Financials Single-Handedly Take Sensex, Nifty Higher For 10th Day
Closing Bell: Ten on Ten!
Indian equity markets staged a dramatic final hour recovery to end higher for the 10th straight day, led single handedly by financial stocks.
The S&P BSE Sensex ended 0.4% higher at 40,794, recovering over 500 points from the day's low of 40,279. The NSE Nifty 50 index also recovered 140 points from the day's low of 11,822 to end 0.3% higher at 11,971.
The 10-day winning streak for the Nifty was last seen in January 2015. The last time the Sensex gained for 10 straight sessions, was way back in 2007!
As mentioned earlier, it was the Nifty Bank that led the recovery in the final hour. The Index recovered over 700 points from the day's low of 23,149 to end 1.6% higher at 23,874. 10 out of the 12 index constituents, which were declining at mid-day trading, ended with gains.
Top six gainers on the Nifty 50 index were BFSI stocks - Bajaj Finserv, SBI Life, Bajaj Finance, IndusInd Bank, ICICI Bank and Axis Bank.
The PSU Bank index also contributed to the recovery, ending with gains of 1%.
Among the laggards today were I.T. and Pharma stocks. The Nifty I.T.'s longest winning streak in 22 years came to an end today, with the index ending 1.3% lower. The Nifty Pharma index ended lower for the third straight day, declining 0.7%.
Broader markets remained subdued in today's session. The midcap index ended 0.2% lower while the smallcap index gained 0.3%.
India Volatility Index ended 2.4% lower at 20.21.
Market breadth remained in favour of the laggards, despite the late recovery. 1,006 stocks on the NSE ended with losses while 832 stocks posted gains.