Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Broader markets started the week on a flat note on Monday as traders hesitated to extend aggressive long positions despite a modest uptick across Asia.
Cautious mood prevailed in the first two hours of trade on the National Stock Exchange as investors cherry picked private banks and software stocks while pressing heavy sales on Bank of Baroda and some realty shares. Public sector Bank of Baroda was under the spotlight, down 8 per cent, on very heavy volumes as third quarter profit halved versus the second quarter and non performing assets rose when compared with the year-ago period.
The Nifty quoted flat at 8,792 points and practically no major index, except for the PSU banking benchmark, showed strong activity on either side of the price equation.
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Here are the major events of the trading day so far:
* Hindalco, Kotak Bank, Eicher Motor, Yes Bank and Tata Steel gained 1.4-2.4 per cent on the index and were among 25 shares rising on the Nifty.
* Bank of Baroda, Idea Cellular, Aurobindo Pharma, BHEL and Coal India fell 1.8-8.3 per cent and were among 27 gainers on the Nifty.
* The Sensex dropped 23 points to quote at 28,311 points on the Bombay Stock Exchange. Tata Steel was the top gainer. ICICI Bank was the top traded stock and Coal India dropped the most on the Sensex.
* Bank of Baroda was the top traded stock by value with Rs 309 crore worth of shares changing hands on the NSE. More than 1.75 crore shares were traded. Infosys and Yes Bank saw heavy trader interest as well.
* Suzlon, Idea Cellular and Crompton Greaves were among the list of most actively traded shares tracked by volume.
* Activity was mild in the wider market where the Nifty 100, 200 and 500 indices traded flat. Modest losses were seen on the mid cap and the small cap space.
* Bank of Baroda led the PSU banking index down 2.6 per cent, making it the top loser in the sectoral space. Traders eked out meagre gains on the software, media, metals and private banking indices.
* Venky's, Coromandel International, Supreme Industries and Subros Ltd. were some of the stock that hit fresh highs on the market.
* Overall, the bears were in full command of sentiment on Dalal Street where 1,019 shares fell versus 573 that rose.
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