Nifty trades above 24,000 level; private bank shares rally

The domestic equity benchmarks traded with significant gains in morning trade. The Nifty traded above the 24,000 level, reflecting positive market sentiment. Private banking stocks led the rally, rebounding sharply after witnessing a decline in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 780.91 points or 1.02% to 77,414.47. The Nifty 50 index climbed 227.35 points or 0.96% to 24,001.45.

In the broader market, the BSE 150 MidCap Index surged 1.03% and the BSE 250 SmallCap Index soared 1.51%.

The market breadth was positive. On the BSE, 3,174 shares rose and 600 shares fell. A total of 198 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 7.11% to 18.98.

Buzzing Index:

The Nifty Private Bank index jumped 2.15% to 26,824.20. The index dropped 1.75% in the past trading session.

ICICI Bank (up 2.83%), Axis Bank (up 2.4%), RBL Bank (up 2.05%), Federal Bank (up 1.54%), HDFC Bank (up 1.47%), IndusInd Bank (up 1.41%), Kotak Mahindra Bank (up 1.24%), Yes Bank (up 1%), Bandhan Bank (up 0.92%) and IDFC First Bank (up 0.90%) advanced.

Stocks in Spotlight:

RailTel Corporation of India rallied 3.12% after it has received a work order from the Goa Building and Other Construction Workers Welfare Board for the development of an exclusive online portal.

Poonawalla Fincorp advanced 2.73% after the company informed that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 390.26 per equity share.

GHV Infra Projects gained 3.35% after it had secured a work order worth Rs 105 crore from GHV (India) for infrastructure development works.