Early Diwali for stock markets

RALLY IN PRIVATE BANK SHARES DRIVES INDICES HIGHER

- KISHOR KADAM

STOCK MARKET INVESTORS celebrated an early Diwali on Thursday as strong buying across index heavyweights sent the benchmark indices soaring.

Continuing their upward momentum for the second consecutive session, the Sensex jumped 1,010.05 points, or 1.22%, to hit an intraday high of 83,615.48, before paring some gains to settle at 83,467.66, up 862.23 points, or 1.04%. The Nifty touched a high of 25,625.40, gaining 301.85 points, or 1.19%, before closing at 25,585.30, up 261.75 points, or 1.03%.

A strong rally in private banking stocks was the key driver of Thursday’s rise in the benchmarks. Four private banks—HDFCBank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank—together accounted for nearly 50% of the Sensex gain.