Sensex, Nifty end higher; banking stocks rally

Updated: Tuesday, July 15, 2014, 15:30 [IST]

Indices

The Sensex and the Nifty ended the day higher breaking a 5-day losing streak.The Sensex closed the day with gains of 221 points, while the Nifty closed higher by 72 points in trade.

Banking stocks led gainers from the Nifty with ICICI Bank and State Bank of India in particular seeing buying support. Other stocks that rallied in trade were Gail, Bhel and ONGC.

Shares in Coal India rallied after after reports that the Mahanadi Coalfields, a unit of Coal India Ltd resumed operations at three of its mines in Odisha state.

Mid cap stocks also bounced back smartly with most of the PSU banking stocks ending the day with gains.

Other stocks that saw buying interest were Jain Irrigation, Voltas and UPL.
India Cements was the top gainer from the mid cap space with the stock jumping 5 per cent. Shares in ONGC ended the day strong after reports that the government was looking to sell a stake in the company.

Shares in State Bank of India jumped after reports that the bank had cut its short trem fixed deposit rates.
IT stocks ended the day on a subdued note with TCS and Wipro among the losers. Realty stocks also ended the day with gains marking a good month for most of these stocks.

Meanwhile, Asian markets ended higher after strong closings across the US markets. The Jakarta Composite and the Seoul Composite saw maximum gains in trade.

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