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Indian equities reversed losses on the weekly options expiry session to end higher for the fourth straight day, scaling new highs in the process.
The S&P BSE Sensex ended 0.7% higher at 50,614 while the NSE Nifty 50 index gained a similar quantum to end at 14,895. Both benchmarks made an intraday record of 50,687 and 14,913 respectively during the session. The Sensex and Nifty are now up over 9% for the week, set for their best weekly advance in 10 months.
The Nifty Bank traded in a 1,200 point range in today's session, finally closing the session with gains of close to 600 points at 35,344. The index advanced for the sixth straight day - its biggest winning streak in three months.
The outperformers of the session were PSU Banks with the index ending nearly 6% higher and close to a 52-week high. The 12-stock index has now gained over 23% during the last five trading sessions.
Other gainers in the session today were FMCG, Media and Metal stocks. The FMCG index ended 2.4% higher while the Media and Metal indices gained 2% each.
I.T. stocks were the only laggards in today's session, the index ending 0.4% lower.
Broader markets outperformed the benchmarks for the second day in a row. The Midcap index gained 1% while the Smallcap index rose 1.5% in today's session.
The India Volatility Index ended 2.6% lower at 23.1.
1,195 stocks on the NSE ended with gains while 690 declined.
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Indian equities begun the weekly options expiry session on a flat note, with little movement from Wednesday's closing levels.
The S&P BSE Sensex opened 43 points lower at 50,212 while the NSE Nifty 50 index was unchanged at 14,789.
Benchmarks are treading water as the three-day rally in global equities faded across the Asia Pacific this morning.
Among the sectoral indices, the Nifty Bank index has opened 0.6% lower while the Nifty Pharma index is up 0.5%.
Other indices are presenting a mixed picture, The Nifty FMCG and Metal indices are up 0.3% each while the Media index trades with a negative bias.
Broader markets have opened with modest gains. The Nifty Midcap index has opened 0.3% higher while the Smallcap index has gained 0.2% at the start of trade.
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