The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in noon deals on the back of a broad-based buying interest. The benchmarks staged a gap up opening and extended gains led by rally in Reliance Industries, HDFC, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, ICICI Bank and Larsen & Toubro. The Sensex surged nearly 900 points and Nifty 50 index reclaimed its important psychological level of 14,500 and were on track to snap their two-day losing streak.
As of 2:42 pm, the Sensex was up 851 points at 49,415 and Nifty 50 index advanced 239 points to 14,520.
Sustained buying by foreign institutional investors and hopes of bold economic reforms in the upcoming Budget is leading to the bullish sentiment on Dalal Street, analysts said.
Buying was visible across the sectors as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty index’s over 4 per cent gain. Nifty PSU Bank, Metal, Media, Financial Services, Auto, Bank and Private Bank indices also rose between 1-2.5 per cent each.
Mid- and small-cap shares were also witnessing buying interest as the Nifty Midcap 100 index rose 1.8 per cent and Nifty Smallcap 100 index climbed 1.6 per cent.