Sensex, Nifty Rebound From Two-Month Low; I.T., Pharma Underperform
A Rebound From Lows
Indian equities saw a rebound from two-month lows after a bout of short covering took the indices higher from lower levels.
The S&P BSE Sensex ended 1.4% higher at 48,544 while the NSE Nifty 50 index gained 1.4% to end at 14,504. The indices rebounded from the day's low in the second half of trade.
Most sectoral indices ended the session with gains. The PSU Bank index, which was the top laggard on Monday, ended as the top sectoral gainer, ending 4.5% higher. The Nifty Bank index too gained nearly 1,000 points to end 3.2% higher at 31,771.
The Nifty Auto index was the other major sectoral gainer, ending 4.3% higher, led by gains seen in Mahindra & Mahindra. The Metal index too saw gains of 3.4% in today's session.
The underperformers in today's trade were I.T. and Pharma stocks. The Nifty I.T. index ended 3.3% lower led by losses seen in Tata Consultancy Services Ltd. while the Nifty Pharma index fell 1.2%.
Broader markets also ended largely in-line with the benchmark indices. The Nifty Midcap index rose 1.7% while the Smallcap index ended 1.3% higher.
The India Volatility Index fell 11% to end at 20.46.
1,386 stocks on the NSE ended with gains while 507 stocks reported losses.