Indices post biggest jump in 7 weeks on banking stocks rally, global cues

Sensex gains 996 points as banking stocks rally

The benchmark indices posted their biggest single-day gain since April 7, thanks to a huge spurt in banking stocks and supportive global cues. The Sensex gained 996 points, or 3.25 per cent, to end at 31,605, while the Nifty50 rose 286 points, or 3.2 per cent, to close at 9,315. 

The banking sector gauges BSE Bankex and Bank Nifty surged more than 7 per cent.

Despite overnight gains on Wall Street, the benchmark indices began the session in the red, but saw unprecedented buying in the last couple of hours of trade with several large banking stocks soaring more than