Sensex Recovers From 13 Month Lows On Strong Asian cues

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Markets opened the day higher after hitting a 13-month low on Wednesday as investors bought into beaten down names.

Asian cues also were strong after after the US markets saw robust closings. The Sensex was trading with gains of 175 points, while the Nifty was up 60 points at 7777 points. Leading the set of gainers from the Nifty and the Sensex were stocks like Dr Reddy's, PNB, Hindalco and Vedanta.

Sensex Recovers From 13 Month Lows On Strong Asian cues
Sensex27,836.51Sensex Quote-254.91 [0.91%]
Nifty8,615.25Nifty Quote-76.05 [0.88%]
Shares in Cipla rallied after reports that it has acquired rights from Percos India for skincare products. Mahindra and Mahindra fell after comments from an executive that it sees its rural sales weakening.

Most of the IT stocks were trading higher as investors shifted their focus away from banking and into IT stocks.

HCL Tech was trading with gains after the company won a deal with football club Manchester United to create a innovation Lab.

Banking stocks saw some buying interest with ICICI Bank and State Bank among the gainers today, after hitting 52-week lows on Wednesday.

Most of the other banking stocks like Yes Bank, IndusInd Bank and Kotak Mahindra Bank, which fell this week saw some buying support.

DLF shares were up 4 per cent after reports that there were prospects of the company making a turnaround by paring debt.

Meanwhile, most of the Asian markets were trading higher led by the Japanese Nikkei and the Strait Times. The Shanghai Composite will remain closed for the next two days on account of a public holiday.

Read more about: sensex, vedanta, hindalco, dr reddys
Story first published: Thursday, September 3, 2015, 9:25 [IST]
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