Sensex, Nifty End 1% Higher; Banks, Pharma Lead The Recovery
Closing Bell: A Swift Recovery
Indian equity markets ended higher for the second day, ending the weekly options expiry session on a strong note, led by a last hour recovery in banking and pharma stocks.
The S&P BSE Sensex ended 1.16% higher at 36,471 while the NSE Nifty 50 index ended at 1.15% higher at 10,739.
Gains were mostly led by Infosys - which ended 9.5% higher for its biggest single-day gain in four months. BPCL, Cipla also contributed to the recovery, ending 7% and 5.5% higher respectively.
Among the sectoral indices, the Nifty Bank recovered nearly 600 points from the day's low to end with gains of 1.2%, courtesy a reversal in private lenders like Axis Bank, Kotak Mahindra Bank and IndusInd Bank.
Although off the day's high, the I.T. index ended as the top performer for the second day in a row, ending with gains of 2.8%.
The media index was the only sectoral laggard, ending 1.65% lower. Broader markets underperformed in today's trade. The Midcap index ended 0.5% higher while the Smallcap index ended 0.1% lower.
Market breadth ended in favour of the declines. 1,072 stocks on the NSE ended with losses while 743 stocks gained.