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Nifty gains further. Banks recover

Markets recovered during the late half of the trading session, with Nifty gaining more than 1%. Banking stocks, which were subdued in the early trade, recovered later to add up to the gains on Nifty.

The Nifty closed at 5318, up by 49 pts or +0.92%.

The Bank Nifty managed to close in strongly in the green with a gain of over 1%.

ICICI Bank, which remain soft earlier, gained during the afternoon, and closed with 1.4% gains. HDFC Bank also managed to close with 1.8% gains. PNB gained to close 1% higher. SBI also closed 1.6% higher.

IDFC was the top gainer with 5.4% surge.

Other stocks which saw action included, TCS – with 1.9% gains, Maruti – up by 1.4%, Ambuja cements – up by 1.2% and ONGC – up by 1.7%.

Stocks in the red included HCL Tech, L&T and Reliance Infra.

Metal stocks had all closed down in the red. Tata steel was down by 2.3%. Jindal steel corrected over 3%. Hindalco was down by 3.5%. SAIL was down by 0.7%.



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