Mumbai: The pre-election rally continued at stock markets on Friday with the benchmark BSE Sensex breaching the key 38,000 level after a gap of six months.
BSE Sensex moved 269 points up to close at 38,024, while the NSE Nifty 50 was up 84 points at 11,427.
Financial stocks drove the market higher with the Nifty Bank index up 1.58 per cent. Kotak Mahindra Bank was the top gainer on the National Stock Exchange with a rise of 4.9 per cent.
Punjab National Bank, Bank of Baroda, State Bank of India, RBL Bank and Federal Bank also gained. Yes Bank was the only stock which traded in the red.
IT stocks too were in the green with the Nifty IT index up nearly 1.9 per cent. Tata Consultancy Services gained 3.3 per cent before closing at Rs 2,053.55.
Meanwhile, Asian stocks advanced as sentiment improved on a report that US-China trade talks were making progress.
Xinhua news agency reported that Chinese Vice Premier Liu He spoke on phone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer.
Other global markets drew relief with European stocks rising to a five-month high after Britain’s Parliament voted to reject a chaotic Brexit.
There were growing expectations that Britain will not leave the European Union without a deal on March 29 following Thursday night’s parliamentary vote....