New Delhi: Value buying at lower levels and positive cues from the global markets helped Indian stocks rebound on Tuesday. After opening on a firm note, the benchmark indices continued to trade with positive momentum for the rest of the day as investors thought the recent correction was overdone.
Firm global cues also helped revive sentiment in the domestic market. Stock markets in Asia and Europe rose on expectations that a solution will be found for the Greece debt crisis. While stock markets in Japan and Hong Kong gained over a percent each, European stocks climbed ahead of a crucial confidence vote in Greece. Read more...
Sensex: 17,560 +0.31%
Nifty: 5,275 +0.34%
Nikkei: 9,459 +1.13%
Stoxx 50: 2,769 +0.77%
Index heavyweights, TCS, Reliance Industries and HDFC led the gains in the Nifty 50. HDFC gained 1.7% after RBS and Deutsch Bank upgraded the stock citing sound financials of the company. While RBS upgraded the stock to hold and Deutsch Bank upped its rating to buy.
TCS: Rs 1,107 +3.53%
IDFC: Rs 121 +3.01%
Sun Pharma: Rs 487 +2.15%
Reliance Industries: Rs 848 +1.88%
HDFC: Rs 641 +1.74%
At the sectoral level, information technology, oil & gas and healthcare stocks led the rebound on the BSE.
BSE IT: Rs 5,739 +1.16%
BSE Oil & Gas: 8,746 +0.90%
BSE Healthcare: 6,199 +0.44%
BSE Realty: 1,980 –1.78%
Real estate stocks continued to witness selling pressure on concerns that high interest rates and a slowing economy will hamper property sales.
Anant Raj Industries: Rs 62 –4.61%
Orbit Corporation: Rs 38.55 –3.99%
Unitech: Rs 31 –3.87%
DLF: Rs 212 –2.92%
Overall, about six-tenths of the shares traded on the BSE closed the day with gains.