Markets End At 11-Month Highs; Banking Stocks Surge

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Benchmark indices surged in trade seeing a solid rally as global cues continued to remain robust. Most of the global indices led by the German DAX, French CAC and the UK's FTSE were trading sharply higher as the S&P 500 hit a new record high in the US.

Markets End At 11-Month Highs; Banking Stocks Surge
Asian cues were also very strong with most of the markets there ending the day higher.

The Sensex closed the day 153 points higher at 27,808 points, while the Nifty rallied 53 points in trade.

Leading the set of gainers in trade were banking stocks that jumped ahead of the inflation data. ICICI Bank had another fantastic day in trade with the stock being up 3 per cent in trade. There were reports that the company would have an initial public offering for ICICI Prudential later this year.

Other notable banking gainers were Federal Bank and Bank of Baroda which ended with gains of 2 per cent each.

Shares in Guess Corp which got listed only today surged in trade and was up 56 per cent in trade. Greaves Cotton on the other hand gained after reports that the company was getting into the multibrand spares business.

Shriram EPC too rallied a staggering 10.2 per cent in trade on reports of conversion of working capital loan to equity.

Rico Auto too saw some buying support after reports that the company had laid the foundation for the Bhiwadi manufacturing plant.

Meanwhile, the rupee was marginally lower at 67.22 to the US dollar. Check and convert currency rates here

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Read more about: sensex, nifty
Story first published: Tuesday, July 12, 2016, 15:00 [IST]
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