Sensex, Nifty Rebound As Bank Stocks Power Weekly Expiry Rally

Indian markets recovered on Tuesday as bank stocks led gains, global cues improved, and Nifty closed above 23,240 despite FII selling concerns.

Indian stock markets ended higher on Tuesday, June 9, as banking and financial stocks helped benchmark indices recover from the previous session’s losses. The Sensex gained 394.50 points, or 0.54 percent, to close at 73,918.76, while the Nifty rose 119.10 points, or 0.52 percent, to settle at 23,242.10.

Bank Stocks Lead The Rally

Banking and financial counters remained the main support for the market on the weekly expiry day. SBI, ICICI Bank, Axis Bank, Bajaj Finance, and Bajaj Finserv were among the key gainers. IndiGo also saw strong buying interest, while Asian Paints, Trent, Maruti Suzuki, Hindustan Unilever, Kotak Mahindra Bank, and Reliance Industries ended in positive territory.

FII Selling Still A Concern

Market sentiment improved after global cues turned supportive and crude oil prices eased. However, foreign institutional investor selling remained a key concern for traders. Market expert Anil Singhvi said the market recovered as panic selling did not take place and investors found support at lower levels.

Global Cues Support Sentiment

Lower crude oil prices, recovery in US and Asian markets, and easing geopolitical tension helped improve risk appetite. India VIX also cooled near the 16 percent level, which is seen as a positive sign for equities.

Bank Nifty In Focus

Bank Nifty remained strong and may stay in focus in the coming sessions. Traders are likely to track key support zones in Nifty and Bank Nifty, along with FII flows and crude oil movement, before taking fresh positions.