Benchmark indices ended the day higher led by a recovery in banking stocks, which were trading in the negative for most part of the morning session.
The Sensex ended Jan 1, 2016 with gains of 43 points, while the Nifty gained 16 points in trade. Leading the set of gainers from the Sensex was Tata Motors, State Bank of India, Coal India and Vedanta.
However, the pocket that ended the day slightly weakish was IT stocks, after smart gains seen in the rupee in the last few trading sessions. TCS and Wipro were the biggest losers from the IT space.
Cadilla Health gained despite a downgrade by CLSA. IDBI Bank gained on reported fund raising plans by the bank through a qualified institutional placement.
Midcap stocks saw a sharp bounce in trade, thanks to a surge in PSU banking stocks. Canara Bank, Syndicate Bank and Andhra Bank pushed the midcap space higher.
SPARC ended the day lower after reports that the company expects a further delay in royalty income from Xelpros, Elepsia EXRTM.
Meanwhile, markets across the globe were closed for trading on account of new year. The rupee was trading with marginal gains at 66.18 to the dollar.