After trading in the red for well over a couple of hours, the market has bounced back into the positive territory thanks to some frenzied buying in realty, capital goods, power and select auto and bank stocks this afternoon.
The strong recovery on the Asian bourses and the firm trend in European markets have contributed to the market's rise from lower levels. Besides a host of large cap stocks, several midcap and smallcap stocks too have risen sharply on strong buying enquiries now.
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The Sensex, which had plunged to 11,934.44 earlier this afternoon, is now up with a sharp gain of 49.92 points or 0.41% at 12,207.95. The Nifty is up 13.80 points or 0.37% at 3694.90. Earlier this afternoon, the Nifty had slipped to a low of 3610.20.
Housing finance major HDFC rallied to Rs 1952 on strong buying at the counter and despite having drifted down to Rs 1945 now, remains well placed in the positive territory with an impressive gain of 5.65%. ACC and Grasim Industries, the cement majors, are up by around 4.5% and 4% respectively.
Hindalco, Wipro, Bharti Airtel, Reliance Infrastructure and BHEL are up by 2% - 3.5%. Larsen & Toubro, DLF, NTPC, Jaiprakash Associates and ICICI Bank have also posted sharp gains.
Nalco, Siemens, Tata Communications, Punjab National Bank, Reliance Capital, ABB, Axis Bank, Cipla and BPCL are among the major gainers in the Nifty index.
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HDFC Bank, Tata Steel, Sterlite Industries, Suzlon Energy, ONGC, Idea Cellular, State Bank of India, Reliance Power, Maruti Suzuki, SAIL, Tata Consultancy Services, Ranbaxy Laboratories, HCL Technologies, Reliance Communications, Reliance Industries and Infosys Technologies are down in the negative territory with sharp to moderate losses.
Midcap power stock Kalpataru Power Transmission has zoomed nearly 18% to Rs 544. Patel Engineering is up with a hefty gain of 13.5% at Rs 214. KEC International is up 12% at Rs 301. Yes Bank, Maharashtra Seamless, IRB Infrastructure, Zee News, Lanco Infratech, Gammon Infrastructure, Federal Bank, Advanta, Blue Star, HCL Infosys, Nirma, Thermax, Century Textiles, HMT, Future Capital Holdings, Nagarjuna Construction Company and Aban Offshore are among the other prominent gainers in the midcap space.