Indian equity markets ended on a strong footing on Wednesday after a day of volatile trade. The Sensex, Nifty 50 and Nifty Bank ended the day at record high, with the Nifty Bank settling above 28,00 for the first time ever.

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The Sensex closed 222 points higher, or with gains of 0.6 percent, at 37,887.56, while the Nifty settled at 11,450, rising by 0.53 percent or surging by 60 points.

Index heavyweight Reliance Industries rose over 3 percent lifting both indexes in the second half of the trading day and ahead of Jio GigaFiber launch.

Lupin, Edelweiss and Mphasis were among top losers.

(Market update as of 3.40 pm)

Sensex, Nifty advance boosted by bank shares

Benchmark indexes recouped losses sustained in the morning trade on Wednesday, helped by strong buying in bank, metal and smallcap stocks along with a sharp pickup in largecap shares.

The 30-share benchmark S&P BSE Sensex bounced back by 167 points, or 0.44 percent, to 37,832.67 at 11.45 am. The 50-share broader NSE Nifty 50 too rose by nearly 42 points, or 0.36 percent, to 11,431.

Bank stocks led the rally, with the Nifty Bank gaining 0.80 percent to breach the 28,000 barrier for the first time. Nifty PSU Bank and Private Bank also lend support, rising by 0.69 percent and 0.81 percent, respectively.

Other sectoral gainers on the NSE included media at 0.96 percent and Fin Service and Metal at 0.50 percent and 0.61 percent, respectively. Only Pharma and IT indices traded in the red.

BSE Bankex also advanced 0.68 percent. Consumer Durables gained the most among BSE sectoral indices, rising by 1.30 percent. Capital Goods, Metal, Industrials, Energy, Basic Materials also rose. IT, Telecom and Utilities are flat.

Earlier in the opening trade, the BSE Sensex and the NSE Nifty 50 began the day on a positive note on Wednesday, tracking global cues amid ongoing earnings season although US China trade war sentiments and US economic sanctions on Iran guided investor sentiment.

The BSE Sensex jumped 90 points, or 0.24 percent, to 37,755.50, while the NSE Nifty 50 started 26 points higher, or 0.23 percent, to 11,415.50 in the opening trades.

Asian stocks trade mixed with Japan's Nikkei trading flat, while Hang Seng has sustained gains around half a percent.

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First Published:Aug 8, 2018 12:07 PM IST