Late recovery in the markets: Sensex, Nifty in upper circuit

Key benchmarks rose for third consecutive day led by Sun Pharma, ICICI Bank, SBI, Tata Motors and Yes Bank as major gainers on the Sensex and Nifty, while  Zee Entertainment, UPL were the top losers in the Nifty50.

The BSE Sensex rose 130.77 points to 35,980.93 and the NSE Nifty50 Index surged 30.35 points to 10,802.15 on Tuesday.

During the day, Sensex and Nifty frequently traded on a subdued note due to weakness in HDFC, HDFC Bank, Kotak Bank and HUL.  However, near to closing hours, Sun Pharma and ICICI Bank lifted the benchmarks higher.

Seven out of 11 sector spaces compiled by NSE ended higher led by the Nifty PSU Bank Index’s 2.77 percent gain. On the flipside, Nifty Media Index was top loser, down 1.24 percent, followed by Nifty FMCF, IT, media and realty upto 0.4 percent in loss.

Shares in ICICI Bank surged 3.15 percent at Rs. 379.30 and hit a record high at Rs. 381.80 during the afternoon trade hours. Shares of Gruh Finance plunged 16.60 percent to Rs 255.50 per share after the company announced merger with Bandhan Bank in an all-stock deal.