Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended higher on Thursday, stagging a sharp recovery. The last-hour surge led by financials helped Nifty Bank close with a gain of one percent. Both headline indices ended 0.4 percent higher. Broader market indices, Nifty Midcap 100 and Nifty Smallcap 100.

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Sensex and Nifty closed the December series with a fall of over one percent.

The Sensex gained 300.4 points to 61,210.7, before ending at 61,133.9. The Nifty50 moved within a range of 17,992.8-18,229.7 in intraday trade before ending 0.4 percent higher at 18,191. Nifty Bank surged 763 points from lows to close 425 points higher at 43,252.

A total of 33 stocks in the Nifty50 basket finished in the green, with Bharti Airtel, Eicher Motors and SBI being the top gainers.

AWL, Max Health, Federal Bank, BHEL and IDFC First Bank led the Nifty Midcap index higher.

On the other hand, Tata Motors, Apollo Hospital, Titan, Divi's Lab and Ultratech Cement ended the session with losses.

"The domestic market trend was influenced by the movements of its global counterparts, as a negative US closing pushed Indian bourses to a poor start. However, positive signals from US futures lifted the benchmark index above the flatline. Markets will continue to witness such sudden movements, underpinned by lingering recession and COVID fears, which will be countered by bargain hunters," said Vinod Nair, Head of Research at Geojit Financial.

Barring Nifty FMCG and Nifty Media, all sectoral indices ended with gains.

Overall market breadth favoured the advance at the close, as 1,872 stocks rose while 1,607 fell on BSE.

Rupee ended five paise higher from its previous close at 82.82 vs dollar.

Global markets

European markets slipped lower on Thursday amid caution across global markets as investors assess 2023 forecasts. Stoxx 600 index was last trading flat.

S&P 500 futures were down 1.2 percent, suggesting a negative start ahead on Wall Street.

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