Sensex soars over 700 points, Nifty jumps 220 points as banking stocks shine

New Delhi: Stock markets staged a significant comeback on Monday despite negative global cues and lingering macro economic woes with both Sensex and Nifty posting over 2.1 percent gains.

The S&P BSE Sensex gained 2.15 percent and NSE Nifty50 gained 2.20 percent on the back of value buying by investors.

The Sensex jumped 718.09 points to 34,067.40. It touched an intra-day high of 34,154.60 and a low of 33,341.80.

The NSE Nifty50 soared at 10,184.45 points 220.85 points to 10,250.85. It shuttled between hight of 10,275.30 and low of 10,020.35 intra-day.

The banking stocks made healthy gains. The top gainers in the Sensex pack included ICICI Bank, State Bank of India, Adani Port, L&T, Axis Bank, RIL, Tata Steel, TCS, Tata Motors, Vedanta, Wipro and Sun Pharma.

ICICI Bank gained 10.82 percent to Rs 349.15 a share even as the private lender on Friday reported a 55.84 percent year-on-year decline in its standalone net profit for the quarter ended in September.

While State Bank of India gained over 8.04 percent at Rs 268.05 apiece, Axis Bank was up over 4.96 percent at Rs 564 a share.