Bulls rule D-Street as Sensex soars 461 points; Nifty above 10450

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Mumbai, Oct 10: Banking big on lenders, bulls went all guns blazing on D-Street on Tuesday as benchmark indices saw a good surge. Benchmarks ended over a percent higher; the Nifty soared past 10,450-mark.
A large part of the rally was fueled by financial names, particularly non-banking financial companies (NBFCs). Investors cheered the news of banks such as State Bank of India (SBI) coming out in support of non-bank lenders. It said that there is still opportunity to buy up to Rs 30,000 crore more of their loans.
In the broader markets, midcaps were big movers in trade today, with the Nifty Midcap index soaring over 4 percent. These also boosted sentiment on D-Street.
Even PSU banks were one of the biggest movers; the Nifty PSU bank index rose over 5 percent. Other gainers include automobiles, which rose around 3 percent.
The big loser, though, was the Nifty IT which fell over 1.5 percent.
At the close of market hours, the Sensex closed up 461.42 points or 1.35% at 34760.89, while the Nifty rose 159.10 points or 1.54% at 10460.10. The market breadth was positive as 2,031 shares advanced, against a decline of 610 shares, while 759 shares were unchanged.
Axis Bank, State Bank of India, Bajaj Finance and Bajaj Finserv were the top gainers, while Infosys, TCS, and Bharti Infratel lost the most.
Stocks in News
Shares of aviation companies such as Jet Airways, InterGlobe Aviation and SpiceJet rose 2-7 percent on reports that the government may be looking to slash excise on aviation turbine fuel (ATF) prices.
Graphite names such as HEG and Graphite India were locked in upper circuits of 5 and 20 percent after Bank of America Merrill Lynch initiated coverage on the stocks with a buy call and saw upsides to the tune of 100 percent.
Financials were the big movers on the market today, particularly non-banking financial companies (NBFCs). Names such as Dewan Housing, HDFC, Edelweiss Financial, Ujjivan Financial Services and Satin Creditcare were big gainers.
Shares of Zee Entertainment rose 6 percent ahead of its September quarter results announcement. The company announced them after market hours, where the net profit has come in at Rs 386 crore.