The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have all retreated this year — in stark contrast to gains in European and Asian markets.

The euro was stronger against the dollar, but the currency was at risk of turning lower if Germany’s proposed fiscal spending package takes time to filter through to the economy.

Equity markets surge on positive global cues, banking stocks lead gains, Sensex closes at 75,301.26, Nifty at 22,834.30.