Mumbai: Indian stock markets ended the day with strong gains after a volatile trading session. The benchmark indices bounced back sharply and ended their three-day losing streak.
The BSE Sensex surged 939 points to close at 75,503. Meanwhile, the NSE Nifty 50 jumped 258 points to settle at 23,409. Both indices recovered more than 2 percent from their intraday lows, showing strong buying in the final hours of trade.
Despite the strong rebound in headline indices, the broader market sentiment remained weak. The advance-decline ratio on the NSE stood at 1:2, indicating that more stocks declined than advanced.
Banking Stocks Lead Recovery
Banking stocks played a major role in lifting the market. The Nifty Bank index climbed 656 points to end at 54,413. During the session, the index recovered more than 1,000 points from its intraday lows.
This helped the banking index snap its three-session losing streak. HDFC Bank was among the top gainers in the Nifty pack.
Metals, Cement Stocks Rally
Metal and cement stocks also saw strong buying interest. The rally came after comments by Kumar Mangalam Birla during the India Business Leaders Awards.
Shares of UltraTech Cement, Grasim and Hindalco gained as much as 5% during the session, helping support the overall market recovery.
Auto Stocks Bounce Back
The Nifty Auto index also saw a solid rebound. Shares of Mahindra & Mahindra, Bajaj Auto and TVS Motor emerged as top performers in the sector.
Among individual stocks, Ola Electric ended nearly 7% higher, snapping a four-day losing streak. Bajel Projects hit the 20% upper circuit after winning two new orders in the past two days.
Oil Companies And IDBI Bank Fall
Oil marketing companies were among the worst performers. Shares of HPCL, BPCL and IOC dropped more than 4% each after a downgrade by HSBC.
IDBI Bank also witnessed heavy selling pressure and plunged nearly 17% amid concerns related to its ongoing divestment process.
The Midcap index underperformed the main benchmarks, falling 146 points to close at 54,615.
Global Oil Prices Mixed
Global oil prices traded mixed during the day. West Texas Intermediate crude rose 0.42 percent to USD 99.12 per barrel, while Brent crude gained 1.44 percent to USD 104.6 per barrel.
However, Murban crude declined 3.11 percent to USD 110.8 per barrel, and natural gas prices slipped 0.48 percent to $3.116.
