Equity Market ended on strong note with Nifty above 11,800 and Sensex jumped over 500 points supported by the financial and metal stocks. On closing, the Sensex was up 503.55 points or 1.27 percent at 40261.13, and the Nifty was up 144.30 points or 1.24 percent at 11813.50.

ICICI Bank, Hindalco, SBI, HDFC and Power Grid Corp were among major gainers on the Nifty, while losers were UPL, NTPC, Reliance Industries, Nestle and HCL Tech.

It has been another day of gains for the banking stocks with Nifty Bank at the time of writing this report up a huge 2.86 percent at 25607.10. Stocks from the banking index contributed positively to the index include HDFC Bank, ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank among others. All of these banking names are up in the range of 1-5 percent.

Notably, HDFC has been up for the second consecutive day after the company posted better results in comparison to street estimates on November 2, 2020. Bajaj Finance also supported the benchmark indices higher. On the rally in banking stocks, In view of the Q2 results of private sector banks, foreign research firm Credit Suisse said that these entities will recover from corona crisis faster than expected.

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