Benchmark indices surged in trade on the back of a spectacular rally in the shares of State Bank of India.

In Asia markets were buoyant as US indices closed at another record high. Asian markets had a good day as well with most of the markets in the region ending the day higher.

Leading the set of gainers was State Bank of India which rallied a huge 8 per cent, after the bank reported a spectacular set of quarterly numbers.

Shares in Aditya Birla Nuvo dropped as much as 17 per cent, after a merger with Grasim Industries. In fact, Grasim itself which was trading lower managed to recover and end higher in trade.

Shares in DHFL rallied 3 per cent after reports of a board meeting on August 17 to consider fund raising via issuing debt in India or abroad.

Midcap shares also had a good session in trade with the index ending higher thanks to gains in midcap PSU banking names like Bank of India (8 higher) and Union Bank of India (4 per cent higher).

Meanwhile, the Indian markets would now be closed until Aug 16, 2016. Monday, August 15 is India's independence day and the markets would be shut.

GoodReturns.in