Markets rally after 2-days fall; Nifty tops 15,150 led by banking and financial stocks

Domestic equities recovered sharply today mainly led by a strong rebound in financials with both indices jumped nearly 2%. Also, steady earnings reported by BFSIs including SBI today and emerging clarity about asset quality in the backdrop of receding daily caseload in the second wave aided financials to rebound today.

The BSE Sensex ended at 50,540 levels, up 976 points or 1.9% and the Nifty50 index advanced 269 points to settle above the crucial level of 15,150-level at 15,175. Both the indices hit their respective highs of 50,591 and 15,190.

India VIX slipped 3% at 19.06.

SBI, IndusInd Bank, HDFC Bank and ICICI Bank were top Nifty gainers, while Power Grid, IOC, Dr Reddy’s, Eicher Motors and Grasim were laggards.

On the global front, European shares advanced while Asian stocks were mixed following an overnight bounce on Wall Street. Investors focus is turning to key economic data from the euro zone and U.K.

Among sectoral front, BSE Bankex and finance indices rose over 3% each in intraday trade. Shares of SBI rallied after the bank reported an 80% jump in standalone net profit to Rs6,450.75cr.