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Sensex up 546 pts, ends above 54K; Nifty tops 16,250; financial stocks gain

The broader market, however, saw profit booking as, both, the BSE Mid and SmallCap indices declined 1 per cent each.

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock market updates: Dalal Street logged yet another record breaking session on Wednesday as highest-ever quarterly net profit by India's largest state-owned bank State Bank of India, at Rs 6,504 crore, sparked rally in other financial stocks. Besides, expansion in Services PMI in July on a monthly basis, reflecting strengthing of economic activity, bolstered sentiment on the bourses. 

HDFC (up 4.6 per cent), Kotak Bank, ICICI Bank, SBI, HDFC Bank, and Axis Bank were the gainers on the Sensex, giving it a 546-point (1 per cent) lift. The index settled at 54,370 levels on the BSE. It's NSE counterpart, meanwhile, rose 128 points to end at 16,259 levels. 

Both the indices hit new lifetime highs of 54,465.9 and 16,290.2, respectively in intra-day deals.

The broader market, however, saw profit booking as, both, the BSE Mid and SmallCap indices declined 1 per cent each. 

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