Sensex Gains 117 Points, Broader Markets Underperform; SBI Gains 11%

After hitting 15,000 levels on the Nifty and 51,000 levels on the Sensex for the first time ever in early trade, benchmark indices continued to trade strong. At the close of the session, Sensex ended with gains of 117 points or 0.23% at 50,731, while Nifty topped levels of 14,924, up 28 points or 0.19%. The broader markets however underperformed with losses of over 1% on the Nifty Midcap 100.

Meanwhile, in the bi-monthly monetary policy meet today RBI maintained status quo on key policy rate and continued with its 'accomodative' stance. Further, for the FY22, it projected economic growth rate at 10.5 percent. After the MPC meet outcome, rate sensitive stocks traded mixed with banking index scaling up over 2%, Nifty Realty also adding as much as 2% while Nifty Auto traded weak.

Nifty PSU Bank index extended its previous day's gains and jumped up to 8.7% but settled with gains of , leading the list of sectoral gainers. While the telecom pack was the worst sectoral performer.

SBI, Tata Steel, Divis Labs, Kotak Mahindra Bank were among the top gainers while laggards in today's session include stocks like Axis Bank, Bharti Airtel, Tata Motors, ICICI Bank and UPL.

Shares of Zee Entertainment Enterprises (ZEE) dipped 15 per cent to Rs 212 on the NSE on profit booking as investors worried over shrinking operating profit margin.

Mahindra & Mahindra traded with weakness towards the close of the session even as the firm reported 42% jump in net profit to Rs. 1268 crore. The company has incurred a one-time loss of Rs 1,214 crore, which impacted the bottom-line.

Stove Kraft scrip made a strong debut at Rs. 498, a 29% premium in comparison to the issue price of Rs 385 per share on the NSE but settled with gains of close to 16 percent.

Meanwhile, European indices traded firm with French CAC up by over 1% and the US stock futures pointed to a firm opening for the US markets.

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