Sensex, Nifty End Flat; I.T., RIL Offset The Losses In Banks
Closing Bell: A Mixed Session
Indian equity markets barely moved from the levels at which they closed on Monday. However, the benchmark indices managed to close higher for the ninth straight day.
The S&P BSE Sensex ended with gains of 30 points, extending its winning run for the ninth straight day to close at 40,625.
The NSE Nifty 50 index too managed to salvage gains of 3 points in the final minutes of trade, to end at 11,934.
It was I.T. that saved the day for the markets in today's session. The index ended higher for the 12th straight day, with gains of 1.3%. This is the longest winning streak for the index in 22 years.
Reliance Industries was the other major contributor to the upside, ending with gains of nearly 2%.
The gains in Reliance and I.T. stocks was offset by banking majors. The Nifty Bank ended nearly 1% lower while the PSU Bank index declined over 1.5%.
The other major laggards in today's session were Pharma stocks, with the index ending 1.8% lower while the Nifty Media index fell 1.7%.
Broader markets continued to underperform. The Nifty Midcap index fell 0.5% while the smallcap index ended with losses of 0.2%.
India Volatility Index fell close to 2% to end at 20.71.
1,019 stocks on the NSE ended with losses while 814 stocks managed to gain.