Sensex rises over 400 points on firm factory data; banks lead gains - Times of India

BENGALURU: Equity indices moved higher on Tuesday, as investors cheered strong factory activity data from Asia’s third-largest economy, with banking stocks offering support after the sector’s heavyweights reported upbeat earnings.
The benchmark BSE sensex surged over 400 points; while the broader NSE Nifty eyed 11,800. Both the indices witnessed more than a per cent rise in early trade.
India’s factory activity expanded at its fastest pace in over a decade in October, a private survey showed, as its demand recovered from the coronavirus-led disruptions.
The Nifty banking index rose 2.2 per cent, led by a 3.3 per cent gain in heavyweight stock ICICI Bank. The lender’s shares are up for a second session following its upbeat earnings announcement on Saturday.
Banks and financial stocks have the biggest weight on the Nifty among sectors of about 35 per cent.
India’s biggest lender by assets, SBI, was up 2.4 per cent ahead of its earnings report scheduled for Wednesday.
Meanwhile, Reliance Industries fell for a second straight session, shedding 1.5 per cent.