New Delhi: Markets recovered smartly from its initial losses to end the day 1.97% up as strong buying emerged during final trading hours. Recovery in European markets also contributed to positive sentiments.
The Bombay Stock Exchange benchmark Sensex tumbled during early trading losing more than 3% tracking lower stocks across overseas markets. Markets opened significantly lower on the back loss in Wall Street and weak Asia. US stock markets on Tuesday ended low on concerns over company earnings and banking.
But trimming their losses the 30-share Sensex recovered from day’s low to end positive up for the fifth consecutive session. Sensex closed higher by 207.47 points at 10,742.34 and 50-share NSE Nifty ended up by 86.35 points at 3,342.95.
Buying was witnessed across all sectors with realty leading, followed by consumer durables, FMCG, PSU, oil and gas, pharma and capital goods. However, Bank stocks continued trading in red.
Among the gainers from the BSE pack, Jaiprakash Associates led by 8.71% to Rs106.05, NTPC Ltd by 6.70 % to Rs196.75, Tata Motors by 6.29% to Rs222.30, HUL by 6.06% to Rs240.80, ITC Ltd by to 5.15% Rs189.80, Larsen and Toubro by 4.71% to Rs806.60 and Wipro Ltd by 4.69% toRs 282.10.
Among the losers there was Mahindra and Mahindra by 3.54% to Rs449.30, along with Hindalco by 2.92% to Rs58.20, Reliance Communications by 2.18% to Rs213.35, HDFC Bank by 1.61% to Rs1,045.85, Bhel by 1% to Rs1,516.60 and Sterlite Industries by 0.52% to Rs383.75.
In the global front, Asian markets ended lower on earning worries after a dismal performance in Wall Street. Hang Seng ended 2.04% down and Nikkei closed lower by 2.69%.