Sensex, Nifty Up Over 1.5%; Mid & Smallcap Outperform, ITC Down

The market has taken off sharply since witnessing some volatility on Budget day. Following the highest single-day gain (777 pts) in seven years yesterday, the Sense has tacked on another 300 points today.

Equity benchmarks continued to rally with the Sensex rising 408.51 points or 1.72 percent to 24187.86 and the Nifty climbing 120.30 points or 1.67 percent to 7342.60.

The broader markets outperformed benchmarks with BSE Midcap and Small cap indices gaining 2 percent each. The market breadth was strong as more than seven shares advanced for every shares declining on the Bombay Stock Exchange.

ICICI Bank and SBI were leading contributors to Sensex's gains, up 6-9 percent. Hindalco also gained 6 percent and BHEL was up 6.5 percent on order worth Rs 5,600 crore in Tamil Nadu.

HDFC, HDFC Bank, Axis Bank, Reliance Industries, L&T, Hero and Adani Ports were up 1-5 percent.

ITC retreated on profit booking, down 1 percent after rallying 10 percent in previous session as excise duty hike on cigarettes was on expected lines.

Mahindra & Mahindra slipped over 2 percent on profit taking. Wipro and TCS lost half a percent as rupee recovered sharply in three trading sessions.

Coal India declined 0.4 percent as its February offtake dropped to 45.5 MT compared to target of 47.13 MT and production was down to 51.01 MT against target of 52 MT.

The rupee appreciated for fourth consecutive session today, rising from 68.71 a dollar (at close on Thursday) to 67.7 a dollar today.

PSU banks rally after RBI new Basel norms; SBI, BOB surge over 8% :- 

Banking shares mainly public sector undertakings (PSUs) have rallied by up to 13% on the National Stock Exchange (NSE) in early morning trade after the Reserve Bank of India (RBI) has allowed banks to beef up its capital adequacy by including certain items such as property value, foreign exchange for calculation of its Tier-I capital.

State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Indian Bank, Union Bank of India, Canara Bank and Punjab National Bank are among few rallied more than 6% on the NSE.
Nifty PSU Bank index zoomed 8.5% at 2,268 points as compared to 1.3% gain in the Nifty 50 index at 7,317 points.
The PSU banking index hit high of 2,280 in intra-day today, soared 12% in past two trading sessions against less than 5% rise in the benchmark index.

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