Sensex snaps 4-day losing streak; gains 160 points; Nifty Bank outperforms

A sweeping victory for the Bharatiya Janata Party in Gujarat assembly elections did little to lift the mood in Dalal Street, as the hawkish view of RBI on inflation Wednesday played on the minds of investors.

The BSE Sensex ended 0.3% higher at 62,571 points and Nifty 50 closed 0.3% higher at 18,609 points. Bank Nifty outperformed in trade, rising 1.2% and scaling a record high of 43,641 points.

The strong gains in banks helped benchmark indices trade in the green territory and buck the weak global market trend.

Indices in China, South Korea, Taiwan, and Japan ended 0.1-0.5% down, and European equities were trading marginally lower.

The top gainers in the banking pack include Axis Bank, IndusInd Bank, ICICI Bank, State Bank of India that gained over 1-3%.

Besides banks, select automobile, technology, and Adani Group stocks also made to the gainers’ list. Adani Enterprises and Adani Ports and Special Economic Zone ended with 0.6% gains.

Real estate, pharmaceuticals, and energy stocks succumbed to selling pressure. The Nifty Energy, Nifty Realty, and Nifty Pharma indices ended 0.3-1.1% down.

In the broader market, gainers outnumbered laggards. This helped the midcap and smallcap indices of the NSE outperform Nifty 50. Nifty midcap and smallcap indices ended 0.4-0.7% higher.

More to come….