The Sensex was trading higher by 397 points, while the Nifty rallied 118 points, ignoring poor global cues and worries over the Fed QE3 tapering, which gripped other markets. Analysts and economists believe that the Narendra led Modi government can once again restore growth through development linked policies.
Almost all of the Nifty stocks were in the green, with banking stocks in particular seeing a sharp rally. Among the top gainers in trade today were ICICI Bank, Larsen and Toubro and HDFC Bank.
There were hardly no losers in trade from the Nifty as all of the stocks were in the green. PSU banks were having a remarkable run in trade with notable gainers being Punjab National Bank which jumped 4 per cent, while other winners were Bank of Baroda, Oriental Bank, Syndicate Bank and Union Bank of India.
In fact, the Bank Nifty was trading at the highest level since Nov 5.
Mid cap stocks also saw buying interest with notable gainers from the space being GMR Infra, Voltas and Crompton Greaves.
IT stocks were subdued with Wipro, TCS and Infosys only up marginally.
Wockhardt, however, was trading on ongoing worries over the US FDA warning letter. Meanwhile, markets across Asia were trading weak following worries over the tapering by the US Federal Reserve. Almost all of the markets were lower in trade, led by the Japanese Nikkei and the Shanghai Composite.