Indian benchmark indices ended higher but off day's high on the back of last hour selling pressure. Banking shares, mainly of private lenders, along with Reliance Industries (RIL), have helped the benchmark indices reclaim the crucial 38,000 levels after six months. On the sectoral front, IT index has outperformed the other indices with nearly 2 percent gain followed by auto, infra, metal and pharma, while selling was seen in the FMCG space. Financial stocks such as HDFC Bank and ICICI Bank contributed the most to the index's gains while Reliance Industries (RIL), ITC and Hindustan Unilever (HUL) emerged as the biggest drags. Among individual sectors, the share price of Bharti Airtel fell 3.3 percent after Jefferies downgraded the stock to underperform from hold rating. The stock is the top losers on the Sensex. Jefferies also cut its price target to Rs 270 from Rs 280.
The 30-share index settled at 38024.32 up by 269.43 points or by 0.71 per cent and then NSE Nifty was at 11426.85 up by 83.6 points or by 0.74 per cent. The BSE Sensex touched intraday high of 38254.77 and intraday low of 37760.23 The NSE Nifty touched intraday high of 11487 and intraday low of 11370.8.
The top gainers of the BSE Sensex were Kotak Mahindra Bank Ltd. (Rs. 1325.30,+4.31%), Oil and Natural Gas Corporation Ltd. (Rs. 155.65,+2.84%), Power Grid Corporation of India Ltd. (Rs. 192.35,+2.61%), Tata Consultancy Services Ltd. (Rs. 2040.20,+2.59%), NTPC Ltd. (Rs. 157.65,+2.50%), among others. The top losers of the BSE Sensex were Hindustan Unilever Ltd. (Rs. 1698.65,-2.23%), YES Bank Ltd. (Rs. 245.05,-1.92%), Bharti Airtel Ltd. (Rs. 337.00,-1.71%), ITC Ltd. (Rs. 290.95,-1.52%), Reliance Industries Ltd. (Rs. 1322.60,-1.39%), among others.
Among sectors, Power index was at 1981.68 up by 37.77 points or by 1.94%. Adani Transmission Ltd. (Rs. 232.20,+11.98%), Reliance Infrastructure Ltd. (Rs. 131.30,+5.12%), CG Power and Industrial Solutions Ltd. (Rs. 43.90,+4.15%), Power Grid Corporation of India Ltd. (Rs. 192.35,+2.61%), NTPC Ltd. (Rs. 157.65,+2.50%),. On the flip side, FMCG index was at 11607.9 down by -211.59 points or by -1.79%. Ruchi Soya Industries Ltd. (Rs. 7.60,-5.00%), Kwality Ltd. (Rs. 7.04,-4.99%), Nestle India Ltd. (Rs. 10329.00,-3.85%), McLeod Russel (India) Ltd. (Rs. 89.50,-3.82%), Apex Frozen Foods Ltd. (Rs. 340.15,-3.35%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3050, shares advanced were 1292 while 1564 shares declined and 194 were unchanged.