Sensex Ends 230 Pts. Higher, Nifty Below 15,750; PSU Banks Rally

After a drag of almost 600 points on the Sensex, indices ended the trading session on Monday (June 21, 2021) higher led by gains in the PSU Bank pack of over 4%. Broader markets outperformed their headline peers with gains of over 0.8% on the Nifty Midcap 100.

At the close, Sensex ended up by 230 points or 0.44% at 52,574 points, while Nifty ended with gains of 63 points or 0.4% at 15746.

Leading the set of gainers on the Nifty index are stocks like Adani Ports, NTPC, Titan, SBI and HUL, while the losers include UPL, Hindalco, Wipro, TCS and Tata Motors.

Among the Nifty Sectoral indices, Nifty PSU Bank outperformed with gains of over 4% as reports indicated that Centre has finalized Indian Overseas Bank and Central Bank of India for divestment. In the first phase, the two banks can see a stake sale of 51%. On the news, both the stocks hit their upper circuit limit. Meanwhile, J&K Bank also hit 20% upper circuit, while SBI settled with gains of 1.66%.

Adani Group stocks were seen trading higher, with Adani Green and Adani Power locked in 5% upper circuit, while Adani Enterprises gained up to 6%. As per a filing to the stock exchanges, Adani Power will take over Essar Power's Mahan Project located at Singrauli district of Madhya Pradesh.

Maruti Suzuki has announced plans to increase car prices beginning next quarter to offset the rising input cost. The scrip traded with a cut of 1 percent.

Meanwhile, European markets at the time of writing this copy traded higher with gains of up to 0.49% on German DAX.

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