Benchmark indices rallied in trade after global markets surged following comments from ECB President, Mario Draghi hinting at another large stimulus package to push growth in the Eurozone.
Stocks across the globe surged on the comments and bond yields in the Eurozone were lower. Asian markets ended significantly higher with the Hong Kong's Hang Sang, The Chinese Shanghai Composite and the Japanese Nikkei leading gainers.
Among Nifty stocks that lost ground were Maruti, Larsen and Toubro, Wipro and Vedanta. But, the biggest loser from the Nifty was Idea Cellular, which lost a huge 7.5%, following results that disappointed investors.
Banking stocks had a good session in trade with private sector names like Axis Bank, ICICI Bank and HDFC Bank among the top gainers. State Bank of India and Canara Bank were the leading gainers from the Public Sector Banking space.
Midcap stocks were subdued for a second trading session in a row with the index closing the day flat. Among the stocks that lost ground from the mid cap space were Concor, which lost a huge 8 per cent, while Mphasis and Suzlon were the other losers.