Market Closing: Sensex Gains By 38 Points & Nifty Up 15 Points, Banking & Financial Stocks Saves The Day

The markets ended today's trading session with marginal gains to continue the momentum of ending consecutively in green on ninth day straight. Nifty ended 15 points higher at 17,827.40 and Sensex was up by 38.32 points at 60,431, despite the selling of IT stocks.

The previous day's cascading effect of Tata Consultancy Services' muted March quarter earnings coupled with US recessionary inflationary fears built the selling pressure in the IT index today as the sector dipped more than 2 per cent at the market close. However, final-hour buying erased the losses and the indices closed flat.

The broader markets such as Nifty Midcap 100 and Nifty Smallcap 100 outperformed the benchmark indices to conclude in the range of 0.2-0.3 per cent higher. While the 12-share banking index - Nifty Bank outperformed all sectoral indices to surge around 1.4 per cent to 42,132.55.

Top gainers on the Nifty were Indusind Bank, HDFC Life, Eicher Motors, Apollo Hospitals and Powergrid Corp, while losers included. Total 29 stocks advacned, 20 declined, and one remained unchanged on Nifty.

Meanwhile Indusind Bank, Powergrid Corp, Axis Bank, Bajaj Finserv and Kotak Bank were top gainers on Sensex with total advances seen from 17 stocks and with 13 stocks declining.

Infosys, HCL Technologies, Tech Mahindra, NTPC and TCS were biggest losers on bothe the indices.

Today even the rupee appreciated by 27 paise to close at 81.84 (provisional) against the US dollar, tracking the broad weakness of the American currency in the overseas market.