Markets close higher as SBI leads recovery

A smart rally in SBI after a proposed preferential allotment nod by the shareholders to the government led to a smart recovery in stocks.

The BSE Sensex closed the day higher by 42 points at 17,316 points. The NSE Nifty closed the day higher at 5,274 points, gaining 17.80 points.

Markets were trading lower in the red for most of the day, however, they recovered later led by a rally in State Bank of India. SBI gained 1% following shareholders nod for the proposed allotment to the government of India. The issue price to the government has been set at Rs 2,191 per share.

Other shares that rallied today included Jaiprakash Associates, BPCL, PNB and Sun Pharma. The losers included Tata Motors, Hindalco and Coal India.

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