Markets End Higher Breaking 4-Day Losing Streak; Tata Motors Surges

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, February 12, 2016, 15:31 [IST]

Benchmark indices ended the day higher breaking a 4-day losing streak, in which the Sensex and the Nifty lost almost 7 per cent.

The Sensex ended the day with gains of 34 points, while the Nifty gained 4 points in trade, as European markets staged a smart recovery on sharp bounce in crude prices. Hopes that OPEC members may agree to production cuts, saw a sharp spike in prices of crude, which led to a European market rally.

Tata Motors saw a spectacular rally with the shares surging almost 8 per cent in trade, after Deutsche Bank upgraded the stock to a buy. The other notable winners were Axis Bank, Vedanta and NTPC.

Bharat Heavy Electricals lost a huge 12 per cent after its results lagged street estimates. ONGC too declined after the company reported a dismal set of results.

Select banking stocks saw some recovery with IndusInd Bank and Yes Bank seeing some buying support. State Bank of India which had fallen by a huge 3 per cent saw in earl trade, ended flat.

Midcap stocks continued to see huge carnage. Just Dial fell 12 per cent, while Bata India and SAIL dropped by 4 per cent each.

Wockhardt Pharma dropped a huge 12 per cent in trade.

Meanwhile, most European markets were trading with sharp gains of around 1.5 per cent, after crude prices recovered in trade.

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