Sensex jumps over 390 pointsLive: Sensex jumps over 390 points; Asian Paints stocks fall 1.76%

Shares of India’s third largest bank by market capitalization, ICICI Bank, rose as much as 6.02% to Rs298.40 —the highest since August 2015

The 30-share Sensex is trading 394.01 points up, or 1.45%, at 27,646.54 from its previous close. The Nifty50 of National Stock Exchange (NSE) rises 133.7 points, or 1.59%, to 8,565.70 points

Bank stocks rose sharply by up to 9.5% on Thursday after the government’s decision to withdraw Rs500 and Rs1,000 currency notes from circulation in a bid to curb black money and terror funding. Shares of Bank of Baroda jumped 9.56%, followed by Punjab National Bank (9.19%) and SBI (8.73 %) on BSE. Shares of India’s third largest bank by market capitalization, ICICI Bank, rose as much as 6.02% to Rs298.40, highest since August 2015. Banks have been ordered to remain open on the weekend as well as function late till 9pm for three days beginning Thursday to deal with the huge rush.

2.30pm: India’s benchmark 30-share Sensex is trading 394.01 points up, or 1.45%, at 27,646.54. The Nifty50 of National Stock Exchange (NSE) rises 133.7 points, or 1.59%, to 8,565.70 points

1.50pm: India’s benchmark 30-share Sensex is trading 455.68 points up, or 1.67%, at 27,708.21 from its previous close. The Nifty50 of National Stock Exchange (NSE) rises 145 points, or 1.72%, to 8,577 points.

1.00pm: Hindalco Industries rose 7% to Rs173.75. Rating firm CLSA has added the company’s stock into the former’s portfolio as it sees US infrastructure spend boost.

12.40pm: India’s benchmark 30-share Sensex index is trading 473.22 points up, or 1.74%, at 27,725.75. The Nifty 50 of National Stock Exchange (NSE) rises 162.65 points, or 1.93%, to 8,594.65 point

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