Sensex surges 360pts; banking stocks perk up

The Sensex is now up 360 points at 9,327 on fresh buying in banking stocks.

The BSE Metal index has surged 6% to 5,572, and the Bankex has rallied 5.4% to 4,273.

Sterlite has zoomed nearly 10% to Rs 347. Ranbaxy has soared 8% to Rs 157.

Tata Steel has sured 7.3% to Rs 189. ICICI Bank has rallied 6.5% to Rs 344, and SBI has gained 6% at Rs 1,011.

Reliance Infrastructure has moved up 5.5% to Rs 510. Reliance, HDFC, Tata Power and Bhati Airtel have advanced 5% each to Rs 1,405, Rs 1,479, Rs 699 and Rs 597, respectively.

HDFC Bank, ONGC and Jaiprakash Associates are up around 4.5% each at Rs 876, Rs 789 and Rs 83, respectively.

Reliance Communications and Hindalco have added 4% each to Rs 465 and Rs 50, respectively.

DLF, however, has shed 2.5% at Rs 167.

The market breadth is fairly positive - out of 2,491 stocks traded, 1,491 have advanced, 866 have declined and the rest are unchanged.