Sensex snaps losing streak as banks, realty stocks jump
Indian stock indexes recovered from early losses on Monday to finish higher after two consecutive sessions of declines. The Sensex added 39.78 points to close at 83,978.49 while the Nifty gained 41.25 points to settle at 25,763.35.
Real estate companies and government-controlled lenders drove the advance. The Nifty PSU Bank index jumped 1.92 percent as Bank of Baroda climbed 5 percent. Canara Bank, Bank of Maharashtra, Bank of India and Indian Bank also posted gains. Metal and property stocks each rose approximately 2 percent.
Maruti Suzuki declined more than 3 percent to lead losses alongside Titan Company, TCS and Tech Mahindra. Consumer goods, private banking and technology shares slipped as much as 0.4 percent. Smaller company stocks outperformed larger peers as the MidCap index advanced 0.77 percent and the SmallCap gauge climbed 0.72 percent. Market observers said the benchmark Nifty found support between 25,660 and 25,700 after briefly dipping below the Oct. 24 low. Investors sold shares at elevated levels due to limited fresh domestic catalysts while quarterly earnings results influenced buying interest in mid-tier companies.
