Indian markets finished today's session with strong gains with Sensex and Nifty surging closed over 3% as institutional investors stepped in to buy beaten-down banking stocks.
Supported by positive global cues, the Sensex soared 995 points to 31,605 while Nifty settled 3% higher at 9,314. The Nifty banking index rose 7%, with Axis Bank surging 14.2% and heavyweights HDFC Bank and ICICI Bank gaining 5.8% and 9%, respectively.
Axis Bank surged after a report said private equity group Carlyle was in discussions with the lender for a fund infusion. Axis Bank however clarified that it has not taken any such decision in this regard.