Sensex surges 260 points led by banking stocks, Nifty above 10,770

Benchmark indices BSE Sensex and NSE’s Nifty 50 surged on Wednesday, snapping a two-day losing streak led by gains Reliance Industries and banking stocks. Gains were also supported by positive cues from global equity markets. European stocks rose with US futures, tracking gains in Asia, as the panic surrounding a potential global trade war showed signs of easing. Oil prices advanced, supported by a drop in US crude inventories and the loss of storage capacity in Libya, with focus on Opec meeting on 22-23 June. Rupee and bond prices also rose ahead of the minutes of RBI’s June policy meeting due later in the day.
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