Sensex and Nifty — the benchmark indices of the Indian equity markets — made a smart recovery during the last hour of trade today led by gains in banks, auto and oil and gas stocks. The BSE Sensex traded within a range of over 660 points and ended 97.39 points or 0.28% higher at 34,474.38 points.
The broader market underperformed the headline indices, with the mid-cap index closing 1.99% lower and the small-cap index -2.01% lower. However, the market breadth remained bearish today as 1,909 companies declined against 736 advances on the BSE.
Reliance Industries snapped a 4-day losing streak on Monday and closed 5.53% higher. RIL contributed 188.84 points to the BSE index, followed by Kotak Bank (57.78), SBI (30.93), Yes Bank (26.89) and ICICI Bank (26.79).
The Nifty held on to the 10,300 levels and closed a tad below the 10,350-mark at 10,348.05 points, up 31.60 points or 0.31%. The NSE Nifty touched an intra-day high of 10,398.35 points and an intra-day low of 10,198.40 points.
Oil marketing companies stocks gained on Monday after oil dropped to around $83 a barrel pressured by expectations that some Iranian oil exports will keep flowing after the U.S. reimposes sanctions, easing a strain on supplies. Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India’s oil minister as saying. On the other hand, NBFCs continued to remain under pressure, with shares of DHFL cracking 25% intra-day.