Sensex gains near 300 points; Nifty rises to 10275

Infosys banking and road sector stocks in focus today

State Bank of India soared almost 28 percent, while Punjab National Bank, the country's second-biggest state-run lender closed up 46 percent.

Reserve Bank Governor Urjit Patel on Wednesday said the Rs 2.11 lakh crore bank recapitalisation plan is a "monumental step forward" in safeguarding India's economic future and a comprehensive policy would be put in place to address the challenges faced by the sector.

It was clearly an one sided affair as we saw entire PSU banking basket along with couple of other heavyweights propelled today's move, Chavan added.

"Volumes in the NSE was a high of above Rs.57,000 cr out of which a large portion was concentrated towards the banking/NBFC counters and especially the large PSU bank counters".

On intra-day record high basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched 33,117.33 points, while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10,340.55-points.

The Sensex of the BSE, which opened at 32,619.26 points, closed at 32,607.34 points, higher by 100.62 points or 0.31 per cent from Monday's close at 32,506.72 points. Both Sensex and Nifty were trading at a new life time high.

The index had slipped to a low of 32,804.60 points during the trade session.

The Sensex closed at 435.16 points up at 33,042.50, while the NSE Nifty index settled 87.65 points up at 10,295.35.

The government yesterday unveiled an unprecedented Rs 2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support, and equity dilution.

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