Gains in shares of banks andinfra firms helped the benchmark Sensex on Wednesday jump 321 points in its best single-day rise in a fortnight after the RBI eased infrastructure financing norms and on signs of continued economic rebound.
The BSE index resumed better and remained in the positive terrain throughout the day before surging further to settle at one-week high of 25,549.72, a rise of 321.07 points or 1.27 per cent -- the best daily show since the 325-point spurt on July 2. on Tuesday, it had risen 221.67 points.Shares of Unitech surged 6.82 per cent, DlF soared 5.82 per cent and Oberoi Realty rallied 5.37 per cent on the BSE.
Among others, Indiabulls Real Estate gained 3.65 per cent, HDIl rose by 3.17 per cent and Sobha Developers was up 1.75 per cent.The BSE's realty index ended 4.28 per cent up.Shares of IDFC climbed 8.70 per cent. ICICI Bank was up 4.70 per cent, Axis Bank (3.57 per cent), SBI (2.26 per cent) and HDFC Bank (1.07 per cent).
From infra related stocks, BHEl rose 2.54 per cent and l&T was up 1.53 per cent.The apex bank eased financing norms for infrastructure development and affordable housing, exempting long term bonds from mandatory regulatory norms like CRR and SlR if the money raised is used for funding of such projects, which boosted the shares from interest rates related segments.
ICICI Bank was the top gainer from the 30-share Sensex pack with a rise of 4.70 per cent. Shares of Axis Bank, SBI and HDFC Bank also notched up handsome gains.On the infra side, l&T and BHEl rose in the Sensex. Outside the BSE barometer, IDFC shot up nearly 9 per cent and Adani Ports 6.8 per cent in prominent gainers in that sector.
Metal and mining counters too were in demand after a report showed that China's economy expanded in second quarter.Revival of monsoon amid growth in merchandise exports in June 2014, strong European opening and fall in global crude oil prices also kept the market tempo upbeat for the second day in a row, brokers said.