Markets saw flat trading day, Banking stocks top gainers

After opening at record high on Wednesday's trading the indian benchmark saw flat trading day. Nifty 50 closed at 23, 516 at 41.9 points low, touching new high at 23,664.00. while Sensex closed in green at 77337.59 with marginal up of 36 points. Bank Nifty gains over 1400 points to hit new all time high today.The top gainers from the Nifty were private banks. The HDFC Bank, Axis Bank, RBL Banks, ICICI Bank, IndusInd Bank, Kotak Bank were prominent gainers in today's trade. The Nifty hits 51,900 for the first time in which Axis Bank followed by HDFC Bank, ICIC Bank and Indusland Bank were the top gains in the bank. Nifty Bank stocks added over Rs 81 crore crore m-cap today during the trade.

"Volatile day, with banks shining and some IT counters rising in an otherwise flat to lower day . The broader indices were also lower. High flying sectors like defense saw profit taking and fell sharply from lofty levels that were being decried by experienced investors as a source of worry," said Ajay Bagga Banking and market expert.

"Overall a flat day with selling coming in at every rise. Markets likely taking money off the table while fresh inflows are being directed into large private sector banks given their relative underperformance over the last few months," he added. Axis Bank saw its stocks gain after the news of its increased holding in Max Life from 19.02 to 19.99 per cent.

Sectoral indices such as FMCG, Media, Metal, Pharma, and reality remained in red again. In the last trading day these sectors were lagging behind as well. On the other hand, along with PSU and private banks, financial and IT stocks did well.

In IT category major giant companies such as Wipro and HCL Tech gained during the trade. Adani Posts were seen trading in green during the day's trade.

In today's trading the rupee traded volatile between 83.35-83.50, showing strength at the opening towards 83.35.