Reasons for Sensex rise: Sensex surges 700 points: Key factor behind Dalal Street strength

India’s headline index rose from intraday lows on strong buying in banking stocks. The S&P BSE Sensex rose nearly 700 points to 74,500, while the Nifty50 rose twice to 22,600.

Here’s why the benchmark index rose sharply today:

Axis Bank was the biggest contributor to today’s market surge, rising over 6% on an intra-day basis after posting strong quarterly results. Other top contributors were ICICI Bank and SBI. The Nifty Bank index surged over 400 points and was trading at 48,599.20 by this time.

More to come…