Rally in PSU banks, metals makes Sensex end over 170 pts higher, Nifty above 10,500
A huge rally in PSU banks and metals stocks ensured that the bulls went home smiling on Thursday. Frontline indices ended the day near the high points, with the Nifty reclaiming 10,500 in the closing tick.
The day began on a mildly higher note, but indices soon picked up pace after Finance Ministry said that a Parliament nod will be sought to issue recap bonds to the tune of Rs 80,000 crore.
The development pushed up stock prices of major PSU banks, with the Nifty PSU bank index ending over 2.5 percent higher. Banks in that index ended 1-8 percent higher.
Metal stocks also continued to rise on the back of upbeat commodity prices, with the Nifty Metal index rising as much as 1.9 percent to a record high. Oil stocks too were in focus on the back of rising crude oil prices. ONGC gained the most and was one of the index gainers.
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