Markets notched second successive day of gains, on the back of a rally in oil and gas and metal stocks. Global cues were tepid with Europe trading little changed, while most of Asia ended the day mixed.
The Nifty ended the day with gains of 161 points, to close above the 10,900 points mark. IT stocks, which had seen a sharp rally in the last few days, gave-up gains with Infosys, TCS and Wipro all losing ground.
Sharp gains in heavyweight Reliance Industries of nearly 4 per cent, helped markets move higher. The Bank Nifty once again underperformed, though ICICI Bank saw good buying support in trade. Shares in L&T Finance Holdings gained ground after the management commentary following its Q1 numbers were optimistic.
L&T Technology Services saw its shares slide almost 4 per cent, after net profits at the company slumped 42.5% to Rs 117.2 crores.
Nifty stocks that lost ground in trade were Hindalco, TCS, Nestle and Britannia Industries.
Yes Bank shares were up more than 2 per cent, after reports that the follow-on public offer of Yes Bank has subscribed 61 percent so far on final day of bidding,