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Closing Bell: Markets bring cheer despite weak global cues; banks, auto top index gainers

Closing Bell: Markets bring cheer despite weak global cues; banks, auto top index gainers

Closing Bell: Markets bring cheer despite weak global cues; banks, auto top index gainers
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By CNBC-TV18 Apr 3, 2018 4:49:45 PM IST (Updated)

The benchmark indices closed at its day's high despite weak global cues. The BSE Sensex closed at 33,376 points and the NSE Nifty closed at 10,243 points.

The benchmark indices closed at its day's high despite weak global cues. The BSE Sensex closed at 33,376 points and the NSE Nifty closed at 10,243 points.

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Banks - ICICI Bank, Yes Bank and State Bank of India - lent a hand in offsetting weak global market cues. ICICI Bank contributed 40% to the Nifty gains. Among the banks, only PNB and HDFC Bank closed in the red.
The banks started to gain post the RBI buzz, which allowed banks to spread their mark-to-market losses over four quarters.
Auto firms, M&M and Tata Motors, continued to rally for the second day. The auto firms posted positive sales results on Monday which has helped the stocks gain. Mahindra & Mahindra and Tata Motors gained over 2%.
The market breadth was in favour of the advances today with the advance-decline ratio standing at 3:1.
The HDFC twins kept the index gains in check and dragged the Nifty by 15 points.
The benchmark and sectoral indices showed a sharp recovery in the last hour of trade. The BSE Sensex regained its 33,300 levels and the NSE Nifty retained its 10,200 levels.
The Nifty Midcap and the Nifty Bank were up 170 points each gaining over a percent.
Surprisingly, ICICI Bank has crawled up to the first position in the top index gainers list. The bank stock gained over 3%. The State Bank of India (SBI) saw a surge in intraday trading and fell off the top list for a brief period.
SBI, however, made a comeback in the top index gainers list, gaining over 2%. Banks, financials and auto firms pulled up the markets today offsetting the weak global cues.
The global markets showed red signals today as US benchmark index Dow Jones toppled 450 points at its close. The Asian markets still report losses, despite showing a slight recovery in intraday trade. Japan's Nikkei index is 0.5% down, the Hang Seng index has recovered 0.29% and the Kospi is touching its safe territory with just 0.09% loss.
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