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Banks lift Sensex over 300 pts; HDFC Bank crosses market cap of Rs 5 lakh cr

Bulls kept its tight control over Dalal Street as equity benchmarks opened at fresh record high on Thursday after buzz of likely increase in FDI in banking sector.

The 30-share BSE Sensex was up 294.72 points or 0.84 percent at 35,376.54 and the 50-share NSE Nifty gained 73.60 points or 0.68 percent at 10,862.10.

About 1,004 shares advanced against 308 declining shares on the BSE.

Nifty Bank rallied nearly 600 points to hit a fresh record high after sources told CNBC-TV18 that the government is considering allowing 100 percent FDI in banking sector.

SBI, ICICI Bank, Yes Bank, HDFC Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank gained 1-3 percent.GAIL was down 2 percent.

The rupee strengthened by 5 paise in opening but immediately turned lower despite strong equity markets.It was trading at 63.90 against the US dollar, down 2 paise from previous

Yesterday, the rupee had rebounded by 16 paise to end at 63.88 against the US currency on bouts of dollar selling by exporters and banks.

Telecom operator Bharti Airtel is expected to report weak set of earnings for October-December quarter due to continued pricing war.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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