Value buying ups markets
The markets gained in the last hour reversing the trend to close higher, led by index heavyweights Infosys and Reliance Industries. However, the analysts are of the opinion that the correction is still not over and volatility would continue as the investor sentiment is lower.
Mumbai: The markets gained in the last hour reversing the trend to close higher, led by index heavyweights Infosys and Reliance Industries. However, the analysts are of the opinion that the correction is still not over and volatility would continue as the investor sentiment is lower.
Sensex closed up 190 points at 23,382 and Nifty gained 60 points at 7,108. While broader markets failed to equal index shares growth as the midcap and small cap indices closed marginal gains by 0.5 per cent and 0.2 per cent, respectively.
Although, the government is trying to push for the passing of economic legislations, the investors are still not believed that it will happen, resorting to caution buying.
On sectoral front, the sectors healthcare, auto, oil and gas, IT and FMCG indices reported fairly better gains, on the other hand, consumer durables and banks reported decline.
Banking stocks fell due to profit taking in the private banks like ICICI Bank, Yes Bank and Axis Bank were down 0.4 per cent and 3 per cent, however, SBI up about 2 per cent.
From pharma pack, Dr Reddy's gained as the company announced share buyback, others Sun Pharma gained 2.3 per cent and Glenmark gained 2.4 per cent, while Lupin declined 2 per cent.
The gainers: Adani Ports, up 5.84 per cent at Rs 212.10; Dr Reddy's Lab, up 3.52 per cent at Rs 2,961.05; Sun pharma, up 3.29 per cent at Rs 854.55; Tata Motors, up 3.02 per cent at Rs 310.10; and Tata Steel, up 2.65 per cent at Rs 251.35.
The losers: ICICI Bank, down 3.10 per cent at Rs 190.70; Coal India, down 1.71 per cent at Rs 312.95; Lupin, down 1.40 per cent at Rs 1,730.70; Cipla, down 0.83 per cent at Rs 519.70; and Axis Bank, down 0.49 per cent at Rs 403.55.