Markets ends higher, snap two-day losing streak

Benchmark indices closed higher on Monday, snapping its two days of losses, as global authorities took steps to contain the banking turmoil, helping dispel some of the contagion fears. 

The Nifty 50 index closed 0.24% higher at 16,985.70, and the S&P BSE Sensex was up 0.22% to 57,653.86. The benchmarks rose nearly 1% in intraday trade before trimming gains in a volatile session. 

Volatility index (VIX) rose to an intraday high of 16.09 before closing at 15.45, a one-week high.

Among sectoral indices, five of the 13 major sectoral indexes advanced, with Nifty Pharma leading gains with a 1% increase. The Nifty Bank closed flat after trading in a range of more than 400 points, power stocks slipped on concerns related to demand and diagnostic stocks moved higher as COVID cases rose, with Metropolis up over 2 per cent.

ICICI Bank and Axis Bank were among the top draggers for Nifty, while Reliance, Infosys, and HUL supported the index.

Meanwhile, the market capitalization of BSE companies slipped to the lowest level since July 15, 2022 with these companies in total, erasing market cap of more than Rs 1.20 lakh crore.