Sensex rallies 288 points, pharma and banking stocks gain

Equity benchmark indices closed with an upward bounce on Tuesday as a sharp rally was witnessed in select mid-cap stocks for the second consecutive trading session.

Banking and pharma indices contributed the most to market gains amid positive global cues.

The BSE S-P Sensex closed 288 points or 0.74 per cent higher at 39,044 while the Nifty 50 gained by 82 points or 0.71 per cent at 11,522.

Sectoral indices at the National Stock Exchange were mixed with Nifty pharma gaining by 1.9 per cent, private bank by 1.8 per cent and financial service by 1.3 per cent.