Sensex recovers, Nifty inches towards 8200; banks rebound

Epic Update ICICI Bank

Benchmark indices recouped early losses with the Nifty inching towards 8200 level after consolidation. Banks stocks rebounded while pharma stocks gained strength. Positive Asian cues also aided the market sentiment.

The 30-share BSE Sensex was down 5.97 points at 26589.48 and the 50-share NSE Nifty gained 3.05 points at 8182.55 while the broader markets continued to outperform benchmarks.

The BSE Midcap and Smallcap indices climbed over half a percent on positive breadth. About 1435 shares advanced against 575 declining shares on the exchange.

Banks stocks rebounded after yesterday’s weakness due to lending rate cut. ICICI Bank, Axis Bank and SBI gained 1 percent each.

Index heavyweights Reliance Industries and ITC rose half a percent whereas Infosys, HDFC and L&T declined 0.6-1.7 percent.

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