MUMBAI: Shrugging off negative cues from global markets, Indian stocks showed a stupendous recovery led by short covering and moderate buying in frontline stocks. Superlative gains in realty, consumer durables and FMCG helped the indices overcome intra-day losses.

At 2:46 pm, National Stock Exchange’s Nifty was at 3310.20, up 53.6 points or 1.65 per cent. The broader index touched an intra-day high of 3310.25 and low of 3149.25.

Bombay Stock Exchange’s Sensex was at intra day high of 10620.62, up 85.75 points or 0.81 per cent. The 30-share index hit an intra day low of 10171.91 in trade so far.

Heavy buying activity was seen in second rung stocks. BSE Mid cap Index was up 2.87 per cent and BSE Small cap Index surged 3.95 per cent.

Amongst the sectoral indices, BSE Realty Index was up 4.14 per cent, BSE consumer durable Index gained 3.85 per cent and BSE FMCG was up 3.17 per cent. BSE Bankex was down 1.10 per cent at 4871.95 level.

Significant gains in HCL Technologies (11.76%), Tata Motors (6.57%), Reliance Capital (5.38%), GAIL (5.29%) and Unitech (4.90%) helped erase early losses.

Shares of Hindalco (-2.91%), Mahindra & Mahindra (-2.6%), BHEL (-1.58%), Reliance Communications (-1.53%) and HDFC Bank (-1.48%) remained under pressure.

Market breadth on BSE turned positive with 1,947 advances against 480 declines.

source: economic times.

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