Markets end higher; metal stocks soar

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 Markets end higher; metal stocks soar
Markets ended the day sharply higher for a second consecutive trading session, as beaten down sector recovered on value buying.

The Sensex gained 121 points (provisional) led by a sharp rally in HDFC, Sun Pharma, Infosys and Hero Motor Corp, while the Nifty ended the day 46 points higher.  The star performers in trade were the metal names which saw he jumps. Jindal Steel rallied 9 per cent, while Tata Steel jumped 8 per cent and NMDC also gained 8 per cent.

Along with the metal pack the beaten down companies like Bharat Heavy and select PSU banking stocks staged a smart rally.

However, State Bank of India was a big disappointment in trade today after its results lagged estimates. The stock was down over 3 per cent on the National Stock Exchange on a sharp deteriorating in its asset quality.

The other Nifty stocks that dragged indices lower were lower were Reliance Industries and Tata Consultancy Services.

The Nifty midcap index also had a good session with prominent gainers from the space being Aurobindo Pharma which jumped 12 per cent. Other winners included JSW Steel, Steel Authority, United Phosphorus and Opto Circuits.

Britannia Industries which declared its results today jumped 6 per cent following its results. Tata Steel jumped ahead of its results to be declared later on Tuesday.

Meanwhile, markets in Asia jumped with the Shanghai Composite ending the day higher by more then 2 per cent, while the Hong Kong's Hang Sang also rallied by more then 2 per cent.

However, markets in Europe were trading substantially lower. The German DAX was down more then 1 per cent, while the UK's FTSE and the French CAC were down 0.5 per cent each.

Read more about: sensex, nifty
Story first published: Monday, August 12, 2013, 14:49 [IST]
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