Markets rebound to end 0.3% higher

Markets rebound to end 0.3% higher

New Delhi: Markets bounced back from initial losses to close with marginal gains on buying sentiment emerged during final trading on Thursday.

The Bombay Stock Exchange benchmark Sensex opened on weak note tracking unfavorable cues from global markets. Asian markets were retreating and the US stock market closed lower on Wednesday.

Domestic indices continued to trade in negative most of the day on profit booking. Meanwhile, inflation rose 0.37% for week-ended 12 September as against 0.12% of the earlier week. The rise is mainly attributed to increase in prices of essential food items.

However, market rebounded from lows and turned positive near closing on optimism about robust corporate quarterly earnings. Contributing to most if the buying were bank, pharma, FMCG, realty and PSU sectors. Ones witnessing most selling were IT, metal, consumer durable and auto stocks.

The 30-share BSE Sensex closed higher by 61.93 or 0.37% points at 16,781.43 and 50-share NSE Nifty ended marginally up by 16.60 points or 0.33% at 4,986.55.

Gainers from the BSE pack are HDFC up by 3.39% to Rs2,743.15, HDFC Bank by 3.39% to Rs1,622.10, Wipro by 2.21% to Rs578.95, Reliance Communication by 2.14% to Rs304.80, NTPC by 1.97% to Rs212.40, ICICI Bank by 1.74% to Rs860.10, Bharti Airtel by 1.42% to Rs419.25 and Larsen & Toubro by 1.40% to Rs1,657.65.

Among the losers from the BSE Sensex pack are Hincalco by 3.98% to Rs129, Infosys Technologies by 3.40% to Rs2,285.10, Hero Honda Motors by 1.59% to Rs1,652.60, Tata Steel by 1.41% to Rs513.15, ACC Ltd by 1.30% to Rs824.40 and Maruti Suzuki by 1.17% to Rs1,633.05.

Asian markets ended mostly lower tracking Wall Street losses on Wednesday. Japan’s index Nikkei gained 1.6%, while Hong Kong’s Hang Seng dropped by 2.5%.