Indian Markets rebounded after sharp losses for 2 days - LuvKush Finserve

Markets rebounded after two day of sharp losses to end higher on Thursday after a strengthening rupee led to short covering in index heavyweights while Ranbaxy Labs zoomed after healthy US business growth on sequential basis helped restore investor confidence. At close, the Sensex was up 0.7% or 124 points at 18,789 and the Nifty gained 0.8% or 46 points to end at 5,565.

In broader markets, the midcap and smallcap indices advanced 1.3% each, both outperforming the BSE benchmark index which closed 0.7% higher. The Indian rupee firmed against the US dollar. The local currency was up 41 paise at 60.89 against the dollar on selling of the US currency by banks and exporters amidst volatile equity market.

Except Health Care and Oil & Gas indices which were down 0.2% each, all the other indices were in the green with atleast a 0.4% gain. Metal and Realty indices up 2.6% and 2.3% were the top sectoral gainers followed by Power, Auto and Teck which added 1% each. PSU, Bankex, IT, FMCG, Consumer Durables and Capital Goods were the other gainers, up 0.4-0.7%. Among Sensex-30, metal names like Hindalco, Tata Steel, Sterlite and Jindal Steel were the top gainers which added 1-5%.

Source : Equity Bulls

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