Markets finished the session on a higher note amid firming trend in the global equities after US Federal Reserve chair Janet Yellen indicated that the central bank would move cautiously in regards with interest rate hike. Also, prospects of an interest rate cut by the RBI at its forthcoming monetary policy review spurted buying across the board.
The S&P BSE Sensex closed at 25,339, up by 438 points while the Nifty ended at 7,735, up 138 points. The broader markets finished in line with the larger peers with BSE Midcap and Smallcap indices soaring over 1.5% each.
Metal stocks gained across the board after media reports stated that the government has extended safeguard tax on some steel imports. Hindustan Zinc, Vedanta, Hindalco, SAIL, JSPL, NALCO, Tata Steel and JSW Steel surged up to 7%.
Banking shares mainly public sector undertakings (PSU) closed higher by up to 5% on the bourses. State Bank of India (SBI), Indian Overseas Bank, Punjab National Bank, Bank of India, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Union Bank of India rose between 2%-5%.
SMART MOVERS
Shares of Tata Steel jumped over 6.5% after the board of directors at its meeting held on Tuesday to review the performance of the loss making European business decided to explore all options for portfolio restructuring including potential divestment of Tata Steel UK in whole or in parts.
Gail India soared 3.5% after the company started drilling the first exploratory well as operator in its NELP-IX block CB-ONN-2010/11 in Cambay Basin.
Sun Pharmaceutical Industries gained 2% after the company acquired 14 prescription brands from Novartis AG and Novartis Pharma AG in Japan for $293 million.
Meanwhile, its peer Lupin surged 5% recovering from Tuesday's losses when it said the U.S. Food and Drug Administration had issued observations for a facility in central India.
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The Sensex surged 438.12 points to 25338.58 and the Nifty rose 138.20 points to 7735.20, led by positive global cues and banks rally.
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