Sensex gains around 250 points; ICICI up 5 percent

Reuters Market Eye - The BSE Sensex is up around 250 points, while the Nifty has gained more than 50 points. Private banks continue to gain for a second day after banking stocks saw their biggest single-day gains in over 4 years on Thursday after the RBI raised overseas borrowing limits for lenders.

ICICI Bank Ltd rises 4.8 percent, while IndusInd Bank is up 2.34 percent.

IT shares recover from a bout of profit-taking on Thursday. Infosys Ltd gains nearly 1 percent, while Tata Consultancy Services Ltd is up 0.26 percent.

However, Sesa Goa Ltd falls as much as 5.9 percent as the lock-in period related to its merger with Sterlite Industries (India) Ltd ended as of the close of trade on Thursday.

The BSE Sensex and the Nifty rose 1.3 percent at 1329 IST.