As banking stocks and global markets rally, the Sensex and Nifty rise

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As banking stocks and global markets rally, the Sensex and Nifty rise

Bengaluru : Domestic indices rose on Wednesday, boosted by heavyweight banking stocks, as investors followed the lead of broader Asian markets, which reached three-week highs.

By 0354 GMT, the blue-chip NSE Nifty 50 index had gained 0.58 percent to 17,416.05, while the benchmark S&P BSE sensex had gained 0.55 percent to 58,312.33. Following a nearly 1% drop on Monday and an extension of those losses into the first half of Tuesday due to higher oil prices, both indexes staged a mid-day reversal to end the day more than 1% higher as investors bought the dip.

Broader Asian markets rose to their highest levels since March 4 on Wednesday, as investors shifted money from bonds to equities in anticipation of the US Federal Reserve's aggressive anti-inflation strategy. The Nifty Bank Index increased by 1.06 percent today. State Bank of India gained 1.4 percent, making it one of the top gainers on the Nifty 50. The Nifty Pharma Index was up 0.81 percent, with pharma major Dr Reddy's Laboratories leading the Nifty 50 percentage gainers with a gain of 1.8 percent.