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Sensex rebounds 87 pts as metal, IT, banking shares rise


Sensex Mumbai: The benchmark Sensex today recovered by nearly 87 points to end at 26,384.07 boosted by fag-end buying in metal, banking, IT shares coupled with positive European cues.

The BSE Sensex resumed lower at 26,275.07 and then fell further to a two-month low of 26,092.69 on initial selling in key sectors as India’s industrial production growth remained subdued in August. Worries over foreign capital outflows and sharp fall in US markets last Friday also weighed.

However, the index recovered afterwards to 26,443.16 before concluding the day at 26,384.07, showing a gain of 86.69 pts or 0.33 per cent. Better-than-expected Chinese trade data and crude oil prices falling to near 4-year lows also provided some support.

The Sensex had lost 339.90 points, or 1.28 per cent, last Friday on profit-booking and Eurozone growth worries.

Like the Sensex, the NSE 50-share Nifty gained 24.30 points, or 0.31 per cent, to finish at 7,884.25.

“Volumes continued to falter and remained lower than Friday’s trading session. PSU Banks, Metal and Energy stocks remained the top performing sectors while Realty, Pharma and FMCG faced the maximum selling pressure in the day,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Market participants are eyeing monthly Consumer Price Index (CPI) data and quaterly earnings of Reliance Industries. These are expected to set the tone for trading tomorrow.

Most Asian stocks ended lower as concerns about global economic growth remained. Key benchmark indices in China, Singapore, Taiwan and South Korea fell 0.36-2.84 per cent while the barometer in Hong Kong inched up 0.24 per cent.

Meanwhile, European makets witnessed a strong rebound and were trading positively with France, Germany and UK indices moving up 0.05 per cent to 0.48 per cent.

Locally, Foreign Portfolio investors (FPIs) sold shares worth net Rs 719.77 crore last Friday as per the provisional data from stock exchanges.

Seventeen scrips out of the 30-share Sensex pack ended higher while 13 finished lower.

Major gainers from the Sensex were Tata Power (2.90 per cent), Tata Steel (2.14 per cent), Coal India (1.91 per cent), Axis Bank (1.90 per cent), TCS (1.54 per cent), Infosys (1.40 per cent), SBI (1.22 per cent) , HDFC (1.14 per cent), ICICI Bank (1.13 per cent), HDFC Bank (1.08 per cent), Hero Motocorp (0.87) and Tata Motors (0.81 per cent).

However, M&M fell by 3.66 per cent, followed by Cipla 2.68 per cent, Sun Pharma 1.86 per cent, Dr Reddy’s 1.76 per cent, BHEL 1.29 per cent, L&T 0.98 per cent and ITC 0.72 per cent.

Among the S&P BSE sectoral indices, Metal index surged by 1.37 per cent, followed by Bankex 1.35 per cent, IT 1.17 per cent and Teck 0.97 per cent while Realty dropped by 1.79 per cent and Healthcare 1.04 per cent.

Total market breadth remained negative as 1,479 stocks closed in red while 1,438 finished in green. Total turnover fell to Rs 2,426.68 crore from Rs 3,055.53 crore last Friday.


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