Nifty up 46 pts on good earnings prospects, bank stocks surge

The benchmark Nifty resumed its upward journey after a brief dip seen overnight and regained 46 points to end at a fresh 11-month high of 8,565 on better earnings prospects ahead as well as buoyant overseas tone.
Although focus solely remained on expectations of more stimulus measures from the central banks worldwide in the aftermath of Brexit jitters, largely influencing investors' sentiment.
Strong rupee on the back of burgeoning capital inflows too supported resurgent mood.
After a shaky start, bourses regained its rallying momentum in mid-afternoon trade following frenzied buying activity in financial space, particularly in banking counters alongwith rate sensitive stocks on interest rate cut hopes in RBI's next policy review.

Meanwhile, some concerns reemerged after official data showed WPI inflation accelerated for the third straight month in June hitting 1.62 per cent against 0.79 per cent in May.
Elsewhere in the region, barring Shanghai, most financial markets ended higher as investors took heart from another record close Wednesday on Wall Street amid expectation of further stimulus measures in Japan and in the UK, while trading in Singapore's securities market was halted due to a system glitch.

European markets are trading firmly higher, despite the Bank of England's surprise decision to keep interest rates unchanged at a record low, while hinting out that a move for more stimulation could possibly come in August.

The 50-share Nifty opened tad lower at 8,515.75 and swung between a high of 8,571.40 and a low of 8,500.70 before ending at 8,565 - a level not seen since August 6, 2015, revealing a smart gain of 45.50 points, or 0.53 per cent over its last close.
On the sectoral front, Nifty PSU Bank gained the most, surging 2.64 per cent led by frontline heavyweight stocks.
It was followed by Media (1.57 per cent), Nifty Bank (1.31 per cent), Pvt Bank (1.27 per cent), Infra (0.76 per cent), Auto (0.50 per cent), FMCG (0.40 per cent), Metal (0.37 per cent), IT (0.27 per cent) and Energy (0.26 per cent).

The smallcap and midcap indices, too firmed up 1.25 and 0.56 per cent, respectively.
However, healthcare fell (0.42 per cent) and realty (0.31 per cent).
The major gainers were ICICI Bank, TCS, SBI, Maruti, ITC, Tata Motrs, L&T, Yes Bank, HDFC, Zee, Grasim, Power grid, Tech Mahindra, Ultratech, Bosch, Axis Bank and HDFC Bank.
Among the laggards included Infosys, Sun Pharma, M&M, ONGC, Reliance, Dr Reddys, Wipro, Cipla and Adani Ports.
A total of 1,000 stocks advanced, 617 declined, while 70 held steady.
Turnover in cash segment dropped to Rs 18,181.17 crore from Rs 21,271.65 crore on Wednesday.
A total of 11,794.32 lakh shares changed hands in 74,24,462 trades. The market capitalisation of NSE stood at Rs 104,43,270 crore.