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Markets rebound on value buying
Stock markets rose for the first time in four days on value-buying in recently beaten-down stocks and firm global cues. In addition, the rupee supported the recovery as it rose by 10 paise to 66.45 in intra-day trade against the dollar.
Sensex up 160 points while Nifty adds 29 points
Mumbai: Stock markets rose for the first time in four days on value-buying in recently beaten-down stocks and firm global cues. In addition, the rupee supported the recovery as it rose by 10 paise to 66.45 in intra-day trade against the dollar.
The 30-share benchmark BSE Sensex after opening higher at 25,187.66 advanced to hit the day's high of 25,394.10. However, selling at improved levels at the fag-end, trimmed gains and the index finally settled 160.48 points or 0.64 per cent higher at 25,262.21. It had lost 505 points in the previous three days. The 50-share NSE Nifty bounced back by 28.95 points or 0.38 per cent to 7,735.50.
Bucking the trend, broader markets remained under pressure with mid-cap and small-cap indices falling by up to 0.09 per cent. Shares of HDFC Ltd topped the gainers list among Sensex constituents, rising 2.90 per cent to Rs 1,163.85 on the back of encouraging Q4 earnings.
Of the 30-share Sensex pack, 19 scrips ended higher while 11 including Adani Ports, Bharti Airtel, Asian Paints, HUL, Bajaj Auto, RIL, Axis Bank, TCS, Hero MotoCorp and Dr Reddy's fell by up to 4.33 per cent. Major gainers were, HDFC (2.90 pc), BHEL (2.55 pc), Tata Motors (2.46 pc), Larsen (2.20 pc), Lupin (1.71 pc), ITC (1.52 pc), Cipla (1.47 pc), Sun Pharma (1.03 pc), Tata Steel (0.93 pc), Maruti (0.81 pc) and Coal India (0.73 pc).
Among BSE sectoral and industry indices, capital goods rose by 1.60 per cent followed by industrials 0.87 per cent, FMCG 0.83 per cent, auto 0.57 per cent, power 0.61 per cent, finance 0.51 per cent and metal 0.33 per cent. While, telecom fell 1.81 per cent, consumer durables dropped 0.46 per cent and oil&gas shed 0.16 per cent.
The market breadth remained negative as 1,322 shares ended lower, 1,229 closed higher, while 153 ruled steady. The total turnover dropped to Rs 2,336.37 crore from Rs 2,486.87 crore on Tuesday. Overseas, Europe was higher, buoyed by some solid earnings numbers. Key indices from the region like France, Germany and the UK moved up by 0.18 per cent to 0.59 per cent.
Asian stocks showed mixed trend following slowdown in growth in China's services sector. However, the data triggered speculation of likely stimulus for Chinese economy, thereby aiding recovery in mainland China.
