Sensex, Nifty End Lower; Banks Offset Gains In I.T. Stocks
Closing Bell: A Volatile Session
Indian equity markets gave up gains to end lower, after a sell-off in banking stocks offset the gains made by technology majors through the session.
The S&P BSE Sensex ended 0.25% lower at 38,756 while the NSE Nifty 50 index fell 0.2% to 11,440, at the close of trade.
Banking stocks were the top laggards in today's session. The Nifty Bank ended 1.8% or 400 points lower, dragged mainly by State Bank of India, HDFC Bank, Kotak Mahindra Bank and Axis Bank.
I.T. stocks outperformed in today's session. The I.T. index ended with gains of 4.4% - the most in two months. The index also ended at a record high. Four out of the top five gainers on the Nifty 50 index were I.T. stocks.
The other major sectoral gainer in today's trade was the realty index, which ended with gains of 3.7%.
Sectoral laggards included Pharma, PSU Banks and FMCG stocks that fell between 0.5%-1%.
Broader markets outperformed by a distance in today's session. The Nifty midcap index ended 2.6% higher while the smallcap index gained 5.6% - the most since May 2014.
India Volatility index staged a comeback from the day's low towards the final minutes of trade, ending 3.4% higher at 21.42.
1,276 stocks on the NSE ended with gains while 543 stocks declined.