Closing Bell: Market pares losses in closing hours to end in green; PSU Bank, Oil & gas stocks shine

Snapping the three consecutive day negative closing, the Indian markets made last-hour recovery to end in the green after trading lower throughout most parts of the session on Monday amid volatility. The broader Nifty50 rebounded to close above 17,200, while the Sensex settled with over 200 points gain on Monday.  

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The Nifty Bank gained more than 300 points to close above 35,700. In the broader market, Nifty midcap and small cap indices settled with aroud 0.2% and 0.7% cuts respectively. 

Among sectors, Nifty PSU Bank, Oil & gas, private bank and auto led the bounce back. Consumer Durable, IT, Pharma and Healthcare witnessed maximum sell off.  

"Benchmark Indices reversed early morning losses on positive global cues and hopes of RBI opting for status quo at its policy meet scheduled during first week of April. The resumption of international flights energised hospitality stocks while the ongoing consolidation in the Media sector and positive tailwinds in the Telecom space lent ammunition to the Bulls despite an unfavourable Advance-Decline ratio," said S Ranganathan, Head of Research at LKP securities.

The broader markets witnessed keen interest in state run enterprises of Gujarat with most of them posting yearly highs, Ranganathan added. 

Bharti Airtel, Coal India, Axis Bank, Eicher Motors, ITC, State Bank, Power Grid and ICICI Bank gained the most as banking stocks led the recovery after declining in the opening trade.  

UPL, Nestle India, Dr Reddy's HDFC Life, HCL Tech, Asian Paints, Wipro and Tech Mahindra were among top losers.  

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