Sensex, Nifty climb over 1%; ICICI Bank leads, Cipla tanks 7%

Equity benchmarks extended rally in morning trade, rising more than 1 percent driven by positive global cues after strong US housing data. Banking & financials, technology, auto and FMCG stocks lead.

The 30-share BSE Sensex surged 318.23 points or 1.26 percent to 25623.70 and the 50-share NSE Nifty rallied 104.55 points or 1.35 percent to 7853.40 while the broader markets underperformed, rising over 0.7 percent.

The market breadth remained strong as about three shares advanced for every share rising on Bombay Stock Exchange.

Cipla plunged 7 percent after disappointing set of earnings. Net profit in Q4 dropped 68.8 percent to Rs 80.9 crore while revenue increased only 5.6 percent to Rs 3,266.5 crore compared to year-ago period.

ICICI Bank surged 2.5 percent followed by Infosys, HDFC Bank, HDFC, TCS, Asian Paints, Tata Motors, Axis Bank and L&T with 1-2 percent upside.

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