After two consecutive days of heavy sell-off, the markets managed to close in positive turf with the benchmark index settling at 15,185 levels, up 2% or 296 points. In broader markets, the Nifty gained 74 points to 4,523 levels.
“Pivot for the Nifty is at 4,447 levels. The Bulls need a high above 4,498 for the pullback to sustain. Crucial support is pegged at 4,390 points that can be treated as a pivot for the remaining week,” said a technical analyst with Religare Securities.
Leading the pack of gainers among the BSE scrips were Ambuja Cements and BHEL. They moved up around 7.2% by close. Bharti Airtel, DLF Limited, Jaiprakash Associates, Larsen and Toubro, Maruti Suzuki and Infosys Technologies also logged smart gains.
Ranbaxy Laboratories ended flat on the back of its promoters selling their entire 34.82% stake to Japan-based pharma company Daiichi Sankyo. The stock had moved up over 1% in intra-day deals.
Daiichi Sankyo will acquire the entire shareholding and further seek to acquire the majority of the voting capital of Ranbaxy at a price of Rs737 a share with the total transaction value expected to be between $3.4 and $4.6 billion.
Strength is also visible in banking counters with the BANKEX firming up 2.3%. Bank of India, Union Bank, HDFC Bank, Axis Bank and Oriental Bank of Commerce were among the key gainers in this space.
Realty counters also witnessed fresh investor interest. Akruti City (up 6.9%), Peninsula Land (6.6%), DLF Limited (up 6.5%), Puravankara (6.3%) and HDIL (4.5%) were some of the top gainers.