Markets edge higher with Nifty 50 closing above 14,600; Banking stocks underperformed

Markets witnessed a lacklustre day of trade as the indices traded in a narrow trading band throughout the day.  

Bank Nifty underperformed the Nifty index by ~0.75% ending its outperformance streak for the past three trading sessions.

Nifty Pharma index was among the top outperformers, closing ~2% higher with the major heavyweights like Cipla & Aurobindo Pharma contributing majority of the index gains.

Nifty Midcap index closed 0.75% higher.

Market breadth ended in the favour of the advances with the advance/decline ratio closing at 3:2x. Bank Nifty saw an addition of short positions during the day.

On the options front (April 22, 2021 expiry), across the board writing was seen in the call option strikes as Bank Nifty trended lower. India Vix index closed at 20.5, down ~2%.