Indices Log Fresh Closing High; PSBs, IT Stocks Propel Gains

Amid positive global cues, Indian indices fresh highs and broader indices outperformed. Bank Nifty also was up around 0.8%. At the close, Nifty ended higher by 0.8% at 17519, while Sensex gained by 475 points to 58723.

Indices Log Fresh Closing High; PSBs, IT Stocks Propel Gains

Sectorally, most gains were seen in the PSB space, followed by the IT pack, while media pack after previous day's huge gains saw some correction Also real estate segment was down by a tad.

Telecom sector stocks also got a boost as reports presented that the Union Cabinet approved relief for the ailing sector. As per a CNBC-TV18 report, the cabinet on September 15 approved a relief package while at the same time announcing a moratorium of 4 years on Adjusted Gross Revenue (AGR) dues.

Zee Entertainment stocks after previous day's massive gains and institutional buying failed to sustain gains and traded lower by 1 percent.

Also, the stock of Bharti Airtel saw gains for three days in a row and there were huge volumes in the stock.

Meanwhile, European stocks were trading mixed with FTSE gaining and DAX and CAC also traded flat or with a negative bias.

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