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Markets rebound on global cues
Markets made a determined comeback on Tuesday amid recovery in global stocks and oil prices. Corporate earnings also set the ball rolling as blue-chips\' quarterly numbers were mostly in line.
Sensex up 328 points; Nifty adds 108 points
Mumbai: Markets made a determined comeback on Tuesday amid recovery in global stocks and oil prices. Corporate earnings also set the ball rolling as blue-chips' quarterly numbers were mostly in line. Foreign inflows continued unabated, improving the market sentiment. Benchmark BSE Sensex reclaimed the 26,000-mark to close at about a 4-month high. The NSE Nifty topped the psychological 7,900.
The 30-share Sensex stayed in the red in early part of the session, but staged a spectacular rally to erase all the losses after all-round buying. It ended up 328.37 points, or 1.28 per cent, at 26,007.30 - its highest closing since January 1. The index has lost 201.45 points over the past two days.
The broader NSE Nifty soared 107.60 points, or 1.37 per cent, to close the day at 7,962.65 after shuttling between 7,822.55 and 7,973.05. The session belonged to Maruti Suzuki, which climbed 3.62 per cent despite a drop in its quarterly profit. Net sales rose 12.5 per cent, which pushed up the stock. Tata Steel, Cipla, BHEL, Lupin and Axis Bank too gained. Of the 30-share Sensex, 28 advanced.
On the sectoral front, banking zoomed 2.02 per cent, followed by metal 1.98 per cent, realty 1.93 per cent, auto index 1.57 per cent, technology 1.16 per cent and IT 1.13 per cent. Broader markets such as the BSE mid-cap and small-cap rose 0.79 per cent and 0.68 per cent, respectively. Cigarette stocks found themselves at the receiving end following reports that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. Godfrey Phillips fell 17.54 per cent to Rs 931.25.
The market breadth turned positive as 1,584 stocks ended higher, 982 closed lower while 173 ruled steady. The total turnover fell sharply to Rs 2,685.52 crore, from Rs 4,413.64 crore on Monday. Foreign portfolio investors (FPIs) net bought shares worth Rs 222.34 crore on Monday, according to provisional data. Major Asian indices closed mixed tracking the overnight gains on the Wall Street, which made European shares rule strong in early trade. Key indices in France, Germany and the UK moved up by up to 0.45 per cent.
