Short covering lifts markets

Short covering lifts markets
Highlights

Sensex gains 267 points to end at 23,649 and Nifty up 83 points to close at 7,192. However, the broader markets failed to match with index shares as midcap and smallcap indices closed marginally higher at 0.5 per cent. Minutes of Federal Open Market Committee meeting were released on Wednesday points out that the policymakers worried over the global economic conditions and hinted to change their r

Mumbai: The stock markets have gained for the second straight day on Thursday driven by short covering. The gaining oil prices also boosted the sentiment hoping the oil producers will restrict the oil production to tackle the supply glut.

Overall the market is range-bound while Nifty trying to hold 7,000 levels, at least till the budget. Analysts points out that the investors mood got altered from buy on dips to sell on rallies.

Sensex gains 267 points to end at 23,649 and Nifty up 83 points to close at 7,192. However, the broader markets failed to match with index shares as midcap and smallcap indices closed marginally higher at 0.5 per cent. Minutes of Federal Open Market Committee meeting were released on Wednesday points out that the policymakers worried over the global economic conditions and hinted to change their rate hike plan in 2016.

All the sectors have gained with healthcare, IT indices zoomed followed by capital goods, bank and FMCG. The shares of Oil comapnies like Cairn, ONGC and OIL ended higher by 4 per cent as the oil prices surged. From pharma pack, Sun pharma gained by 1.4 per cent as the company obtained FDA approval for its anti-biotic drug. It’s other counterpart, Dr Reddy's shares also gained by 4.5 per cent after the buyback announcement.

The gainers: Dr Reddy's Lab, up 4.52 per cent at Rs 3,094.95; ONGC, up 4.50 per cent at Rs 208.85; Hero MotoCorp, up 3.85 per cent at Rs 2,620.95; ICICI Bank, up 2.83 per cent at Rs 196.10; and Lupin, up 2.68 per cent at Rs 1,777.15.

The losers: Maruti Suzuki, down 2.53 per cent at Rs 3,654.90; Asian Paints, down 2.09 per cent at Rs 835.95; BHEL, down 1.84 per cent at Rs 103.80; Axis Bank, down 1.39 per cent at Rs 397.95; and Reliance Industries, down 1.19 per cent at Rs 941.15.

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