Sensex Gains 280 Pts., Nifty Tops 14800 Levels; PSU Banks Outperform

On positive global cues as the US treasury yield retreated lower, indices in the afternoon deal traded higher by nearly 1 percent. At the close, Sensex gained 280 points to 50051, while Nifty topped levels of 14814, up 78 points or 0.53%. Broader markets though outperformed the headline indices, with Nifty Midcap 100 up over 1 percent towards the close of the session.

PSU Bank was the outlier in trade today with Nifty PSU Bank jumping more than 3 percent following SC's verdict on the interest waiver case wherein the apex court said it cannot grant interest waiver for loans under moratorium nor it can direct the government or RBI for extending sector-wise relief. Meanwhile, other Nifty financial and banking indices also moved higher in the range of 1.39-2.22%.

Individually, among the top gainers include stocks like Shree Cements, UltraTech Cement, Divis Labs, Titan Company and Adani Ports, while laggards included IOC, Hindalco, Power Grid, GAIL and ONGC.

Nonetheless, Nifty FMCG, media and metal indexes traded with losses of up to 0.40%.

Shares of Alkyl Amines hit a fresh high ahead of the sub-division of face value of equity shares from Rs. 5 to Rs. 2

Insecticides (India) shares gained 11 percent after the agrochemicals company said its board will meet on March 30 to consider a share buyback proposal.

Meanwhile, European indices traded in the red with French CAC down the most by 0.5%. US stock futures after overnight gains on retreat in US treasury yield also traded lower indicating a weak opening for the US markets.

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