Banking stocks aid market to snap two-day decline; SBI, HDFC Bank, IndusInd showstopper

On the last session of the week, the markets snapped a two-day decline and recovered sharply led by a strong rebound in financials with both the indices ending nearly 2 per cent higher.

Out of 50 scrips, 45 advanced whereas five declined: PTI

On the last session of the week, the markets snapped a two-day decline and recovered sharply led by a strong rebound in financials with both the indices ending nearly 2 per cent higher.

The BSE Sensex ended almost 1000 points higher at 50,540 levels, while the Nifty50 index settled above a crucial level of 15,150, rising 269 points at 15,175. Both hit their respective highs of 50,591 and 15,190 on an intraday basis.

Out of 50 scrips, 45 advanced whereas five declined. The private bank heavyweights led the show today, SBI being the showstopper with over five per cent rise on the back of robust quarterly results.

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Following four positions after state-owned SBI was held by private bank majors such as HDFC Bank (up around five per cent), IndusInd Bank, ICICI Bank, and Axis Bank grew near four per cent each.

Outperforming the benchmark indices, the banking and financial sectors grew most of all their peers. Nifty Bank grew most with near four per cent to end at 34600 levels, followed by Nifty PSU Bank, which also grew around four per cent amid the strong SBI numbers.

On the contrary to gaining market, Grasim and Power Grid fell most but flat at 0.4 and 0.3 per cent respectively, followed by Indian Oil Corporation, Dr Reddy’s and Eicher Motors which also ended flat but negative during today’s session.

All Nifty sectoral indices ended in green on Friday, Nifty Pharma being the lowest gainer out of all with a mere 0.17 per cent, followed by Nifty Metal 0.43 per cent, which recovered from yesterdays’ decline.

Benchmark indices outperformed today broader markets today, Mid and small-cap marginally gained by 0.8 and 0.5 per cent respectively.

On the global front, European shares advanced while Asian stocks were mixed following an overnight bounce on Wall Street. Investors' focus is turning to key economic data from the euro zone and UK.

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