Sensex, Nifty End Higher For Eighth Day Led By Pharma, Metals
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Closing Bell: Rebounding From Lows
Indian equity markets, which at one point looked set to snap its seven-day record breaking run, managed to recoup all its losses to end near the highest point of the day and gain for the eighth straight session.
The S&P BSE Sensex ended 0.7% higher at 43,593 while the NSE Nifty 50 index ended 1% higher at 12,757.
The Nifty Bank added another 270 points to the 4,700 points it had gained over the last seven trading sessions. The eight-day gaining streak for the banking index is the longest since March 2019.
The outperformers for the session though were Pharma and Metal stocks. Both the indices ended with gains of 3.5% each.
Other gainers were the Nifty Auto and Nifty I.T. index, which gained 1.6% each while the Nifty FMCG index too ended 1.2% higher.
The PSU Bank index ended 0.5% lower. Also underperforming was the Nifty Media index, which fell 0.3%.
Broader markets continued to lag the benchmarks this week. The Midcap index ended with gains of 0.4% while the Smallcap index gained 0.7%.
India Volatility Index gained for the second straight day, ending 2.1% higher at 22.
Market breadth was in favour of the gainers. 1,001 stocks on the NSE ended with gains while 820 stocks declined.