After hitting milestones, Sensex, Nifty end strong; banks surge

After hitting milestones, Sensex, Nifty end strong; banks surge

NEW DELHI: Equity benchmarks Sensex and Nifty closed on strong grounds after scaling new heights in early trading on Thursday.

30-share BSE index closed at 36,984.64, up 126.41 points while the broader 50-share NSE Nifty rose 35.30 points to finish trading at 11,167.30.

In morning trade, Sensex breached the 37,000-mark for the first time in history, going up till 37,061.62. Nifty too, had its own share of record as the index touched a new all-time high of 11,185.85 in intra-day trade.

The Street has been upbeat since the turn of this week and despite a slightly sedate session on Wednesday, ahead of July F&O expiry, investors showed enough faith on the overall cues to help the indices consolidate at all-time high levels.

On Thursday, the surge was driven mainly by bank stocks more state-run lenders lining up to enrol for a scheme for faster bad-loan resolution. By Monday, more than 20 banks had signed up. A government panel had suggested creating an asset management company (AMC) to resolve bad loans above Rs 500 crore, among steps to clean up the banking sector.

Resultantly, the Nifty PSU Bank sub-index gained 5.45 per cent during the day. The SBI stock rose as much as 5.62 per cent on the BSE while ICICI Bank gained more than 4 per cent.

IT and metal sub-indices however finished about 0.80 per cent in the red.

 

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