Sensex Surges Over 600 Points, Nifty Above 14,850 Led By Banks

Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Bank index's over 3 per cent gain.

The Indian equity benchmarks extended gains in noon deals as market sentiment improved after domestic coronavirus cases fell below the 300,000 mark for the first time since April 21. Banking, auto, financial services and realty shares were witnessing strong buying interest. The Sensex rose as much as 665 points to hit an intraday high of 49,397.19 and Nifty 50 index moved above its important psychological level of 14,850. HDFC Bank, ICICI Bank, HDFC, State Bank of India and Axis Bank were among the op movers in the Sensex. As of 1:13 pm, the Sensex rose 651 points or 1.34 per cent to 49,383 and Nifty 50 index climbed 1.18 per cent or 173 points to 14,851. India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states. Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Bank index's over 3 per cent gain. Nifty Auto, Financial Services, PSU Bank, Private Bank and Realty sector gauges also rose between 1.5-3.3 per cent.