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Sensex rebounds 295 points on global cues, Q3 push

Nifty ends above 10500, traders see Indian markets tracking US stocks

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Continuing its see-saw trade, the stock markets made a sharp recovery on Monday in line with the global markets and strong corporate results.

The BSE Sensex rose 294.71 points, or 0.87% to close at 34300.47, while the broader Nifty jumped 84.80 points, or 0.81%, to end the session at 10539.75. The Sensex had lost 407.40 points, or 1.18%, to settle at a one-month low of 34005.76 on Friday due to weak global stocks.

Expectations of moderate inflation numbers also boosted the investor sentiments. The rally was mainly driven by a good show in the European and other Asian markets including jump in the US markets on Friday.

Both the benchmark indices opened in green and stayed strong during the trade. The Sensex opened 197.58 points or 0.58% higher at 34203.34 and hit an intra-day high of 34351.24.

The Nifty, on the other hand, was at 10,518.20 during the opening bell which was up by 63.25 points or 0.60%. During the intra-day session, the index went high as 10555.30.

In the broader market, S&P mid-cap rose 1.31% while S&P small-cap was jumped 1.60%.

Among the sectoral indices, BSE Power (1.87%), realty (1.73%), capital goods (1.65%), utilities (1.64%) and industrials (1.57%) were the top gainers. BSE Information Technology (-0.43%) and teck (-0.34%) were the only losers.

On the NSE, realty (1.69%), pharma (1.27%), auto (1.16%), media (1.12%) and metal (1.07%) were among the top sectoral gainers on Monday whereas information technology (-0.56%) and PSU bank (-0.22%) ended in the negative zone.

“In the short-term, the markets and volatility will continue to track the US market,” Phani Shekhar, fund manager, Portfolio Management Services (PMS) of Karvy Capital said.

In the Sensex pack, Tata Steel, YES Bank, Power Grid, IndusInd Bank and Hero Moto were the top stocks gaining almost 4%. State Bank of India (SBI), Infosys, ITC, Mahindra and Mahindra (M&M) and ICICI bank were the main laggards, losing almost 2%.

Tata Steel's fivefold rise in the third quarter results on Friday added to the advantage for the stock. SBI's surprise third-quarter loss on Friday led to the downfall of the stocks.

Tata Steel, Aurobindo Pharma, UPL, Yes Bank and IndusInd Bank were the main movers on Nifty gaining almost 4%, while HCL Technology, SBI, Bharat Petroleum Corporation Ltd, Bharti Infratel and Tech Mahindra were the top losing stocks, falling almost 2%.

Foreign portfolio investors sold shares worth Rs 814.11 crore on Friday while domestic institutional investors bought shares worth Rs 1,342.7 crore, according to provisional data.

The rupee currency closed higher than the US dollar on Monday. The rupee rose 0.13% ending at 64.32/$ as against 64.40/$ on Friday.

On the global front, Shanghai Composite gained 0.78%, Singapore went up 0.28% and Malaysia rose by 0.57%. However, Hong Kong's Hang Seng fell 0.16%. European markets went higher in early trade, as Frankfurt's DAX and London's FTSE rose 1.95% and 1.26%, respectively. Japanese markets are closed for a public holiday.

Trading in the domestic market will remain closed today on account of 'Maha Shivaratri'.

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