Sensex Soars 391 Points, Nifty Closes Above 11,350; Banking Stocks Jump

INSUBCONTINENT EXCLUSIVE:
For the week, the NSE and BSE indexes were up 0.4 per cent and 0.3 per cent, respectively.After two days of losses, domestic stock market
indices surged on Friday
The SP BSE Sensex soared 391.00 points, or 1.05 per cent, to close at 37,556.16, marking its biggest single-session gain since May 31, when
The NSE's Nifty50 index rose 116.10 points or 1.03 per cent to settle at 11,360.80
last two months of the ongoing monsoon season
Monsoon is crucial for the economy and optimum rainfall pushes rural demand higher, say analysts.Major gainers in the Sensex pack were Axis
Bank, Vedanta, Yes Bank, Kotak Bank, HDFC and ICICI Bank, rising between 2.16 per cent and 5.17 per cent
HDFC, Axis Bank and ICICI Bank contributed majorly to the gains in Sensex
Indiabulls Housing Finance, Axis Bank, Vedanta, Yes Bank and GAIL (rising between 2.73 per cent and 6.24 per cent) led the gains in
although threats of an all-out Sino-US trade war weighed on investor sentiment.The India Meteorological Department (IMD) said the rainfall
till the end of July suggests that distribution of rainfall was very good across the country except Bihar, Jharkhand and north-eastern
states.Index heavyweight Housing Development Finance Corp closed up 2.5 per cent, after raising its retail prime lending rate by 20 basis
points a day earlier
It had shed 4.8 per cent in the previous three sessions
June-quarter profit on Thursday
cent and 1.41 per cent.It was the second straight week of gains for the benchmark indices
The Sensex recorded a rise of 219.31 points, or 0.59 per cent, while the Nifty gained 82.45 points, or 0.73 per cent, for the week.(With