An evening walk down Dalal Street for October 31, 2018

A dramatic session ended on a strong note, with the Nifty soaring past 10,380-mark. Investors could have placed positive bets on some commentary by the government in its ongoing spat with the Reserve Bank of India.

Additionally, financials received a boost after non-banking financial companies (NBFCs) witnessed a rally. PNB Housing Finance raised over Rs 2,450 crore through commercial papers (CPs) and that led to a positive momentum among such names.

The day began on a wobbly note as reports emerged that the government had begun talks under Section 7 of the RBI Act, which allows the government to issue directives to the Reserve Bank of India. Investors turned nervous after these and banks started getting negatively impacted.

However, a statement by the government on the issue which said that the government and regulators hold discussions regularly and willc continue to do so soothed the sentiment on the market.

The Sensex soaring over 550 points, while the Nifty closed above 10,350-mark.