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Nifty extends rally. Banking stocks higher.

Markets have continued the rally from the past week. The Nifty has crossed past the crucial 6200 mark and is trading at 6214, up by 38 points or 0.5%. Sensex has surged 93 points to 20,885.16

Banking and Financial stocks have flared up in the trade today. The private banking space majors ICICI Bank and Axis Bank have moved up smartly with gains of over 2.5% each. IDFC has also been on the topper list.

Ranbaxy from the pharmaceutical space is up by 6%. Jindal steel has also shown a surge of 4%.

However on the downside, ONGC has fallen over 3% in today’s trade. ONGC has reportedly been asked to clear huge royalty due to the Gujarat government.

Powergrid is down by 2%. Hindustan Unilever, GAIL and Hindalco have all seen declines of over 1% each.

The Midcap and small cap segments have outperformed the Nifty index. Amtek India has seen good rally in the trade after it announced its good quarterly results.



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