Sensex, Nifty ends in red; SBI up

Commentary

oi-Sneha

By Sneha B K

Published: Thursday, February 16, 2012, 15:53 [IST]

Stock prices recovered sharply towards late trade, with the Nifty closing lower by 10 points at 5522 points, and the Sensex closing at 18153 points down 48 points from its previous close.

The day's recovery was led by State Bank of India, which closed at Rs 2,349.00, up 4.38% on hopes that a bank rate cut would benefit India's largest lender.

The other gainers amongst the blue chips included Jindal Steel, BPCL and Tata Power. Auto stocks were in the limelight with Bajaj Auto gaining Rs 53 to close at Rs 1800.70 and Maruti Suzuki gaining 3.62% to close at Rs 1350.

The high beta metal stocks lost significant ground today with Hindalco, Tata Steel and Sterlite losing 3 to 5%.

Markets are expected to take a breather and remain range bound after the sharp rally witnessed in the last few days. All eyes are now focused on the Greece crisis and the outcome of the proposed bailout package.

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