Benchmark indices ended the day higher, even as PSU banking stocks fell, after Bank of Baroda reported a disappointing set of results.
Indices, which were trading in the red for most of the session managed to recover lost ground and ended the day with gains, in the final hour of trading. European cues were strong with most markets like the German DAX and the French CAC trading with gains, which managed to pull stocks in India higher.
Leading the set of gainers in trade was Lupin, which gained 2 per cent. The company had lost heavy ground this week, after reporting a poor set of quarterly numbers.
Heavyweight, ITC and ICICI Bank were among the other gainers from the Nifty. Metal stocks had a bad day in trade with Vedanta and Hindalco among the top losers in trade. However, Bank of Baroda saw the biggest losses from the Nifty, after its asset quality deteriorated even further.
Its Q1 results showed a gross NPA of 11.15 per cent, which did not go down well with the markets. The stock ended the day lower by 9 per cent.
It also had an impact on other PSU banking stocks, all of which dropped lower.
Meanwhile, the rupee was last trading at 66.85 to the US dollar, a drop of 13 points.