After opening on a somewhat listless note on mixed global cues and
moving in a tight band around the unchanged line till around mid
afternoon, the Indian stock market rallied sharply on some hectic buying
in the final hour to end with strong gains on Tuesday.
The rupee's sharp recovery from a two-month low and a firm trend in European markets pulled the market out of the red.
BSE benchmark Sensex, which rallied to 25,545.88 in late afternoon
trade, after having tumbled to 25,104.50 earlier in the session, ended
the day with a gain of 330.71 points or 1.31% at 25,521.19.
Nifty index of the National Stock Exchange closed at 7631.70, gaining
98.15 points or 1.3%. The index scaled a low of 7509.25 and a high of
The rupee, which declined to a two-month low of
60.47, recovered well and was hovering around 60.05 by the time equity
markets closed for the day.
Bank, capital goods, power, oil and
metal stocks ended with impressive gains. Sugar stocks rallied amid
expectations of a turnaround in the sector. A few stocks from
automobile, information technology and consumer durables sectors closed
on a firm note. FMCG and healthcare stocks ended mostly flat.
ended nearly 4.5% up. Axis Bank, Asian Paints, Punjab National Bank,
IndusInd Bank, Sesa Sterlite and Bank of Baroda gained 3% - 4%.
India and BHEL ended nearly 3% up. Coal India gained 2.8%. ICICI Bank,
Reliance Industries, BPCL, State Bank of India, Larsen & Toubro and
Tata Motors advanced by over 2%.
Ultra Tech Cement, NTPC, Tata
Steel, Power Grid Corporation, Cairn India, HCL Technologies, Ambuja
Cements, Bharti Airtel, Tata Power, IDFC, HDFC Bank, Maruti Suzuki, DLF
and ACC also ended ona firm note.
Mahindra & Mahindra, United
Spirits, Hero Motocorp, Hindustan Unilever, Dr Reddy's Laboratories,
Jindal Steel & Power and Bajaj Auto declined by 0.4% - 1.3%.
Infrastructure, State Bank of Travancore, Pennar Industries and Arvind
Remedies saw some strong buying on stock specific news.
market breadth was strong. Out of 3110 stocks traded on BSE, 2047 stocks
moved up. 952 stocks declined and 111 stocks ended flat.