Markets stage a comeback after Monday's drubbing

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Markets stage a comeback after Monday's drubbing
Indian markets staged a smart rally today, following Monday's drubbing post the RBI decision to keep policy rates unchanged. The BSE Sensex closed the day higher by 154 points, while the Nifty gained 39.60 points.

European markets including the French CAC, the German DAX and the UK's FTSE all opened higher, boosting sentiments in the Indian markets. Among today's star performers were ITC and Reliance Industries, two of the stocks that have the highest weightage in the index and which saw buying interest.

Banks continued to under perform in trade today with Bank of Baroda, Punjab National Bank and Axis Bank continuing to lose ground, following the RBI decision on Monday to keep interest rates steady.

Public sector oil and gas companies were also in the limelight today with HPCL, BPCL and GAIL all rallying smartly.

Markets are now expected to await cues of the FOMC meeting being held on Tuesday and Wednesday, following which a press conference is likely to be addressed by Fed Chairman Ben Bernanke. Any hints of quantitative easing by the Federal Chairman could spark a fresh rally in equities.

Read more about: sensex, nifty, rbi
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