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 consolidated on Tuesday as they again found support at crucial levels in a market that is light on speculative positions on the long side. Trade is confined to a narrow band mainly due to the lack of strong cues from overseas markets.
Among major stocks, Hero MotoCorp, the top selling bike maker, was under pressure after its sales for December fell 33 per cent to 330,202 units. This fall was a part of a wider decline in overall economic demand after the government's sudden move to demonetize the 1,000-rupee and 500-rupee notes. As a consequence, Hero MotoCorp dropped 1.2 per cent to 2,992 rupees. Smaller rival TVS Motor Co, too, reported lower monthly sales but its stock inched up 0.5 per cent to 369.20 rupees.
Here are the major events of the trading day:
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* The Nifty resumes its upward climb after finding support at 8,150 levels. The index was quoting 8 points higher at 8,187 points.
* Yes Bank, Power Grid, BPCL, BHEL and IndusInd Bank rose 1.4-2.2 per cent and were among 30 shares that advanced on the Nifty.
* Infosys, HeroMoto, Idea, Bharti Airtel and Bharti Infratel dropped 0.8-1.8 per cent and were among 21 shares that dropped on the Nifty.
* State Bank, Tata Motors, HDFC and LIC Housing Finance were the top traded shares by value.
* Hindustan Construction, JP Associates, MMTC and State Bank were the most active shares based on volume.
* Broader markets saw modest buying at lower levels and, as a consequence, the NSE 100, 200 and 500 indices inched up 0.2 per cent.
* The sectoral space was in a mild uptrend with major indices rising between 0.1-1 per cent; Banking benchmarks rose between 0.3-1 per cent, mainly on short covering.
* The wider trend in the market favoured the bulls with 1149 shares rising versus 381 that fell.
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