Markets Hold On To 52,100 Levels Led By Gains In Metal, PSU Bank Pack

After phenomenal gains led by banking pack, indices in the afternoon deal tumbled with losses of over 500 points and then traded flat with a negative bias on the Sensex.At the close, Sensex ended with loss of 0.1% at 52104, while Nifty was at 15313 levels. Broader markets however outperformed with gains of as much as 0.44% on the Nifty Mid cap 100.

The losses came majorly from the private sector banking pack and IT stocks, while PSU Bank, metal and realty pack helped contain the losses on the indices.

Metal pack was the outlier in trade today gaining over 4 percent intra-trade and hitting fresh high led by hopes of upbeat demand and hike in metal prices.

Major gainers on the Nifty include stocks Power Grid, ONGC, Tata Steel, NTPC and Hindalco, while losers include ICICI Bank, Axis Bank, Eicher Motors and Infosys.

Tata Communications spurted over 8% in session today after the company announced its partnership with Google Cloud to drive cloud adoption and transform Indian businesses.

Glenmark Pharmaceuticals rose 0.62%. The drug maker launched SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer, in India.

Meanwhile, European indices were trading higher with gains of up to 0.44 percent on FTSE, while China markets are closed for Lunar New Year holidays.

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