Low inflation, rupee recovery sees rebound in markets

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Low inflation, rupee recovery sees rebound in markets
Low inflation coupled with a rally across global markets saw Indian indices rallying with the Nifty closing the day higher by 109 points. A gaining rupee also helped perk sentiments in trade today.

Among the top gainers in trade were Hindalco which jumped almost 6 per cent, while other notable gainers were Reliance Infra and Maruti Suzuki. Tata Motors rallied following a surge in domestic vehicles sales at the company.

Wipro was subdued in trade after the company got fresh tax demand of Rs 816 crore. IT stocks failed to take part in the rally with HCL also declining on the back of a sharp recovery in the rupee.

Jet Airways rallied more then 7 per cent in trade ahead of the FIPB Meet to clear the company's deal with Etihad.

Notable losers from the Nifty were IndusInd Bank, Hero Motor Corp, Cipla and HCL Tech. Realty shares and excellent day in trade today with IndiaBulls rallying 5 per cent, while Parsvanth and Unitech were up 4 per cent each.

Mid Cap shares also had a good day of trade after the sharp fall witnessed in the last few days. Among the notable gainers from the space were Future Retail, Karnataka Bank, Oriental Bank, Hindustan Zinc and Punj Lloyd.

PSU banking stocks were in demand today with Andhra Bank, Allahabad Bank, Union Bank and IOB among the top gainers.

Meanwhile, Asian markets rallied in trade today with notable gainers being the Japanese Nikkei and the Hong Kong's Hang Sang.


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