Sensex gains 120 points to end day above 58,200, Nifty stays around 17,150

Following the reassurance by US Treasury Secretary to protect depositors and the rescue package for Credit Suisse, Indian stock markets entered green territory.

Tracking a shift in global sentiment, Sensex closed 120 points higher at 58,200, while Nifty was hovering around 17,150.

Breather for banks changes global sentiment

Barring one, all sectoral stocks were in green with IT leading the pack, while BPCL tumbled 2 per cent amidst rising crude prices globally.

The markets performed well despite an 85 per cent probability of a 25 basis points rate hike by the US Federal Reserve.

At the same time, further interest rate hikes have sparked concerns among US investors, after they were blamed for the banking crisis.

S&P, Nasdaq and Dow futures went down, while European markets opened on a high note with UK inflation above estimates at 10.4 per cent.

Adani's top stocks down

With some relief for the global banking sector, public sector lenders in India made gains apart from pharma and automobile firms.

HDFC Life, Bajaj Finance and Tata Consumers were among major winners, while Adani Ports, Adani Enterprises and Coal India were lagging behind.

The drop came days after Adani Ports clarified that construction and equipment procurement at a petrochemical project in Mundra have been halted awaiting financial closure in six months.