Nifty 50 Crosses 23,400 Mark, Sensex Recovers from Lows as Banking Stocks Lead; Broader Markets Rally

Benchmark indexes Nifty 50 and Sensex closed off the day's lows during the afternoon session on April 16, trimming intraday losses to post record gains in the second half of trade.

Buying in the last hour pushed the indexes to shake off the dull period.

As per the closing reports, Sensex concluded the trading day with a gain of 309.40 points at 77,044.29 or 0.40 percent and Nifty gained 108.65 points or 0.47 percent at 23,437.20 at the end of the holy trading day. Even though the session witnessed volatility, the market breadth remained in favour of the bulls as 2,561 shares rose, 1,244 shares fell, and 129 shares traded flat.

The investors, however, indulged in bottom-fishing larger markets that went down during the session. Thus, the Nifty Midcap 100 and Nifty Smallcap 100 index were able to rise by half a percent and one percent, respectively.

IndusInd Bank was one of the session's top gainers, following an outside inquiry that said the lender would bear a smaller hit to its net worth due to the inconsistencies found in its derivatives portfolio.

A detailed assessment conducted by an external agency indicates a "negative impact' of INR 1979 crores on the bank's net worth due to the derivatives mismatch. According to the report, the bank mentioned that it has estimated an unfavourable impact of 2.27 percent to its net worth.

"Support is currently placed at 23,300, and as long as that level holds up, a positive bias is to remain in vogue. A conclusive breakdown below 23,300 could signal a correction toward 23,150/23,000. Senior technical analyst Rupak De at LKP Securities said, "On the higher side, it may face resistance at around the level of 23,650."