Nifty Posts Best F&O Series In Three Months; Nifty Bank Up 20%
Second Day Of Gains
Indian equities ended higher for the second straight day but after giving up some gains from the day's high. Gains were mostly supported by heavyweight Reliance Industries.
The S&P BSE Sensex ended 0.5% higher at 51,039 while the NSE Nifty 50 index rose 0.8% to end at 15,097. Both Sensex and Nifty ended over 350 and nearly 100 points off their respective day's high.
PSUs continued to outperform in today's session with four out of the top 10 gainers on the Nifty 50 index being state-run companies. For the February F&O series, the Nifty posted gains of 10.7% while the Nifty Bank saw gains of 20%.
Among the sectoral indices, the Nifty Metal index ended as the top gainer, ending higher for the fourth straight day with gains of 4%. The index closed at the highest level in three years.
Among the other gainers of the day were the Realty, PSU Bank and Media indices which gained 1.7%, 1.2% and 1.3% respectively. The Nifty Auto and Nifty Pharma index gained 0.9% each while the FMCG index underperformed.
Broader markets outperformed the benchmarks after Wednesday's underperformance. The Nifty Midcap index rose 1.5% while the Smallcap index ended with gains of 1.4%.
The India Volatility Index ended 5.3% lower at 22.89.
1,264 stocks on the NSE ended with gains while 622 posted losses.