New Delhi: The markets recovered lost ground to end in positive turf with the BSE benchmark index settling 53 points or 0.4% higher at 13,315 levels on bargain hunting and positive global developments.
The Sensex recovered over 750 points in intra-day deals led by a strong rebound in banking, oil and gas, capital goods counters.
Indian bourses joined a fresh sell-off across Asia at open due to the financial turmoil in the United States following collapse of Lehman Brothers and Merrill Lynch.
Meanwhile, the US Federal Reserve has said it would authorize $180 billion expansion of temporary foreign currency swap arrangements.
Back home, banking scrips registered strong gains with Bank of Baroda surging 5.8% or Rs18 to close at 327 levels. Axis Bank, Kotak Mahindra Bank, State Bank of India, ICICI Bank, Karnataka Bank and HDFC Bank also ended in the green.
“Going forward, the markets are likely to remain choppy. Nifty faces resistance at 4,140 - 4,160 levels,” said PK Agarwal, President – Research, Bonanza Portfolio Limited
Reliance Industries at Rs1,932 levels moved up 3.2% or Rs59 and was among the top gainers in the oil and gas pack. PSU oil refining and marketing companies — HPCL, BPCL and IOC also ended in positive turf.
Ranbaxy Laboratories, however, continued its journey south post US FDA issuing warning letters against the company. The counter tanked 10% or Rs38 to Rs340 levels. Bharti Airtel, Tata Power, Tata Motors, Satyam Computer, Reliance Communications and Infosys Technologies also lost considerable ground.
Profit booking was also visible in realty counters with Anant Raj Industries slipping 9.3% by close. Indiabulls Real Estate, Mahindra Life, Peninsula Land, Unitech Limited, Sobha Developers and DLF Limited were some of the other key losers in this pack.