Equity benchmarks made a remarkable recovery on Friday on short covering, the markets closed near day's high. The Sensex closed up 179.75 points or 0.90% at 20103.53, and the Nifty ended the day 55.30 points or 0.92% up at 6074.65.
After the carnage yesterday, the midcap rebounded today with nearly 2 percent gains. Yen was in focus after it hit a two-and-half year low of 90.69.
Maruti Suzuki remained most active stock on the bourses clocking a gain of 4 percent gains. After six consecutive quarters of decline, Maruti moved in the fast lane by posting stellar numbers in the third quarter.
The two stocks which were hammered in yesterday's trade, IVRCL, HDIL, Suzlon too staged a good comeback.
Banks were among the leading gainers for the day. State Bank of India rose 2.22 percent, while ICICI Bank gained 0.73 percent.
Bank of Baroda surged 5 percent and Bank of India gained 4.5 percent on valuations that were considered attractive after profit concerns hit the shares earlier this month.
Property shares that would benefit from lower rates also gained. DLF rose 3.2 percent, while Unitech surged 7 percent higher, recouping its 7 percent fall on Thursday.
Shares in Reliance Communications gained 7.62 percent after a newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries.
Shares in ITC gained 0.8 percent to Rs 299.75. The stock has gained 9.6 percent in the last two weeks, moving towards its record high hit on December12, as investors felt fears of a potential duty on cigarettes had dragged the stock down excessively.
Exide Industries shares fell 2.3 percent, down for the second day after Dutch banking and insurance group ING said it was selling its 26 percent stake in an Indian insurance venture to local partner Exide.
Shares in Reliance Industries ended 0.4 percent lower as recent recommendations on a revision in local gas prices was seen benefiting state-run upstream companies such as Oil and Natural Gas Crop and Oil India with immediate effect.
(With inputs from Reuters)
At 2.39 PM, the Sensex was up 153.59 points or 0.77% at 20077.37, and the Nifty gained 48.60 points or 0.81% at 6067.95
At 13.04 PM, the Sensex was up 94.06 points or at 20017.84, and the Nifty rose 23.70 points at 6043.05. midcaps, which were beaten out of shape, were trading in the positive zone.
It's a quietly positive session for the frontliners, the Nifty is firm above 6000. The Sensex was up 45.95 points or 0.23% at 19969.73, and the Nifty gained 7.80 points or 0.13% at 6027.
The BSE Sensex is up 0.3 percent and the 50-share Nifty is up 0.15 percent. Maruti Suzuki shares gain 1 percent ahead of October-December earnings, due later in the day.
ADS BY GOOGLE
video of the day
Dont see mkt going anywhere now; like Bharat Forge: Dipen