Markets priced in series of information from global and domestic economies. Standard & Poor, a credit rating agency cut down ratings of major banks of the US including Bank of America. On domestic front, GDP data declined to 6.9% for the second quarter against 7.7% in the previous quarter.
The news came out positive for the investors as they hoped that the RBI may pause for the another rate hike seeing the recent dip in GDP numbers.
The Reserve Bank of India has raised key policy rates for the 13 consecutive times since March 2010.
Markets turned volatile during the last part of the trade.
Power Grid, ONGC, DLF, NTPC, Jindal Steel, Sun Pharma, Kotak Bank, Reliance, Coal India and HDFC Bank remained the top gainers on the National Stock Exchange.
While, SAIL, STER, Ranbaxy, Axis Bank, Hero Motocorp, Tata Power, R-Power, JP Associates, Reliance Infra and Dr. Reddy were among the losers on the NSE.
On the sectoral front on the Bombay Stock Exchange, Oil & Gas, FMCG, TECk, IT, Power, PSU, HealthCare and Metal were top performers.
While the sectors underperformed on the BSE were Consumer Durables, Realty, Auto, Bankex and Capital Goods.