Markets, PSBs extend rally

The markets extended their gains on Thursday as traders covered their short positions amid expiry of the October series derivatives contract. 

Select public sector banks (PSBs), construction and metal firms continued to report gains on optimism triggered by the government’s stimulus package for PSBs and an investment of Rs7 lakh crore to build roads. PSU stocks across sectors saw huge gains. 

The Sensex gained 0.3 per cent to 33,147.13, while the Nifty50 index rose 0.5 per cent to 10,343.8 — both at their all-time highs after gaining six per cent this month. “Small- and mid-cap stocks outperformed the broader market on anticipation of better outcomes from MSMEs meeting the GST Council scheduled on Sunday,” said Anand James, chief market strategist, Geojit Financial Services.