Sensex jumps over 1% to 38,546 level, Nifty at 11,570

Equity benchmark market gathered momentum in the afternoon session on Thursday with handsome gains in banking, finance and IT stocks.

The BSE S & P Sensex closed 413 points or 1.08 per cent higher at 38,546. The NSE Nifty 50 gained 125 points or 1.09 per cent to wind up the day at 11,570.

Among sectoral indices, the Nifty Bank index closed by 1.33 per cent at 30,421. Bank of Baroda surged 6.75 per cent followed by State Bank of India over 3 per cent, Yes Bank 2.5 per cent and Punjab National Bank 2 per cent. ICICI Bank, RBL Bank, Federal Bank and IDFC First Bank were also up.

Shares of Deewan Housing Finance Limited closed over 9 per cent higher at Rs 149.20 following reports said that Piramal Group and Baring Private Equity are in advanced stage of negotiations to acquire majority stake in the company.

Among other prominent gainers were Indiabulls Housing Finance, Adani Ports, Infosys and HCL Tech. But Hindalco, ONGC, Tata Steel and Power Grid suffered losses.

Meanwhile, Asian markets closed marginally lower amid reports that China and the United States continue to work for overcoming remaining obstacles in the trade talks.

Investors also factored in the impasse over Britain's pot-holed path towards leaving the European Union.

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