Nifty Gains 100 Points, Surges Past 10,700 Points

Benchmark indices gained once again in trade, with the Sensex and the Nifty up almost 1 per cent, led by strong gains in banking stocks. Global cues were good with most Asian markets seeing gains of more than 1 per cent, following a rally in the Dow Futures.

The Nifty was trading with gains of 108 points at 10,715 points, with stocks from the banking space like ICICI Bank, IndusInd Bank and Axis Bank among the early gainers.

Shares in ICICI Bank rallied after the bank said that its board will meet on Wednesday to discuss a proposal to raise funds by issuing equity shares to strengthen its financial position. The bank is also slated to announce its quarterly numbers on the same day.

Shares in Coal India were flat after reports that the company suffered an average daily production hit of 56 per cent during the three-day strike by workers.

Among the early gainers from the Nifty were IndusInd Bank, HDFC Bank and Bajaj Finance. Stocks that lost ground were GAIL, ITC and HUL.

Meanwhile, most of the Asian markets were trading with gains led by the Japanese Nikkei, which was up nearly 2 per cent in trade, while the Hang Sang was up nearly 3.5 per cent.