Sensex rebounds as buying resumes; Bank, metal stocks move up

Source : SIFY
Last Updated: Wed, Apr 17, 2013 05:31 hrs
Commuters walk past the BSE building in Mumbai

The market, which drifted down into negative territory after a fairly bright start, has rebounded smartly on some hectic buying in realty, metal and bank stocks now. Select stocks from automobile, power, capital goods and healthcare sectors are also up with impresssive gains.

The Sensex, which declined to 18,703.26 after a firm start, is now up 66 points or 0.35% at 18,810.93. The Nifty index of the National Stock Exchange is up with a gain of 31.45 points or 0.55% at 5720.40, nearly 40 points off the day's low.

Among top metal stocks, Tata Steel, Sterlite Industries, Sesa Goa, Hindustan Zinc, Coal India and Hindalco are up 1% - 2.5%, while JSW Steel and SAIL are trading higher by 3.2% and 4.8%, respectively. Bhushan Steel and Jindal Steel & Power are also trading notably higher.

Among the stocks in the Bankex, heavyweights ICICI Bank and State Bank of India are up 2% and 2.4%, respectively. Axis Bank, Bank of India, Bank of Baroda, Canara Bank, IDBI Bank, IndusInd Bank, Punjab National Bank, Union Bank of India and Yes Bank are up 1% - 3%, while HDFC Bank is trading higher by around 0.9%.

Realty stocks DLF, Anant Raj Industries, Indiabulls Real Estate, Oberoi Realty, Prestige Estates, Sobha Developers and Unitech are up 2% - 5%.

In the automobile space, Bajaj Auto (1.7%) and Mahindra & Mahindra (1.2%) are up with strong gains. Hero Motocorp, Maruti Suzuki and Tata Motors are up with modest gains.

HCL Technologies which rose to Rs 810 on impressive results, has retreated and is currently down marginally at Rs 769. The company has reported a 73% rise in quarterly profit after winning orders and keeping a lid on hiring. Net profit rose to Rs 1,040 crore for the fiscal third-quarter ended March 31 from Rs 600 crore in the year-earlier period, the company said this morning.

In the currency market, the rupee was quoting at 53.90 against the U.S. dollar in early trade this morning, gaining 24 paise in the process. On Tuesday, the partially convertible Indian rupee had ended at 54.14, recording a gain of 48 paise, on robust FII inflows and hopes of lower current account deficit due to falling oil prices.

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