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Markets bounce back sharply; global cues support

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Markets bounce back sharply; global cues support
Markets ended the day sharply higher led by a surge in global markets following the approval of a bailout package for Cyprus and a rebound in the Chinese markets.
 

The Nifty ended the day higher by 85 points, while the Sensex ended the day higher by 265 points. Among the stocks that staged a smart rally were those from the beaten down sectors including metals, banking and cement stocks.

Nifty stocks that rallied in trade were metal stocks including names like Sesa Goa, Hindalco Industries and Jindal Steel. Banking stocks which also came in for some selling pressure following the Union Budget 2013, saw buying support with ICICI Bank, State Bank of India, Punjab National Bank and HDFC Bank gaining.

High beta names from the realty pack also saw buying interest with DLF leading the gains with a jump of 3.65 per cent. Other stocks from the space that climbed were HDIL, Indiabulls, Sobha Developers, Unitech, DB Realty and Anant Raj.

Shares in GMR rallied sharply following reports that the GMR Group will sell 70 per cent stake in GMR Energy (GMRE), Singapore to FPM Power for USD 533.5 million. The stock was up more than 4 per cent.

Shree Renuka jumped 5 per cent after the Food Minister said that the cabinet might mull easing curbs on sugar sector by next week and ministry would send note on sugar decontrol.

Among the mid cap gainers were IFCI and Gammon infra which jumped along with several other high beta mid cap names.

Meanwhile, markets in Asia ended the day with gains, while European markets were trading substantially higher. The German DAX, the French CAC and the UK's FTSE were all trading with gains.

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