The 30-share BSE Sensex closed up 59.15 points at 58833.87

The 30-share Sensex advanced 59.15 points to end at 58,833.87. Its broader peer, Nifty50, ended the session comfortably above the 17,500 mark.

The Nifty Bank index closed 0.09 per cent up at 38987.15.

“We expect Indian banks to build on the momentum of strong economic growth as well as resolution of legacy loans to improve their asset quality further. In fact, we have been projecting that the NPLs plus performing restructured loans put together should be below 5% by March 2024 and they could go below 3.5% by March 2025.”

The Nifty Pharma index closed 0.1 per cent down at 12580.45.

The regulator had conducted an investigation into certain transactions undertaken by DKS and his family/associates which was allegedly against the interest of the minority shareholders of Sobha Ltd.

Shares in European tech companies were underperforming the wider market, with the tech index of shares approaching its August low, down 1.7%. Meanwhile the STOXX 600 fell 0.8%. So far this year, European tech shares are down 24% while the wider index has lost 10.3%.

The index has given up almost 500 points in just two trading sessions, whereas Nifty Bank has lost around 1,500 points during this period.