NEW DELHI: The BSE Sensex jumoed over 400 points in trade and was ruling comfortably above the 28,000-mark.

The NSE benchmark index also managed to reclaim the next crucial psychological level of 8,500.

Index heavyweights including Dr Reddy, ITCBSE 3.09 %, M&M and select banks such as ICICI BankBSE 4.30 % and Axis BankBSE 1.87 % contributed most to the rise.

Buying was broad-based as six of every 10 BSE stocks were quoting in the green.

The BSE Midcap index rose 0.8 per cent, while the BSE Smallcap index was up 0.7 per cent.

Among stocks were hogged limelight; ICICI Bank surged nearly 6 per cent in trades after posting a healthy set of June quarter numbers. Dr Reddy’s Labs hit its all-time high during the intraday trades on better-than-expected quarterly earnings. Hindustan CopperBSE 5.55 % shot up over 9 per cent after the government approved a proposal seeking 15 per cent divestment in the state-run firm.

The gains in the domestic market were seen even as the global trend was muted. Among Asian peers, China’s Shanghai Composite index fell 1 per cent; Korea’s Kospi and Singapore’s Straits Times were down up t 1.2 per cent.

“Nifty is expected to trade with positive bias as Union Cabinet has approved amendments to the goods and services tax (GST) bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee,” said Vivek Gupta, CMT – Director Research, CapitalVia Global Research Ltd.

“On the upside, if Nifty manages to break and sustain above its important resistance level of 8,550 on closing basis, further upside movement can be seen till 8,670 which was its recent high,” Gupta said.

Source : http://economictimes.indiatimes.com/markets/stocks/news/sensex-up-over-400-points-nifty-above-8500-sun-tv-up-7-top-20-trading-bets/articleshow/48292056.cms