Indian benchmark indices traded higher Thursday afternoon led by gains in bank, FMCG and IT stocks amid positive momentum in global equities.

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At 1 pm, the Sensex rallied 344.17 points or 0.90 percent to 38,753.65 and the Nifty was trading 102.45 points or 0.91 percent higher at 11,353.45.

All the sectoral indices except Nifty Realty and Nifty Media traded in the green with Nifty PSU Bank index gaining the most over 2 percent followed by Nifty IT, Nifty Pharma and Nifty FMCG rallying over 1 percent each.

Yes Bank, Hindustan Unilever, HCL Technologies, Kotak Mahindra Bank and Eicher Motors led gains among Nifty constituents while ZEEL, Bharti Infratel, Hindalco Industries, Grasim Industries and Reliance Industries were the top losers.

Yes Bank share price rallied over 29 percent on Thursday after a Bloomberg report said that the government has approved a plan for State Bank of India to form a consortium that will buy a stake in the debt-ridden YES Bank, reported Bloomberg.

Shares of Vodafone Idea plunged over 8 percent after the Department of Telecom sent out fresh notices to the telecom operators on pending AGR dues. The stock on a year-to-date basis tanked 47 percent.

The PSU Bank index surged 1 percent after lenders of Reliance Communications approved the resolution plan. As per the plan, a total of 38 lenders will receive Rs 23,000 crore of their outstanding Rs 33,000 crore of secured debt. As a result, the share price of the lead lender to RCom i.e. State Bank of India rose 1 percent on the NSE.

Globally, Asian shares rallied for a fourth straight session on Thursday as US markets swung sharply higher and another dose of central bank stimulus offered some salve for the global economic outlook.

Catch all the latest updates from the stock market here.

First Published:Mar 5, 2020 1:37 PM IST