After yesterday's heavy decline to the tune of close to 500 points have gained nearly 400 points in the afternoon session led by banking and financial stocks. Sensex was trading higher by 412.38 points or 1.09% at 38221.29 while Nifty is hovering with gains of 1.12% at 11480.90.

HCC gains 8% on the approval of proposal of monetisation of an identified pool of arbitration awards & claims (transaction) for which the company today signed terms.

Bank Nifty also has been pulled higher by as much as 200 points.

The gains are largely on the back of resurgence in broader Asian market which were lifted higher after US treasury yields surged as recession fears eased.

Rupee also gained 0.116% or 0.08 rupee and was trading at 68.85 per dollar against the day's opening of 68.88.

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