Mkts rebound Nifty above 7,400

Mumbai: The bulls regained staging a spectacular performance on Friday with benchmarking indices and broader indices recorded over 2 per cent each tracking recover in global markets, rupee and oil prices.

All those beaten down stocks made a smart recovery as bank, auto, oil and infrastructure stocks gained following short covering and value buying. Interestingly, experts assume there could be some more short covering expected in the coming days, however, broader markets to continue volatility.

Sensex closed up 437 points at 24,436 and Nifty ended 146 points higher at 7,422. However, broader markets gained on par with index stocks with midcap index up 1.9 per cent and smallcap index gained 2.2 per cent.

On sectoral front, all sectors reported gains led by metal and auto indices. Bank stocks rebound on value buying at lower levels with ICICI Bank, Axis Bank, SBI and HDFC Bank gained up to 4.8 per cent each.

The heavyweight RIL gained about 2 per cent as the company is mulling to take up CBM blocks in the next three months. While L&T gained 3.8 per cent as a consortium of L&T and Sojitz of Japan bag order worth Rs 1,213 crore. On the other hand, FMCG major ITC fell about 1 per cent as it reported dip in its profits.

The other oil and gas stocks, ONGC gained 4.5 per cent, Cairn India up nearly 2 per cent. While metals rebounded with Tata Steel, Hindalco and Jindal Steel gained over 5 per cent each.

The gainers: Gail, up 7.99 per cent at Rs 367.45; Maruti Suzuki, up 5.53 per cent at Rs 4,107.35, Tata Steel, up 5.35 per cent at Rs 247.10, State Bank of India (SBI), up 4.81 per cent at Rs 184.30; and Dr Reddy's Lab, up 4.55 per cent at Rs 2,883.15.

The losers: Bharti Airtel, down 3.41 per cent at Rs 298.85; Hindustan Unilever, down 0.54 per cent at Rs 772.65; Wipro, down 0.07 per cent at Rs 550.30; and Infosys, down 0.05 per cent at Rs 1,135.90.