The Sensex and the Nifty rallied in trade with the Sensex ending the day higher by 329 points, while the Nifty gained 98 points as FMCG stocks and government owned entities saw a sharp rally in their share prices.
Coal India, BHEL, and NTPC were government owned entities that saw a sharp rally in their share prices. Other stocks that gained in trade were Hindustan Unilever and ITC.
On the other hand IT stocks failed to participate in the rally with stocks like TCS and Infosys ending the day with losses. Other stocks that lost ground were Larsen and Hindalco.
Shares in SpiceJet rallied on hopes of funding from an ex-promoter. Videocon on the other hand climbed after fund raising plans from the company.
Mid cap stocks had a good session in trade with stocks like GMR, Godrej and Havells rallying in trade. Meanwhile, markets in Europe were trading higher while most of Asia ended the day with gains.