Sensex, Nifty rangebound; SBI, Axis Bank shares climb 4.5%

Equity benchmarks continued to be rangebound in afternoon trade with the Sensex rising 2.78 points to 24619.75 and the Nifty falling 3.95 points to 7485.15. FMCG, technology and HDFC group stocks remained under pressure while banks and infra stocks gained. SBI and Axis Bank rallied more than 4.5 percent.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising nearly 1 percent. About 1505 shares advanced against 1028 declining shares on the BSE.

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Posted in: Indian Market Tips