IT, PSU banks' stocks snap losing streak, prop up Sensex, Nifty
After three consecutive days of losses, the key Indian equity indices today closed up riding on broadly positive Asian markets and a surge in IT stocks.
Nifty PSU Banks index, which fell drastically following the Punjab National Bank fiasco, rose over 1% today, led by IDBI Bank, SBI and Allahabad Bank.
Nifty IT rose over 2%, while metal, media, automobiles and realty indices were among the legards.
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MindTree, TCS, HCL Tech, Tech Mahindra and KPIT were the major performers today.
The wider Nifty50 closed 0.36% higher at 10,397.45 points, while the BSE Sensex ended 141 points higher at 33,844.86 points today, from the previous day's close.
However, the BSE market breadth was bearish with 1,588 declines and 1,132 advances.
On Tuesday, the indices closed lower as weak global cues, coupled with a declining rupee and prolonged outflow of foreign funds, dented investors` sentiments.
The benchmark Nifty fell by 18 points or 0.17% to close at 10,360.40 points, while the Sensex closed at 33,703.59 points, down 71.07 points or 0.21%.
Punjab National Bank stocks too rose slightly after a heavy fall in the past few days.