Markets on bargain hunt
Snapping three-day losing streak, the stock markets closed higher by 1 per cent on Tuesday expecting more stimulus from Chinese government on sluggish GDP growth.
Mumbai: Snapping three-day losing streak, the stock markets closed higher by 1 per cent on Tuesday expecting more stimulus from Chinese government on sluggish GDP growth. While heavyweights like RIL and L&T led the markets, the banking stocks too added for the gains. Analysts feel that correction is still not over, and expect at least 5 per cent correction in the offing.
Markets are witnessing rally in smallcap and midcap shares as the retail investors are not enough strength to bring fresh funds into the market. In fact, the funds are moving to mutual funds from stock markets, the experts said. Sensex gained 291 points to close at 24,480 and Nifty up 84 points to end at 7,435. Meanwhile, the broader markets ended higher with midcap and smallcap indices up 1.8 per cent each.
On sectoral front, all the sector indices gained from 2.76 per cent to 0.60 per cent, excepting IT index fell to 0.19 per cent. Reliance Industries is the biggest contributor to indices' gain, up over 2 per cent, while banking stocks attract buying interest, with ICICI Bank gaining 2.7 per cent followed by HDFC Bank and SBI.
The gainers: Adani Ports 6.18 per cent, Rs 232.85; Axis Bank 5.31 per cent, Rs 393; Ida Cellular, 4.71 per cent, Rs 116.70; Tata Power, 4.22 per cent, Rs 64.25; Tata Motors, 4.10 per cent, Rs354.15.
The losers: Jubilant Life, 13.46 per cent, Rs 327.15; SpiceJet, 11.62 per cent, Rs 71.55; DCM Shriram, 10.58 per cent, Rs 127; Pipavav Defence. 9.08 per cent, Rs 75.70; SREI Infra, 9.04 per cent, Rs 62.75.