Sensex, Nifty End Higher For The Second Day; HDFC Twins, ICICI Bank Aid Gains
Financials Contribute To The Reversal
Indian equities reversed from the day's low towards the final hour of trade led by private financials to end higher for the second straight day.
The S&P BSE Sensex ended 1.16% higher at 51,025 while the NSE Nifty 50 index gained 0.95% to end at 15,098.
It was a day that belonged to the financial names. Seven out of the top 10 gainers on the Nifty index were financials and insurance players like SBI Life and HDFC Life. On the other hand, it was a day to forget for state-run companies, who witnessed profit booking at higher levels. The top five laggards on the Nifty 50 index were PSU names.
Among the sectoral indices, it was the Nifty Bank and the Nifty I.T. indices that ended in the green. While the Nifty Bank index gained close to 600 points, the I.T. index too ended with gains of nearly 1%.
Other sectoral indices underperformed, led by the Metal index which fell 2.5% while the Media index ended 1.4% lower.
Nifty Realty, Nifty Pharma and the PSU Bank index saw losses of 1% each in today's trading session.
Broader markets underperformed the benchmarks in today's session after starting off the trading day with gains. The Nifty Midcap index fell 0.5% while the Smallcap index posted losses of 1% in today's session.
The India Volatility Index declined 8.8% in today's session to end at 22.5.
990 stocks on the NSE posted losses while 541 ended with gains.