The S&P BSE Sensex and NSE Nifty 50 indexes snapped their three-day losing streak, led by buying interest in banking shares after ICICI Bank and IndusInd Bank reported strong September quarter earnings. However, the upside for benchmarks was capped as the country’s most valued company – Reliance Industries shares – dropped as much as 9.46 per cent, the most since March 9, after its net profit declined 15 per cent in September quarter on Friday.
The Sensex ended 144 points or 0.36 per cent higher at 39,758 and Nifty 50 index advanced 27 points or 0.23 per cent to close at 11,669.
Six of 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Bank index’s over 4 per cent gain. Nifty Private Bank, PSU Bank and Financial Services indexes also surged between 3.4 per cent and 4.2 per cent each.
On the other hand, Nifty Energy index was dropped 2.5 per cent. Pharma, metal and auto shares also witnessed selling pressure.
Mid- and small-cap shares ended on a mixed note; the Nifty Midcap 100 index advanced 0.4 per cent, while Nifty Smallcap 100 index dropped 1.55 per cent.
IndusInd Bank was top Nifty gainer; the stock rose over 6 per cent to close at ₹ 623.45 after its asset quality improved in September quarter. Its gross non-performing assets as a percentage of total advances improved to 2.21 per cent from 2.53 per cent in the previous quarter.
ICICI Bank gained 6 per cent after its profit rose more than six times to ₹ 4,251 crore.