Markets end higher on short covering rally

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 Markets end higher on short covering rally
Markets ended the day higher, as a short covering rally in the last 30 minutes of trade saw some recovery in stocks. The Nifty ended the day higher by 12 points, after falling a huge 166 points after the US Federal Reserve hinted at gradual withdrawal of stimulus in the US.

Among the top losers in trade were Jindal Steel and Power which cracked 10 per cent after hitting a fresh 52-week low.

Among the stocks that remained resilient in trade were the technology pack with gainers from the space including TCS and Infosys.

Other stocks that gained were NTPC, ONGC, IndusInd Bank, Power Grid and Dr Reddy's Labs. Among the worst hit in trade were the PSU banking stocks which were badly hit. Prominent among these being IDBI Bank, Andhra Bank, Indian Bank, Bank of India and IOB being the worst hit on fears that the RBI may not cut rates going ahead on account of the falling rupee.

Realty like PSU banks were hammered out of shape, with notable losers being Indiabulls, Parsvnath, Unitech, and HDIL.

Pharma stocks which often tend to show some resilience dropped in trade with Sun Pharma, Glenmark and Cadilla all dropping 2 per cent.

Meanwhile, markets in Asia ended the day lower, while European stocks were trading with modest gains.

Indian markets are expected to be volatile in trade next week.

Read more about: sensex, nifty
Story first published: Friday, June 21, 2013, 15:03 [IST]
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