Sensex, Nifty Snap 4-Day Losing Streak Led By Axis Bank, ICICI Bank

The Indian equity benchmarks snapped their four-day losing streak on Monday led by gains in banking heavyweights like ICICI Bank, Axis Bank and State Bank of India. However, the upside was capped owing to selling pressure in HDFC Bank, Reliance Industries, Infosys, Bajaj Finserv and Asian Paints. For most part of the day, benchmarks traded in a volatile manner with Sensex moving in a band of over 900 points and Nifty touching an intraday high of 18,241 and low of 17,968.50. The outperformance by the gauge of banking shares on the National Stock Exchange – Nifty Bank index helped markets end on a positive note.

The Sensex ended 145 points or 0.24 per cent higher at 60,967 and Nifty 50 index advanced 10 points or 0.06 per cent to settle at 18,125.

Seven of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Bank index’ over 2 per cent gain. Nifty Financial Services, PSU Bank and Private Bank indices also rose between 1-2.3 per cent.

On the other hand, Nifty Auto, FMCG, IT, Consumer Durables and Realty indices fell between 1-3 per cent.

Mid- and small-cap underperformed their larger peers as Nifty Midcap 100 index fell 1.75 per cent and Nifty Smallcap 100 index dropped 2.4 per cent.