Benchmark indices ended the day higher, as the Sensex conquered the 25,000 points mark, led by gains in State Bank of India and heavyweight ITC.
Shares in banking stocks led gainers after the government cut the small savings rate last week. Apart from SBI, Punjab National Bank, Canara Bank and ICICI Bank also gained ground. Hopes were raised that the Reserve Bank of India may cut policy rates by as much as 50 basis points. HUL was the biggest gainer from the Nifty in trade.
Lupin Laboratories was the biggest loser from the Nifty space, after its target price was once again cut by a leading brokerage firm. Apart from Lupin, Bharat Heavy and Gail were the other losers in trade.
Shares in jewellery firms rallied after jewellers called off a 19-day strike late. TBZ, Gitanjai Gems and P C Jeweller were among the gainers in trade.
Mid cap indices also surged in trade with the Nifty Midcap 50 rising by a 1.5 per cent. L&T Finance Holdings was the biggest gainer jumping 7 per cent. IDBI Bank also rallied after reports that big institutions were set to buy the government stake in the Bank.
Meanwhile, Asian markets ended the day mostly lower, though the Shanghai Composite bucked the trend and ended the day higher.