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Rallying for the third consecutive session, the 30-share Sensex vaulted 969.55 points or 1.37 per cent to close at 71483.75
The rupee rose by 13 paise on December 14 but lost ground due to the ongoing dollar buying pressure
The Fed policy continues to be the beacon for global markets, and European posturing on rates matters less, relatively, said analysts.
Analysts attributed the rally in banking stocks to the underperformance in the sector compared to the benchmark and strong foreign inflows. Bank stocks have the highest weight on the Sensex and Nifty and a pick-up in overseas investor purchases of Indian equities benefit this sector the most.
Once the RBI feels comfortable that now the Fed will keep easing for a while, it will allow them to go easier. When that happens is a much tougher question.