Markets rally for 3rd day in a row; Axis Bank surges

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Markets rally for 3rd day in a row; Axis Bank surges
Markets rallied for a third day in a row on the back of buying support in banking and real estate stocks. The Sensex ended the day higher by 282 points, while the Nifty rallied 87 points in trade.

Among the top gainers in trade was DLF, which jumped following better than expected results and on hopes that debts in the company's books would reduce further. Axis Bank was up on buying support at lower levels. Other banking stocks also rallied including ICICI Bank, HDFC Bank and IndusInd Bank.

Software stocks continued to find buying support with Wipro and Infosys hitting 52-week highs in trade. Other Nifty stocks that gained were Jaiprakash Associates, NTPC, Gail and Mahindra and Mahindra.

Wockhardt hit the upper limit of the circuit filter on easing FDA worries at its Waluj plant. Gitanjali Gems was also locked at the upper end of the circuit filter by the close of trade.

State Bank of India which reported a dismal set of Q1 2014 numbers ended the day subdued, despite a rally in other banking stocks.

Metal stocks also gained after Hindalco reported better than expected numbers. Realty stocks jumped following spectacular results by DLF. In fact, Oberoi Realty was up more than 11 per cent, while the other notable gainers included Unitech and DB Realty.

Meanwhile, markets in Asia ended the day higher with the Japanese Nikkei, the Singapore Strait Times and the Kospi rallying more then1 per cent each. European markets were also trading firm with the German Dax, the French CAC and the UK's FTSE all higher in trade.

GoodReturns.in


Read more about: sensex, nifty
Story first published: Tuesday, August 13, 2013, 14:21 [IST]
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