Closing bell: Sensex soars 391 points; Nifty settles at 11,360 led by banking stocks

BSE Sensex and Nifty 50 halted a two-day losing streak and closed over 1% higher led by gains in financial stocks. Moreover, the India Meteorological Department predicted normal rains over the country for months of August and September. The Indian rupee traded little changed against the US dollar, tracking gains in local equity markets. FIIs sold shares worth a net of Rs 639.87 crore on Thursday, while DIIs sold shares worth a net of Rs 340.30 crore, provisional data showed. In global markets, stocks were mixed, with US futures drifting, European shares higher and most Asian equities slipping as markets remained on edge after a tumultuous week dominated by worries over protectionism.
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