Nifty Surges On Short Covering In Banking Stocks; Sugar Stocks Gain

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Benchmark indices rallied in trade with the Nifty breaking a 7 day losing streak to end higher. The Sensex closed the day higher by 359 points, while the Nifty gained 102 points in trade. 

Nifty Surges On Short Covering In Banking Stocks; Sugar Stocks Gain
Today's rally was largely fuelled by reports that MSCI Inc had held off including China A shares in one of its key benchmarks.

In the last few days there were reports that they if China A Shares were included in the index, it could have sparked some sell-off by foreign portfolio investors in the Indian markets.

Shares in Bannari Aman Sugars was up 7 per cent, while Bajaj Hindustan gained 10 per cent, Dhampur Sugars ended up 10 per cent, after the CCEA approved interest free loan.  

Shares in SPARC jumped 5 per cent after reports that the company had licensed Glaucoma drug to Sun Pharma.

Banking shares were the top gainers in trade with notable winners being ICICI Bank, Axis Bank and IndusInd Bank.

Among the Nifty stocks the top gainer was Bhel, Wipro, Bajaj Auto, Reliance. Tech stocks also saw some good buying interest with Infosys and TCS among the gainers.

Meanwhile, markets across Europe were trading with gains, while most of Asia closed mixed. The German DAX, French CAC and the UK's FTSE were all higher. 

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Read more about: nifty, sensex
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