Mumbai, Feb 16: Indian benchmark indices staged a strong late rally on Monday, snapping the two-day losing streak, as buying in banking stocks lifted market sentiment.
The 30-share Sensex ended 650.39 points, or 0.79 per cent, higher at 83,277.15. The broader Nifty rose 211.65 points, or 0.83 per cent, to close at 25,682.75.
Commenting on Nifty technical outlook, experts said that the broader structure remains positive as long as the 25,500–25,400 support zone is defended.
“On the upside, immediate resistance is seen in the 25,700–25,800 band. A decisive breakout above this range could accelerate momentum toward the 25,900–26,000 zone,” an analyst stated.
Banking and financial stocks led the recovery in the second half of the session. Among the Sensex constituents, Power Grid, HDFC Bank, Axis Bank, NTPC, ITC and Asian Paints were among the top gainers, rising up to 4.5 per cent.
On the other hand, Tech Mahindra, Maruti Suzuki, Bajaj Finance, M&M and Trent ended lower, slipping as much as 1.3 per cent.
Shares of capital market-related companies came under pressure after the Reserve Bank of India revised norms related to capital market exposure.
Stocks such as BSE, Angel One and MCX fell up to 10 per cent during the session.
In the broader market, the Nifty MidCap index gained 0.48 per cent, while the Nifty SmallCap index edged up 0.11 per cent.
On the sectoral front, realty, PSU banks, private banks and pharma stocks saw strong buying interest. However, auto and metal stocks remained under pressure.
Analysts said that despite global uncertainties and regulatory changes, domestic buying in banking stocks helped the indices recover sharply and end the day in positive territory.
Rupee traded largely flat near 90.62 as market participants remained cautious, while recovery in the secondary market after a weak opening helped stabilize the currency.
“The broader tone remains range-bound, with immediate resistance placed near 90.25 and support seen around 90.90,” an expert stated.
–IANS