India's benchmark shares indices ended over 3% higher Wednesday, snapping a five day losing streak, on the back of shortcovering, with Reliance Industries and financials leading the gains.
The 30-share Sensex provisionally ended at 15,726 up 551 points or 3.5% and the 50-share Nifty provisionally ended at 4,704 up 160 points or 3.5%.
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(updated at 15:10 hrs)
Markets have rallied ahead significantly on renewed buying interest and short covering in select financials and index heavyweights Reliance Inds and Infosys.
The Sensex has jumped 500 pts and Nifty has surged by over 140 pts.
RIL was up 4% and Infosys has gained by 3%. ICICI Bank has gained by 8%. HDFC Bank has surged by 5% and HDFC has gained by 4.6%.
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(Updated at 1430 hrs)
Markets have extended their gains in noon trades led by banks, capital goods and index heavyweights Reliance Industries, HDFC and Infosys and ICICI Bank.
Further, firm opening of the European markets has also cheered the sentiment amongst local investors. The CAC-40, DAX and FTSE-100 are up 0.7-3 per cent.
By 1420 hrs, the Sensex was up 297 points at 15,473 and the Nifty surged 86 points at 4,630.
The markets made a gap-up opening on the back of strong global cues and the Sensex had touched a high of 15,514 so far.
ICICI Bank has topped the buyers list in Sensex 30 stocks, zooming nearly 6% to Rs 691 after 17% fall in past eleven trading days on the Bombay Stock Exchange (BSE).
Among other financial shares, HDFC is up 3%, HDFC Bank has gained 2.5% and SBI is up 2%.
In the Capital Goods space, BHEL and L&T have surged between 2-3%. Capital goods shares were beaten down in the past few sessions post the dismal October IIP data.
Consumer durable segment are among the top gainers. Titan Industries is the top gainer among the consumer durable stocks, up 7% to Rs 167. Whirlpool, VIP Industries, Videocon, Rajesh Exports, TTK Prestige and Gitanjali Gems have gained between 1-5%.
M&M, Maruti Suzuki and Tata Motors have accelerated between 2-5% in the auto space.
Index heavyweights like Reliance Industries and Infosys have spurted 2% each.
The broader indices too are witnessing some buying demand – BSE Midcap and Smallcap indices are up 1% each.
The market breadth in BSE remains healthy with 1516 advancing and 1084 shares declining.