NSE Nifty gains on support at 200-day moving average, Axis Bank, ICICI Bank shares rise

Written by Reuters | Updated: Sep 24 2013, 17:17pm hrs
India's NSE Nifty gains 0.80 percent, reversing a two-day losing streak, after taking support around its 200-day moving average at 5,841, on value buying.

The BSE Sensex is up 0.64 percent.

The NSE bank index is up 0.2 percent after falling over 8 percent in the previous two days.

Among banks, Axis Bank is up 1.7 percent, while ICICI Bank is up 1.2 percent.

However, State Bank of India (SBI), the country's largest lender, falls as much as 3.66 percent after ratings agency Moody's downgraded its outlook on the bank's financial strength rating to 'negative' from 'stable'.

Also, Sun Pharmaceuticals Industries falls 1 percent as the U.S. Food and Drug Administration approval for Glenmark Pharmaceuticals Ltd's Desoximetasone ointment is seen negative for the former's unit, Taro Pharmaceutical Industries Ltd.