Bulls gain on China rebound

Bulls gain on China rebound
Highlights

Bulls gain on China rebound. After a 6-day struggle, the bulls have finally got back the control over the stock markets on Tuesday. While the relief rally across the global markets has helped the markets to regain, also Prime Minister\'s meeting with the industry captains has boosted the sentiment of investors.

Relief Rally

Sensex up 424 pts; Bank stocks surge

Mumbai: After a 6-day struggle, the bulls have finally got back the control over the stock markets on Tuesday. While the relief rally across the global markets has helped the markets to regain, also Prime Minister's meeting with the industry captains has boosted the sentiment of investors.

The bank stocks gave a push to the benchmark indices with bankex up by 3.5 per cent, while capital goods, metals, auto and oil & gas sectors also rallied in tune with others.

Sensex is up 424 points to close at 25,317 and Nifty gains 129 points to end at 7,688. Even broader markets also performed in tandem with the index stocks with midcap and smallcap indices closed over 1 per cent each.

One out of five stocks bounced back with over 4 per cent after market recovery and nearly 150 stocks rallied gaining up to about 12 per cent. Bank Nifty was up by 4 per cent, with YES Ban, Bank of Baroda and ICICI Bank up over 3 per cent, BoI, Axis Bank, PNB, SBI and Canara Bank gained up to 5 per cent.

The gainers: Gail, up 6.48 per cent at Rs 295.05; Tata Steel, up 5.97 per cent at Rs 228.80; BHEL, up 5.60 per cent at Rs 212.20; Axis Bank, up 5.13 per cent at Rs 473.65; and ICICI Bank, up 4.75 per cent at Rs 261.10.

The losers: Hindustan Unilever, down 2.15 per cent at Rs 802.45; Bharti Airtel, down 0.09 per cent at Rs 346.75; ITC, down 0.08 per cent at Rs 313; and Infosys, down 0.03 per cent at Rs 1,059.30.

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