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The market has started off Thursday's session on a strong note, led by short covering following weakness in previous three consecutive sessions. The 30-share BSE Sensex rallied 161.13 points or 0.63 percent to 25,614.69 and the 50-share NSE Nifty climbed 56.85 or 0.74 percent to 7,773.85. ICICI Bank, HDFC Bank, L&T, Infosys and HDFC are leading contributors to Nifty.

The S&P BSE Sensex surged over 150 points in trade on Thursday following positive trend in Asian markets. The rally in the index was led by gains in Infosys, ICICI Bank, L&T, RIL and Sun Pharma.The 50-share Nifty index reclaimed its crucial psychological level of 7,750 supported by gains in capital goods, pharma, IT, banks, oil & gas and realty stocks. 

FIIs sold index futures worth 17.9 bln rupees ($270.17 mln) on Wednesday, marking their biggest one day sales in nearly 1-1/2 week.Create short position in NSE index and NSE bank index futures.NSE bank index futures add nearly 40 pct in open positions since August expiry.Continued worries over bad loans, new base rate guidelines and HDFC Bank's aggressive rate cut led to recent falls in bank shares.A negative close would mean higher chances of further falls.Asian markets were mostly higher today with Japan's Nikkei rising 1.4 per cent. Chinese share markets are closed today for a holiday.