Sensex, Nifty surge on strong global cues; ICICI Bank rallies 2%

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Sensex, Nifty surge on strong global cues; ICICI Bank rallies 2%
Markets opened the day higher on the back of strong global cues with the Sensex gaining 205 points in trade, while the Nifty rallied 60 points in trade. Among the early gainers from the Nifty pack were Bharat Heavy Electricals, Cipla, Jaiprakash Associates and NMDC.

Shares from the banking space were once again in demand with notable gainers being Yes Bank, ICICI Bank and Punjab National Bank.

Shares in Axis Bank gained 2.5 per cent after the government successfully completed its stake sale in the company last week.

IDBI Bank also gained ground after reports that the company was bidding for a stake in the Stock Holding Corporation of India.

Nifty stocks that were weak in trade included Infosys, Sun Pharma and ITC.

Mid cap stocks were once again in the limelight with notable gainers from the space being Reliance Power, Reliance Infra and Voltas.

PSU banking stocks also saw buying interest with gainers being Canara Bank, Syndicate Bank and Punjab National Bank.

Heavweight, Reliance Industries gained 1 per cent in trade, while ITC was marginally down. Software stocks were also having a good day despite appreciation in the rupee. Gainers included the likes of TCS, HCL Tech and Wipro.

Meanwhile, most of the Asian markets were trading higher led by gains in the Japanese Nikkei and the Hong Kong's Hang Sang.

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