Markets turn bullish
Reacting to global positive cues, the stock market is back into action on Thursday. Reserve rally is seen in technology, bank, oil, FMCG and auto stocks.
Mumbai: Reacting to global positive cues, the stock market is back into action on Thursday. Reserve rally is seen in technology, bank, oil, FMCG and auto stocks.
However, the experts feel that the rally may be short-lived since it was supported by short covering and they see some correction in near term.
Sensex gained 359 points closed at 25,841 and Nifty down at 7,842, up by 110 points. The broader markets also gained on par with benchmarking shares with midcap and smallcap indices rallied 1.2 per cent and 1.3 per cent, respectively.
On the sectoral front, auto and consumer durables counters saw strong buying. As auto stocks, Maruti and Bajaj Auto gained upto 3 pe cent, while Tata Motors gained 0.4 per cent.
Dr Reddy's Lab was the major loser with over 7 per cent intraday fall, however, covered at the closing down 2.6 per cent. The law firm, Lundin Law PC announced that it is investigating claims against the company.
From IT space, Infosys rebounded after suffering losses last four sessions, finished 0ver 2.5 per cent, while TCS and Wipro gained 0.4 per cent and 0.5 per cent, respectively.
The gainers: Bajaj Auto, up 3.33 per cent at Rs 2,423.65; Vedanta, up 2.80 per cent at Rs 91.70; HDFC, up 2.78 per cent at Rs 1,212.55; Infosys, up 2.69 per cent at Rs 1,047.30; and Maruti Suzuki, up 2.60 per cent at Rs 4,652.95.
The losers: Dr Reddy's Lab, down 2.63 per cent at Rs 3,286.80; Sun Pharma, down 1.46 per cent at Rs 742.95; Coal India, down 0.36 per cent at Rs 333.75; and Axis Bank, down 0.13 per cent at Rs 463.