Sensex, Nifty climb over 1%; ICICI Bank leads, Cipla tanks 7%
Equity benchmarks extended rally in morning trade, rising more than 1 percent driven by positive global cues after strong US housing data. Banking & financials, technology, auto and FMCG stocks lead.
The 30-share BSE Sensex surged 318.23 points or 1.26 percent to 25623.70 and the 50-share NSE Nifty rallied 104.55 points or 1.35 percent to 7853.40 while the broader markets underperformed, rising over 0.7 percent.
Cipla plunged 7 percent after disappointing set of earnings. Net profit in Q4 dropped 68.8 percent to Rs 80.9 crore while revenue increased only 5.6 percent to Rs 3,266.5 crore compared to year-ago period.
ICICI Bank surged 2.5 percent followed by Infosys, HDFC Bank, HDFC, TCS, Asian Paints, Tata Motors, Axis Bank and L&T with 1-2 percent upside.
Asia markets traded higher, with several major indexes advancing more than 1 percent each, after encouraging reports on the housing market stateside propelled gains in US stocks.