Sensex, Nifty End Over 1% Higher; Axis Bank Top Performer
Closing Bell: Strong Gains
Indian equity markets shrugged off the initial sluggishness to end with gains and begin the new quarter on a positive note.
The S&P BSE Sensex ended 1.43% higher at 35,414 while the NSE Nifty 50 index managed to close above the 10,400 mark at 10,430, up 1.24%.
The Nifty Bank outperformed in today's session, ending 2.8% higher at 21,977. Gains were mainly led by Axis Bank which also ended as the top performer on the Nifty 50 index with gains of over 6%.
Among the sectoral laggards, the Nifty Pharma index was the underperformer, ending 1% lower while Nifty I.T. and Nifty Realty too ended with losses. Nifty Realty ended lower for the sixth straight day.
Broader markets were subdued in today's session. The Nifty Midcap Index ended with gains of 0.5% while the Smallcap index ended 0.84% higher.
Volatility remains on the lower side with the India Volatility Index ending 3.5% lower at 28.1.
Market breadth remained in favour of the advances. 1,003 stocks on the NSE ended with gains while 833 posted losses.