The market snapped two-day losing streak, rising 1.8 percent. The Sensex surged 438.12 points to 25338.58 and the Nifty rose 138.20 points to 7735.20, led by positive global cues and banks rally.
About 1866 shares advanced against 755 declining shares on the BSE. ICICI Bank, Tata Motors, Lupin, SBI, Tata Steel and Hindalco Industries surged 4-6 percent while M&M and HDFC lost 1 percent.
Green nod to CIL project: An environment ministry panel has recommended green clearance with some riders to state-owned CIL 's coal mining project in Jharkhand. Central Coalfields Ltd (CCL), an arm of CIL, was seeking green clearance for expansion of Ashok open cast project (OCP) in Chatra district of Jharkhand from 10 million tonnes per annum to 14 MTPA.
"The Committee (Expert Appraisal Committee), after detailed deliberations...recommended for grant of environmental clearance to the project with the specific conditions," an official source said. The conditions according to EAC are that as against the proposal for 14 MTPA (million tonnes per annum), the project proponent will not exceed 12 MTPA, and this production permission is limited to the forthcoming year 2016-17 only.