Sensex breaches 38,000 level

The benchmark index BSE Sensex rallied during the early morning session surging up by more than 265.53 points or 0.70 per cent to hit a high of 38,020.42 on Friday. Private banking stocks were contributing most to the rally.

The index opened at 37,760.23 and at 10:03 hours, Sensex was at 38,013.56, up by 258.67 points or 0.69 per cent on Friday.

Among the top gainers of the index were Kotak Bank at Rs. 1,310.15, up by 3.12 per cent, followed by IndusInd Bank at Rs. 1,710.00, up by 1.62 per cent, ICICI Bank at Rs. 394.00, up by 1.57 per cent, SBI was at Rs. 295.30, up by 1.43 per cent, Power Grid was at Rs. 190.05, up by 1.39 per cent and HCL Tech was at RS. 1,020.00, up by 1.34 per cent.

The top losers in the morning session were Coal India, HUL, Bharati Airtel down more than 1 per cent, while Bajaj Auto, ITC and NTPC were down less than half a per cent.

Index heavyweights that contributed most to this upward rally were Kotak Bank, ICICI Bank, HDFC Bank, Reliance and Infy.

Sectorally, Nifty Bank was up by 1. 49 per cent. Rest of the sectoral indices were in green except FMCG and Metal which were in negative zone, down 0.68 and 0.48 per cent, respectively.