Shares of Tata Steel and Hindalco Industries rallied more than 2 percent after better than expected China GDP data. The world’s second largest economy grew 7.3 percent in the fourth quarter of last year against forecasts of 7.2 percent.

Equity benchmarks climbed further in morning trade today with the Nifty racing towards 8600 level supported by banking & financial and metals stocks. The broader markets too participated in an uptrend as the BSE Midcap and Smallcap indices gained 0.8 percent each.

The 30-share BSE Sensex rose 160.87 points to 28422.88 and the 50-share NSE Nifty climbed 48.65 points to 8599.35. Nearly three shares advanced for every share declining on the Bombay Stock Exchange.

Shares of Tata Steel and Hindalco Industries rallied more than 2 percent after better than expected China GDP data. The world’s second largest economy grew 7.3 percent in the fourth quarter of last year against forecasts of 7.2 percent. Sesa Sterlite advanced 1.6 percent. Major banks like State Bank of India and Axis Bank surged 1.8 percent each after RBI issued revised guidelines on banks’ base rates yesterday. ICICI Bank was up 0.8 percent and HDFC Bank gained 0.4 percent.

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