Sensex up 271 points; Bank stocks rally

Last Updated: Wed, Nov 30, 2016 15:12 hrs

The market has rallied sharply this afternoon thanks to heavy buying in bank stocks and a select few from automobile, capital goods, power and oil sectors.

Positive close in most of the markets across the Asian region and firm European markets appear to be prompting investors to indulge in some strong buying this afternoon. Meanwhile, the market is awaiting the GDP data for the September quarter.

The Sensex is now up 271.34 points or 1.03% at 26,665.35. The Nifty50 is up 85 points or 1.04% at 8227.15.

Among bank stocks, ICICI Bank is up nearly 4%, State Bank of India is gaining 2.3%, HDFC Bank is up 1.7% and Axis Bank is trading nearly 1% up. IndusInd Bank is gaining 3%, Bank of India, Canara Bank, Federal Bank and Yes Bank are up nearly 2%, while Kotak Bank, Bank of Baroda and Punjab National Bank are higher by about 1.5%.

Oriental Bank of Commerce, Syndicate Bank, IDBI Bank, Allahabad Bank, Andhra Bank, Union Bank of India and City Union Bank are also up sharply.

Among the stocks in the automobile space, Maruti Suzuki is up 3%, TVS Motor is up 2.8%, Bajaj Auto and Eicher Motors are trading higher by about 0.8%, while Ashok Leyland, Tata Motors, Mahindra & Mahindra and Hero Motocorp are hovering around their previous closing levels.

Capital goods sector major Larsen & Toubro, Bharat Electronics, Crompton Greaves, BHEL and BEML are up 1% - 4%. Welcorp has spurted nearly 17%. Kalpataru Power, GE T&D, AIA Engineering, Sadbhav Engineering and Greaves Cotton are also notably higher, while ABB, Lakshmi Machine Works, Praj Industries and Siemens are up with modest gains.

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