BSE Sensex snaps 7-day losing streak, gains 205 pts, ICICI Bank, HDFC Bank rally

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The BSE Sensex rose 0.99 percent, while the broader NSE Nifty ended higher 1.12 percent. PTI The BSE Sensex rose 0.99 percent, while the broader NSE Nifty ended higher 1.12 percent. PTI
SummaryBoth local and foreign cues powered BSE Sensex with bank stocks emerging major beneficiaries.

the time we see clarity on any growth revival in 1QCY14 or election results in 2QCY14," said Rajgarhia.

The benchmark BSE index rose 1.02 percent, or 205.02 points, to end at 20,399.42, snapping a seven-day losing streak ever since hitting a record high early this month.

The index fell 1.3 percent for the week. Markets are closed on Friday for a local holiday.

The broader NSE index rose 1.11 percent, or 66.55 points, to end at 6,056.15, and fell 1.4 percent for the week.

Banking stocks rallied after RBI governor Raghuram Rajan said the central bank would buy bonds worth 80 billion rupees ($1.26 billion) via open market operations (OMO) on Nov. 18.

That sparked a rally in bonds, reducing some of the concerns that banks would sustain losses from their debt portfolios.

Among private sector lenders, ICICI Bank Ltd surged 3.7 percent, while HDFC Bank Ltd rose 1.3 percent.

In state-owned banks, State Bank of India and Canara Bank Ltd rose 1.5 percent each, while Bank of India Ltd jumped 5.2 percent.

Tata Motors Ltd shares surged 5.7 percent after its unit Jaguar Land Rover Ltd reported global wholesales of 36,157 vehicles in October, beating some analysts' estimates.

Tata Steel Ltd jumped 4.9 percent after the company's second-quarter profit beat expectations, helped by a rise in prices and market share at home.

Reliance Communications Ltd gained 2.9 percent adding to previous day's 2.4 percent rise after the company reported better-than-expected September-quarter earnings on Tuesday.

Natco Pharma Ltd surged 4.1 percent after prospects for its generic version for Teva Pharmaceutical Industries' billion dollar drug got a boost from a favourable U.S. court ruling on Wednesday.

However among stocks that fell, Cipla Ltd declined 2.3 percent after the company's July-September net profit fell by 27 percent.

Sensex graphs November 14

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