Closing Bell: Nifty near 16,200, Sensex adds over 500 points; PSU Bank, Metal top gainers

The Indian stock market closed on a strong note as banking, metal and IT stocks led the recovery on Thursday. Sanpping three-day losing streak, headline indices Nifty50 and Sensex ended higher by around one per cent in the closing trade on Thursday. The broader Nifty 50 closed near 16,200, while the Sensex added over 500 points to its previous closing as the benchmark settled at 16,170.15 and 54,252.53 respectively.  

Following the benchmarks, Nifty midcap and small cap rose by nearly 1.6% and 0.8 respectively as India Volatility Index slid below 23-mark.  

With over 3% gain, Nifty PSU Bank led the sectoral indices as Nifty Bank, Nifty Metal, financial servives and private bank all gained over two per cent. Nifty FMCG ended flat with negative bias. 

Among stocks, Tata Steel with over 5% gains was the lead gainers. JSW Steel, Apollo Hospitals, HDFC Bank, State Bank, Axis Bank, ICICI Bank were other top contributors on Thursday.  

UPL, Divi's Laboratories, Sun Pharma, RIL, Hindustan Unilver and Dr Reddy's declined in a positive market.