Sensex, Nifty End Higher Led By Recovery In Banking Stocks
Closing Bell: Banks Aid Gains
Indian equity markets began the new trading week with gains led by a recovery in banking stocks that bounced off their lows in the final 30 minutes of trade.
The S&P BSE Sensex ended 0.6% higher at 38,099 while the NSE Nifty 50 ended above the mark of 11,250, up 0.72% at 11,259.
The recovery was led by the banking stocks. The Nifty Bank recovered 350 points from its day's low of 21,404 to end 0.3% higher at 21,754.
Among other sectoral indices - Auto, Media and Metal stocks outperformed in today's session. The three sectoral indices ended with gains of 2.5% each.
The Nifty FMCG and I.T. indices ended with gains of over 1% each.
Pharma and PSU banking stocks were the laggards in today's session. The Pharma index fell 0.3% while the PSU Bank index fell 0.5%.
Broader markets were in-tandem with the benchmarks. The Midcap index ended with gains of 0.5% while the smallcap index rose 0.9% at the close of trade.
India Volatility Index ended 2.5% lower at 21.14.
Market breadth ended in favour of the gainers. 1,153 stocks ended with gains while 684 reported losses.