New Highs For Sensex, Nifty, Nifty Bank As State-Run Lenders Outperform
Fourth Day Of Gains
Indian equities reversed losses on the weekly options expiry session to end higher for the fourth straight day, scaling new highs in the process.
The S&P BSE Sensex ended 0.7% higher at 50,614 while the NSE Nifty 50 index gained a similar quantum to end at 14,895. Both benchmarks made an intraday record of 50,687 and 14,913 respectively during the session. The Sensex and Nifty are now up over 9% for the week, set for their best weekly advance in 10 months.
The Nifty Bank traded in a 1,200 point range in today's session, finally closing the session with gains of close to 600 points at 35,344. The index advanced for the sixth straight day - its biggest winning streak in three months.
The outperformers of the session were PSU Banks with the index ending nearly 6% higher and close to a 52-week high. The 12-stock index has now gained over 23% during the last five trading sessions.
Other gainers in the session today were FMCG, Media and Metal stocks. The FMCG index ended 2.4% higher while the Media and Metal indices gained 2% each.
I.T. stocks were the only laggards in today's session, the index ending 0.4% lower.
Broader markets outperformed the benchmarks for the second day in a row. The Midcap index gained 1% while the Smallcap index rose 1.5% in today's session.
The India Volatility Index ended 2.6% lower at 23.1.
1,195 stocks on the NSE ended with gains while 690 declined.