Sensex, Nifty strong; United Bank up 10%, Polaris down 17%

Bull remained in full control of Dalal Street. The Sensex shot up 306.79 points or 1.17 percent to 26553.58 and the Nifty rose 89.95 points or 1.15 percent to 7932.65 while the BSE Midcap and Smallcap indices gained 1.4 percent and 1.5 percent, respectively. About 1795 shares have advanced, 522 shares declined, and 64 shares are unchanged on the Bombay Stock Exchange. Shares of ICICI Bank, HDFC, SBI, L&T, Reliance Industries, Tata Motors, Sun Pharma, ONGC, Hindalco, Axis Bank, Bharti Airtel, Cipla, BHEL, Dr Reddy's Labs, Sesa Sterlite and Maruti Suzuki gained 1-5 percent while ITC and Mahindra & Mahindra were only losers. United Bank of India gained 10 percent as media report suggested that financial services secretary says the bank is likely candidate for merger this fiscal. Polaris Financial Technology tanked 17 percent on demerger of Intellect Design Arena. The company has fixed the record date as October 10, 2014 for the purpose of determining the list of shareholders who are entitled to receive the shares in Intellect Design Arena, the resulting company after the demerger.