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.
Stocks turned sideways on Tuesday as investors digested a 4-session advance and traders hesitated from extending long positions in a market consolidating near 4-month highs. Overseas cues were weak to absent.
Here are the major trading events of the day:
* The Nifty snaps its 4-day winning streak and trades below 8,800 levels. The index is down 14 points to 8,791 points.
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* BPCL, Hero Motor Co, Ambuja Cement, Ultra Tech Cement and Coal India dropped 1.4-2 per cent and were among 33 stocks that lost ground on the Nifty.
* Reliance Industries, ONGC, GAIL, Adani Ports and Grasim dropped 1.1-1.7 per cent and were among 17 stocks that gained on the Nifty.
* Yes Bank hit a fresh high on very heavy volumes and was the top traded stock by value on the NSE with Rs 223 crore worth of shares changing hands. Sun TV surged 2.8 per cent to 733 rupees with Rs 190 crore worth of shares being traded. Investors ramped up Sun TV after Tamil Nadu's Chief Ministerial aspirant Sasikala was jailed for 4 years by the Supreme Court in a disproportionate assets case. The politically active Maran family, which runs Sun TV, is Sasikala's rival in the southern state of Tamil Nadu.
* DLF, Bank of Baroda and Hindalco were among the most active shares by volume.
* Broader markets were quiet to weak with the Nifty 100, 200 and 500 indices dipping about 0.3 per cent each.
* Bulls took a day off from Dalal Street on Tuesday as the entire sectoral space was bathed in a mild shade of red. The metals index was the top loser, down 1.4 per cent.
* The Bears were in command of sentiment with 972 shares falling compared to 604 that fell.
* The Sensex was down 33 points to 28,319 points on the Bombay Stock Exchange. Reliance Industries was the top gainer while Hero Motors lost the most. Infosys was the top traded stock by volume on the Sensex.
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