The Indian equities continued their gaining streak for the third straight session on expiry of January series F&O contracts as banking stocks extended rally on strong quarterly results, tracking firm cues from Asian peers. Private sector lender Kotak Mahindra Bank surged 7 per cent after it reported a growth of 34 per cent in its consolidated net profit for the October-December quarter of 2016 at Rs 1,267 crore. Besides, the investors also remained optimist over Union Budget 2017-18, hoping that it would sops for some sectors to help spur economic growth.
The 30-share barometer index of Bombay Stock Exchange, Sensex closed trade at 27708.14, up by 332.56 points or by 1.21 per cent, and the NSE Nifty ended at 8602.75, up by 126.95 points or by 1.5 per cent.
During the day’s trade, the BSE Sensex touched intraday high of 27736.83 and intraday low of 27439.68, while the NSE Nifty touched intraday high of 8612.6 and intraday low of 8493.95.
The top gainers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 1336.00,+4.31%), Adani Ports & Special Economic Zone Ltd. (Rs. 303.85,+3.61%), Hero MotoCorp Ltd. (Rs. 3232.00,+3.15%), Axis Bank Ltd. (Rs. 463.70,+2.76%), Coal India Ltd. (Rs. 316.10,+2.13%), among others.
On the flip side, Wipro Ltd. (Rs. 473.45,-1.59%), Bharti Airtel Ltd. (Rs. 311.55,-1.52%), Reliance Industries Ltd. (Rs. 1016.70,-1.06%), Sun Pharmaceutical Industries Ltd. (Rs. 636.10,-0.94%), Infosys Ltd. (Rs. 936.65,-0.89%), were among top losers on BSE.
On the sectoral front, financial and consumer durables indices emerging as top gainers, adding as much as 2.33 per cent and 2.26 per cent respectively.
The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 3105, shares advanced were 1575 while 1310 shares declined and 220 were unchanged.