a minimum.
