Market rebounds RIL leads recovery
The benchmarking indices has rebounded from 18-month lows on Wednesday led by heavyweights Reliance Industries and Infosys gaining taking Nifty back above 7,500-mark.
Mumbai: The benchmarking indices has rebounded from 18-month lows on Wednesday led by heavyweights Reliance Industries and Infosys gaining taking Nifty back above 7,500-mark.
Although, the market rebound gets support from short covering, but experts assume at least about 10 per cent correction before budget. They further see harsher budget this time and it would be more negative than expected without any positive surprises.
Sensex closed up 172 points at 24,854 and Nifty ended up 52 points at 7,562 hitting 52-week low of 7,425. Meanwhile, the broader markets underperformed with midcap and smallcap indices falling 0.5 per cent and 1.8 per cent, respectively.
On sectoral front, heavy buying is seen in auto, banking and IT stocks, while shares of capital goods and healthcare came under selling pressure. Reliance Industries gained 3.1 per cent on expecting higher refining margins, Infosys up 3.1 per cent expecting good quarter earnings on Thursday.
From banking and finance stock, HDFC, HDFC Bank, ICICI Bank and SBI closed up 0.6 per cent to 1.1 per cent. Also Sun Pharma gains 0.6 per cent after the company reveals that it sold two of its business divisions.
The gainers: Reliance Industries, up 3.09 per cent at Rs 1,077.35; Infosys, up 3.08 per cent at Rs 1,082.35; Tata Motors, up 2.65 per cent at Rs 364.45; Mahindra and Mahindra, up 1.97 per cent at Rs 1,205.40; and Hindustan Unilever, up 1.41 per cent at Rs 831.05.
The losers: Adani Ports, down 2.65 per cent at Rs 229.95; Bharti Airtel, down 2.05 per cent at Rs 308.70; Lupin, down 2.01 per cent at
Rs 1,667.60; Tata Consultancy Services (TCS), down 1.88 per cent at Rs 2,280.30; and Larsen and Toubro (L&T), down 1.85 per cent at Rs 1,157.80.