Indian stock markets spike after seven intraday losses

After two consecutive weekly downbeats, the Indian stock markets kicked-off the week with a spike. The benchmark indices surged 2.2 per cent with Nifty and Sensex gaining 229 and 745 points, respectively from their previous close. Broader market indices too traded in-line with Mid-cap soaring 2.8 per cent and Small-cap inching 2.1 per cent at 15.18 hours.

On the sectoral front, PSU Banks led most of the up move by surging 8 per cent plus. All other sectoral indices were trading in green. Thereby market breadth stayed highly positive with 1738 advances and 778 declines on BSE.

On NSE, Pharma index followed with 5 per cent gains. Realty gained 3.5 per cent and Private Bank, Bank Nifty, IT, Media and Metal gained more than 2 per cent each.

Upbeat results of Vijaya Bank buoyed the PSU banking sector and thereby uplifted the banks. Further, Government is seeking some changes from RBI to make PCA framework in-line with global practices. Energy sector too posted exuberant growth of 2.7 per cent after power stocks zoomed more than 20 per cent amid Supreme Court’s decision to amend power purchase agreement of Adani Power, Tata Power and Essar Power.