Sensex snaps 2-day losing run, surges 659 points; banking stocks soar

Mumbai: Snapping two consecutive days of losing run, the Indian stock markets' key indices, Sensex and Nifty, surged by more than one per cent on Thursday led by strong buying support in auto, banking and infra stocks amid positive cues from the global equities.

The 30 stock S&P BSE Sensex surged 659.31 points or 1.12 per cent to 59,688.22 points against its previous day's close at 59,028.91 points.

Earlier, the Sensex started the day sharply higher at 59,374.99 points and climbed to a high of 59,711.96 points in the intra-day. The Sensex has surged after two consecutive sessions of fall. The index had lost 168.08 points or 0.28 per cent on Wednesday.

The broader Nifty 50 of the National Stock Exchange surged 174.35 points or 0.99 per cent to 17,798.75 points. The Nifty started the day sharply higher at 17,748.15 points and surged to a high of 17,807.65 points in the intra-day.

Mahindra & Mahindra hit new record high. The scrip surged 2.48 per cent to Rs 1321.25. Tech Mahindra soared 3.23 per cent to Rs 1090.35.

There was good buying support in banking stocks. Axis Bank surged 3.22 per cent to Rs 779.85. ICICI Bank jumped 2.57 per cent to Rs 898.90. State Bank of India soared 2.26 per cent to Rs 544.70.

Bharti Airtel, UltraTech Cement, Bajaj Finserv, IndusInd Bank, Asian Paints, Bajaj Finance and Wipro were among the major Sensex gainers.
Only six of the 30 scrips that are part of the benchmark Sensex closed in the red. Tata Steel slumped 1.63 per cent to Rs 105.85. NTPC, Titan, Nestle India, Power Grid Corporation and HCL Technologies were the Sensex losers.