Sensex, Nifty End Higher Courtesy Financials, Pharma
Closing Bell: Back On Par
Indian equity markets reversed most of the losses made on Monday, led by a strong rebound in financials and Pharma stocks. The sentiment across the globe, however, continues to remain subdued with the Dow Futures unchanged and European markets trading lower.
The S&P BSE Sensex ended 0.9% higher at 40,522 while the NSE Nifty 50 index gained 1% to end at 11,889. Possible fund inflows due to the MSCI rejig kept the sentiment buoyant across select financial and some broader market names.
It was the Nifty Bank index which was the top performer in today's session, led by strong gains in Kotak Mahindra Bank. The index ended with gains of nearly 700 points, while Kotak's 11.7% advance was the biggest single-day gain in seven months.
Other major movers were Pharma stocks, with the index ending 1.6% higher. The FMCG index too ended with gains of 1.3%, courtesy the surge in Nestle India (up 6%) and Asian Paints (up 5.7%).
I.T. and PSU Banks ended at the other side of the spectrum today. The I.T. index fell 1.1% while the PSU Bank index ended lower by 0.9%.
The midcaps moved in tandem with the benchmarks in today's session. The midcap index closed with gains of 1.2%. The Smallcap index underperformed, closing 0.3% higher.
The India Volatility Index ended 2.8% lower at 22.19.
885 stocks on the NSE ended with gains while 917 reported losses.